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Reliance Retail to acquire 40.95% stake in Just Dial

18Jul By PriyankaNo Comments

ACQUISITION

Reliance Retail to acquire 40.95% stake in Just Dial

Mumbai, Jul 18th, 2021: Reliance Retail Ventures Ltd (RRVL) will acquire a 40.95 percent stake in Just Dial for around $500 million to bolstering its digital services in India. Reliance investment in Just Dial is part of the conglomerate’s digital bet. Over the past many quarters, Reliance has announced a number of investments in companies like Netmeds, Urban Ladder, and others. RRVL the retail arm of Reliance Industries Ltd will also make a public announcement for an open offer for acquiring up to 2.17 crore equity shares of Just Dial (representing 26 percent share in the company), in accordance with Sebi Takeover Regulations, a regulatory filing said. Just Dial founder VSS Mani will continue as Managing Director and Chief Executive Officer to lead the company through the next ph...

Reliance acquires Stoke Park for 57 million pounds

24Apr By AnkitaNo Comments

ACQUISITION

Reliance acquires Stoke Park for 57 million pounds

London, 4/24/2021: Reliance Industries Ltd has bought Britain's iconic country club and luxury golf resort, Stoke Park for 57 million pounds ($79,116,010). Over the past four years, Reliance has announced USD 3.3 billion in acquisitions, with 80 percent being in the technology, media, and telecom (TMT) sector. The acquisition adds to Reliance's current stake in Oberoi hotels and hotel-managed residences in Mumbai that it's developing. The UK-based firm, which owns a hotel and golf course in Buckinghamshire, UK, will add to Reliance's consumer and hospitality assets, the firm said in a filing late on Thursday. "Reliance Industrial Investments and Holdings Ltd (RIIHL), a wholly-owned subsidiary of Reliance Industries Limited, has on April 22, 2021, acquired the entire issued share c...

Reliance Retail Raises $1.3 billion from PIF

5Nov By AdityaNo Comments

FUNDING

Reliance Retail Raises $1.3 billion from PIF

New Delhi, Nov 5, 2020: India's richest man Mukesh Ambani led Reliance Retail raises $1.3 billion (Rs 9,555 crore) from the Saudi Arab based Public Investment Fund (PIF). PIF will acquire a 2.04 percent stake in Reliance Retail. This is the second investment by the Saudi Arabian sovereign wealth fund in an Ambani firm. Earlier It had picked up a 2.32 percent stake in Jio Platforms for $1.5 billion (Rs 11,367 crore). The investment values RRVL, the retail arm of Reliance Industries Ltd, at a pre-money equity value of $62 billion (Rs 4.587 lakh crore). "This investment will further strengthen PIF's presence in India's dynamic economy and promising retail market segment," the statement said. "The transaction is in line with PIF's strategy as a leading global investor with a proven...

Reliance offer 40% stake in Reliance Retail to Amazon for $20 bn

10Sep By AdityaNo Comments

News

Reliance offer 40% stake in Reliance Retail to Amazon for $20 bn

Mumbai, Sept. 10th, 2020: Reliance offered a 40 percent stake in its retail arm worth about USD 20 billion to Amazon. As per the sources "Amazon has held discussions about investing in the conglomerate's Reliance Retail Ventures Ltd unit and has expressed interest in negotiating a potential transaction."The deal size at USD 20 billion would be the biggest ever in India. Both Reliance and Amazon refused to comment on the report. "We would like to reiterate that as a policy, we do not comment on media speculation and rumors and we cannot confirm or deny any transaction which may or may not be in the works," Reliance said in an email response. A similar response was also sent to stock exchanges. "Our company evaluates various opportunities on an ongoing basis," it said. "We have m...

Reliance acquires Majority Stake in Netmeds for $83 Million

19Aug By PriyankaNo Comments

ACQUISITION

Reliance acquires Majority Stake in Netmeds for $83 Million

Mumbai, 19th Aug 2020: India's leading oil & telecom company Reliance has acquired a majority equity stake in online pharmacy platform Netmeds for a cash consideration of around $83 million (Rs 620 crore). This investment represents around 60 percent holding in the equity share capital of Vitalic and 100 percent direct equity ownership of its subsidiaries Tresara Health Private Limited, Netmeds Market Place Limited, and Dadha Pharma Distribution Pvt Limited, the press statement said. Vitalic Health and its subsidiaries are collectively known as Netmeds. "This investment is aligned with our commitment to provide digital access for everyone in India. The addition of Netmeds enhances Reliance Retail's ability to provide good quality and affordable health care products and servi...

Qualcomm acquires 0.15% stake in Jio for $97 million

13Jul By AdityaNo Comments

ACQUISITION

Qualcomm acquires 0.15% stake in Jio for $97 million

Mumbai, 13th July 2020: Billionaire Mukesh Ambani's Reliance Industries said it has secured $97 million (Rs 730 crore) from wireless technology leader Qualcomm makes total funding since April that has crossed $15.7 billion (Rs 1.18 lakh crore). "Qualcomm Ventures' investment will translate into 0.15 percent equity stake in Jio Platforms on a fully diluted basis," the company said in a statement. With this round, Reliance Jio sold its 25.24 percent stake to companies like Facebook, Silver Lake, General Atlantic, Intel, etc. The company said the investment in Jio will deepen the ties with Qualcomm that will help Jio to rollout of advanced 5G infrastructure and services in India. Qualcomm is the world's leading wireless technology innovator and the driving force behind the develo...

India’s Richest Man Company launched Zoom alternative Jiomeet

3Jul By PriyankaNo Comments

News

India’s Richest Man Company launched Zoom alternative Jiomeet

NEW DELHI, 3rd July 2020: India's richest man Mukesh Ambani's company Reliance Jio officially launched its video conferencing platform JioMeet yesterday. JioMeet is available on Google Play Store, App Store, and for desktop users. The video conferencing app, which can support up to 100 participants at once. Reliance owned Jiomeet will now compete with other video conferencing platforms like Zoom, Google Meet, etc. Also Read: This Indian Startup Has Made a Zoom Alternative, in Just 20 Days Jio Meet is a platform that has much uniqueness, it actually has an ability to work on any device, any operating system, and it has an ability to do a complete collaboration,” Pankaj Pawar, senior VP, Reliance Jio Infocomm, said to Pixr8 News. “And effectively, this collaboration does not ...

22Jun By Press Trust of IndiaNo Comments

INDIA

Reliance Industries becomes first Indian firm to hit $150 bn market cap

Mumbai, 22nd June 2020: India based oil company Reliance Industries became the first Indian firm to hit a market valuation of $150 billion, helped by a continuous rally in its share price. In the morning trade, the company's market valuation jumped Rs 28,248.97 crore to Rs 11,43,667 crore ($150 billion) on the BSE. The heavyweight stock surged 2.53 percent to a record high of Rs 1,804.10 on the BSE. On the NSE, it rose by 2.54 per cent to an all-time high of Rs 1,804.20. Reliance Industries on Friday became the first Indian company to cross the Rs 11 trillion market valuation mark. Its market valuation crossed Rs 11 trillion in the previous session as its share price rallying over 6 per cent after chairman Mukesh Ambani announced that his oil-to-telecom conglomerate had bec...

Reliance Industries denies any link to $1.2b Money Laundering case in Netherlands

5Jun By Press Trust of IndiaNo Comments

BUSINESS

Reliance Industries denies any link to $1.2b Money Laundering case in Netherlands

Dutch investigators last week arrested three former employees of a local firm suspected of laundering $1.2 billion through over-invoicing services and works rendered for a gas pipeline built by a unit controlled by billionaire Mukesh Ambani, a charge vehemently denied by Reliance Industries. According to Cobouw, a Dutch publication, the three suspects were released on Friday, after three days. East West Pipeline Ltd (EWPL), which was previously known as Reliance Gas Transportation Infrastructure Ltd (RGTIL), denied that any money was laundered at any stage during the implementation of the project and that higher capital cost of a pipeline would result in higher tariff for users for receiving natural gas through the line. Ambani’s listed firm Reliance Industries, too, denied any l...

27May By AdityaNo Comments

INDIA

JioMart Launched Operation in 200 Indian Cities

Mumbai, May 26, 2020: Reliance online grocery service JioMart launched its delivery services in nearly 200 cities of India. The delivery services of Jiomart was initially launched in Mumbai after receiving big funding from Facebook and four other investors. But as we have checked the website the service is not fully operated, most of the products are out of order. JioMart will use Facebook-owned Whatsapp to make the online retail experience accessible to many more Indians and towns for daily needs order. "Never waste a crisis, they say!" tweeted Damodar Mall, chief executive of grocery retail at the company. "A wise colleague mentioned today, 'Alibaba also flourished starting from the SARS crisis,'" he added. Now JioMart is the only active delivery service in Indian small c...

Reliance Acquire 85% Stakes of NowFloats

13Dec By PriyankaNo Comments

ACQUISITION

Reliance Acquire 85% Stakes of NowFloats

Reliance Industry said its subsidiary has picked up 85 per cent stake in NowFloats Technologies for a cash consideration of Rs 141.63 crore. The stake purchase is aimed at strengthening the group's digital and new commerce initiatives. "Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of RIL, has acquired equity shares of NowFloats Technologies for a cash consideration of Rs 141,63,78,822. The said investment represents 85 per cent holding in the equity share capital of NowFloats," RIL said in a BSE filing. RSBVL proposes to make a further investment of up to Rs 75 crore, subject to achieving agreed milestones, and is expected to be completed by December 2020, it added. Post the additional investment, the shareholding of RSBVL in NowFloats will increa...

RIL to Set up Subsidiary for Digital Platform Initiatives

26Oct By Press Trust of IndiaNo Comments

News

RIL to Set up Subsidiary for Digital Platform Initiatives

Reliance Industries Ltd board has approved the formation of a wholly-owned subsidiary for digital platform initiatives and investment of Rs 1.08 lakh crore in the unit. The subsidiary will also acquire RIL's equity investment of Rs 65,000 crore in Reliance Jio Infocomm Ltd (RJIL), it said in a regulatory filing. RIL said that RJIL board has approved a scheme of arrangement between the company and certain classes of its creditors including debenture holders for transfer of identified liabilities of up to Rs 1.08 lakh crore to RIL. "Rights Issue of Optionally Convertible Preference Shares (OCPS') aggregating up to Rs. 1,08,000 crore for the purpose of payment of consideration for transfer of identified liabilities - WOS (wholly owned subsidiary) to subscribe to this issue," it added...