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RCom Completes Sale of Fibre Assets worth Rs 30 billion to Reliance Jio

28Aug By Gauri SinghNo Comments

BUSINESS

RCom Completes Sale of Fibre Assets worth Rs 30 billion to Reliance Jio

Anil Ambani’s Reliance Communications (RCom) announced that the company has completed the anticipated sale of its fibre assets and related infrastructure assets. The assets were sold worth Rs 30 billion to Mukesh Ambani-backed Reliance Jio Infocomm (RJIO). "With successful completion of the fibre monetisation transaction, 1,78,000 kilometers fibre stand transferred to RJIO," Reliance Communications said. This particular decision marks the wrapping-up of yet another portion of a larger deal between RCom and Reliance Jio in December last year. The deal announced in December 2017, packed in 122.4 MHz of 4G spectrum in the 800/900/1800/2100 MHz bands, over 43,000 towers, 1,78,000 kilometres of fibre and 248 media convergence nodes. Along with this, it was last week that Reliance Commu...

30Jul By Gauri SinghNo Comments

Story

The Top 5 Corporate Fights in India

Corporate rivalries are a big part of an economy. They are quite prevalent all over the world in every possible sector. However, in India, it is mostly kept restricted to the boardrooms. In most of the developed economies, the rivals fight fiercely in open and create an amusing sight for the public. An example of this rivalry can be seen recently between Tata group vs Cyrus Mistry where both parties alleges each other openly, or Unilever’s Pepsodent claiming to be better than Colgate. These fights play a vital role in building up the excitement of the people. Here, we have some of the biggest and most harsh corporate rivalries in India: 1)MUKESH AMBANI and ANIL AMBANI The most interesting and the fiercest corporate fight that India has ever witnessed is probably the one...

Wishberry Secures Funds From Anil Ambani’s Reliance Entertainment

13Jul By Gauri SinghNo Comments

FUNDING

Wishberry Secures Funds From Anil Ambani’s Reliance Entertainment

Wishberry, India’s largest crowd funding platform for filmmakers and creative artists has secured an amount of Rs 10 crores in Series A funding round. The particular funding round was led by Anil Ambani’s Reliance Big Entertainment and 3one4 Capital. Dr. Sunil Patil, Director on the Board of Scrabble Entertainment Ltd also participated in the following funding round. The company is planning to utilize the funds so raised for the expansion of the employee base and make the team bigger. A part of the funds will also be used to bring in experienced talent in the film production & distribution segment. Shibasish Sarkar, COO, Reliance Big Entertainment said, “Low budget cinema, has a good opportunity to be monetized with the right strategy. Wishberry's plan to organize funding and di...

Recruitment At RCom Declined By 94 Percent

14Jun By Gauri SinghNo Comments

BUSINESS

Recruitment At RCom Declined By 94 Percent

The Anil Dhirubhai Ambani-led telecom company Reliance Communications has stated that the total number of jobs and recruitment in the company have reduced to 3,400 at present by about 94 percent from a high level of 52,000. The jobs at the RCom was at its peak at around 2008-10. But gradually the number has decreased, maybe due to the pressure of debt. The company is losing its balance lately under a debt of around Rs 45,000 crore. "Total number of people in the RCOM group: from peak of approximately 52,000 to current 3,400, a reduction of approximately 94 percent," RCom said in a filing. The company has closed its mobile services business this year in January and continues to provide business-to-business (B2B) telecom services. The telecom firm in the filing stated that its B2B depar...

Anil Ambani’s Son Anmol Ambani Raises 1700 Cr For Reliance Capital

2Jun By Lavina TolaniNo Comments

BUSINESS

Anil Ambani’s Son Anmol Ambani Raises 1700 Cr For Reliance Capital

Business Tycoon Anil Ambani's Elder Son, Anmol Ambani has successfully stricken his first deal after being promoted as director of Reliance Capital, the holding company of the Reliance group’s financial services businesses. Anmol has sold 60% stake of the company to a British Game developing company Codemasters for a whopping sum of Rs. 1,700 crore. While introducing his son to Reliance Capital's shareholders' meeting, Anil Ambani had said, Anmol has brought the group and specifically Reliance Capital tremendous luck since his induction on the board. And now with a mega-funding deal that has struck right on chord bringing 25 times gain the Reliance Capital Group, Anil Ambani's word definitely seem convincing. How has the Mega Funding Deal Benefitted Reliance Capital? &...

Reliance Jio Takes Loan of Rs 3250 crore from Japanese Banks

14Apr By Sheldan RungasamyNo Comments

FUNDING

Reliance Jio Takes Loan of Rs 3250 crore from Japanese Banks

Reliance Jio, the telecom operator recently raised funding worth Rs 3250 crore as Samurai term loan from Japanese banks. A samurai loan is a low interest loan from Japanese investors and this deal with Reliance Jio represents the largest samurai loan an Asian company ever signed. A statement released from Reliance Jio read, “Reliance Jio Infocomm Limited has signed an approximately JPY 53.5 billion samurai term loan with 7 year bullet maturity, The facility is guaranteed by Reliance Industries Limited and will be used for funding RJILs ongoing capital expenditure.” “The facility has been fully underwritten by Mizuko Bank Ltd, MUFG Bank Ltd, and Sumitomo Mitsui Banking Corporation Singapore Branch and will be shortly launched into syndication,” the statement added. Last month, the ...

Reliance Jio To Buy RCom’s Wireless Assets In $3.75B Deal: Sources

29Dec By reutersNo Comments

BUSINESS

Reliance Jio To Buy RCom’s Wireless Assets In $3.75B Deal: Sources

Debt-laden Reliance Communications has signed a deal to sell its wireless assets to Reliance Jio Infocomm for nearly 240 billion rupees ($3.75 billion), two sources familiar with the matter told Reuters on Friday. The two companies had announced late on Thursday that Reliance Communications, backed by businessman Anil Ambani, would sell all its spectrum, tower, fibre optic and other telecom infrastructure assets to Jio, which is owned by Reliance Industries and is controlled by Anil Ambani’s elder brother Mukesh Ambani, India’s richest person. They firms did not give the value of the deal. Jio and Reliance Communications, or RCom as the company is known as, did not respond to messages seeking comment on the value of the deal. The sale, if finalised, would mark a big step in RCom’s...

Anil Ambani Inducted Into Leading Global Think Tank Atlantic Council Alongside Rupert Murdoch & Others

29Mar By AnkitaNo Comments

News

Anil Ambani Inducted Into Leading Global Think Tank Atlantic Council Alongside Rupert Murdoch & Others

Washington D.C. / Mumbai, March 28, 2017: The Atlantic Council today announced the induction of Anil Ambani, one of India’s best known business leaders, to its International Advisory Board – a prominent group of global corporate and political leaders. Former Utah Governor and Chairman of the Atlantic Council, Jon M. Huntsman, said “I am delighted to welcome my good friend and colleague Anil formally to join our team. The Atlantic Council’s presence in South Asia and, in particular, India is growing at a rapid pace and Anil’s presence on our board could not be more timely. We look forward to working with him to make a difference.” Other notable Members of the International Advisory Board include Dr. Zbigniew K. Brzezinski, Former U.S. National Security Advisor, Kevin Rudd, Former Pr...

Reliance Group in Partnership With Cisco Launched IoT Services Venture ‘UNLIMIT’

15Nov By AdityaNo Comments

News

Reliance Group in Partnership With Cisco Launched IoT Services Venture ‘UNLIMIT’

Anil Ambani promoted Reliance Group today announced a strategic partnership with Cisco Jasper for the launch of its new venture 'UNLIMIT' to provide Internet of Things (IoT) services to enterprise customers across India. The outlook for IoT services in India is virtually UNLIMITed, with the number of connected devices projected to rise from 200 million today to around 3 billion by 2020, and revenues set to increase from USD 5.6 billion today to USD 15 billion in 2020," Amitabh Jhunjhunwala, Group Managing Director, Reliance Group said. IoT, fuelled by machine-to-machine communication, essentially refers to microprocessor and sensor-fitted gadgets or things within a network talking to each other, swapping real-time data and information to perform specific actions. Examples of con...

O2O Platform Square Yards Raises USD 12 Million Investment From Anil Ambani

9Nov By NitishNo Comments

FUNDING

O2O Platform Square Yards Raises USD 12 Million Investment From Anil Ambani

India's largest online to offline (O2O) real estate transaction player Square Yards has raised USD 12 million investment from the Private Equity arm of Anil Ambani led Reliance Group. This is Square Yards' first institutional investment after it had raised USD 11 million from a clutch of HNW investors last year. Founded in 2013, Square Yards is the largest distributor for primary residential real estate in India, and it enjoys a leadership position in the Non Resident Indian (NRI) markets. "With this collaboration, the company will be able to draw on Reliance's extensive experience, particularly in scaling up the business to a higher growth trajectory and creating significant shareholder value in the process. Besides capital, we will also get access to best practices in running l...

Reliance Communications, Aircel Merge Will Create Rs 65K cr Asset Base Entity

15Sep By Press Trust of IndiaNo Comments

BUSINESS

Reliance Communications, Aircel Merge Will Create Rs 65K cr Asset Base Entity

Anil Ambani-led Reliance Communications today agreed to merge its wireless telecom business with smaller rival Aircel to create the country's 4th-biggest mobile phone operator with asset base of more than Rs 65,000 crore. In the largest consolidation in the countrys telecom sector, RCom and Aircels majority owner, Malaysias Maxis Communications Berhad (MCB), announced signing of definitive documents for the merger of their Indian wireless businesses. RCom and Aircel will hold 50 per cent each in the new company. The board of the new company will have equal representation from the two sides. "The RCom-Aircel combination will create a strong operator clearly ranked amongst Indias top 4 telcos by customer base and revenues, also ranking amongst the top three operators by revenues ...

Reliance Communication Acquires Sistemas Indian Telecom Business

2Nov By Press Trust of IndiaNo Comments

News

Reliance Communication Acquires Sistemas Indian Telecom Business

Billionaire Anil Ambani-led Reliance Communications today said it will take over Russian conglomerate Sistema's Indian mobile telephony venture that operates under the MTS brand. While financial details of the deal were not immediately announced, RCom said Sistema Shyam Teleservices Ltd (SSTL) will hold a 10 percent equity stake in RCom as a result of the deal. In addition, RCom will assume the liability to pay the government installments for SSTL's spectrum, amounting to Rs 392 crore per annum for the next 10 years. "RCom will acquire approximately 9 million customers and approximately Rs 1,500 crore of annual revenues by virtue of the transaction," the company said in a statement. In addition, RCom will acquire SSTL's most valuable and superior 800/850 MHz band spectrum, idea...