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Top 5 Stories Of The Week (2nd July – 7th July)

7Jul By Gauri SinghNo Comments

Story

News of the Day: Reliance Becomes India’s Largest Tax-Paying Private Company

Mukesh Ambani, the Chairman of Reliance Industries said that Reliance has become first Indian private sector company paying 9,844 crore tax and 26,312 crore of customs and excise duty(6.4% of India's total collection). While addressing the crowd and media at the Reliance Industries' 41st Annual General Meeting Mukesh Ambani said, "the RIL posted a net profit of 36,075 crores, up by 20.6% compared to Rs 8,046 crore for the corresponding quarter of fiscal 2016-17." The company's consolidated revenue stood at Rs 1,29,120 crore, up 39 percent during Q4 FY 18, compared to the Rs 92,889 crore in the previous quarter. This is How Mukesh Ambani's Reliance Jio Will Make Money | Pixr8 Reliance has also paid 42,553 crore GST in one year. ...

Top Ecommerce Companies of India After Flipkart Acquisition

18Jun By Lavina TolaniNo Comments

Story

Top Ecommerce Companies of India After Flipkart Acquisition

India's technology industry is bracing itself for the next era of e-commerce warfare, especially after the mega Walmart-Flipkart deal has come into play. While the acquisition has returned a lot of liquidity in the ecosystem, it has also sparked off a maiden opportunity for new entrepreneurs and investors, adding to the wait for the $100 Bn Indian internet giant to go on. So With Flipkart's already gone to American giant Walmart, which companies should be considered next players to make it big within e-commerce landscape? Well, there are some prominent names that have it in them to create "the Flipkart wave" back again. The names in the list have been chosen because these companies are based in India founded by Indian entrepreneurs. Additionally, their majority stakes are also held by...

Mukesh Ambani’s Reliance Industries Plans To Hit The E-Commerce Sector

15Jun By Gauri SinghNo Comments

News

Mukesh Ambani’s Reliance Industries Plans To Hit The E-Commerce Sector

India’s business tycoon Mukesh Dhirubhai Ambani-led Reliance Industries has its major plans to enter the country’s e-commerce market which is worth $200 Billion. The company aims to join offline as well as online buying experience for its customers. It is being reportedly stated that the plan will be carried forward by combining two units of Reliance Industries Ltd (RIL) namely Reliance Jio Infocomm Ltd and Reliance Retail Ltd. The company aims to build an e-commerce space established on O2O (online-to-offline) market programme and bring local merchants on board boosting up their sales with the help of this plan. The O2O model helps to drag customers from online medium to buy products from offline channels. "Demand is going to come from tier 2 and 3 and 4 towns and cities. Then you nee...

Reliance Brands Ltd Buys Out a Lifestyle Company at $30 Million

9Jun By Gauri SinghNo Comments

ACQUISITION

Reliance Brands Ltd Buys Out a Lifestyle Company at $30 Million

A subsidiary of Mukesh Ambani-led Reliance Industries Limited called ‘Reliance Brands Limited’ has bought 100% stake in Rhea Retail Private Limited and has successfully acquired it for Rs 203.46 crore ($30 million) in cash. Rhea Retail is a Delhi-based privately owned firm which was founded in 2007 and its main line of business comprises of the distribution of women's, expectant mother’s, children's, and infants' clothing and accessories. Its revenue for the year through March 2018 was Rs 200 crore, the same as the previous year. On the other hand, Reliance Brands Limited is a part of Reliance Industries Group which too began its operations in 2007. It deals in over 40 international brands and aims to launch and build international and domestic brand equity in the premium to luxury s...

Reliance Industries Unit Invests Rs 10 Cr in Digital Healthcare Startup

24May By Lavina TolaniNo Comments

FUNDING

Reliance Industries Unit Invests Rs 10 Cr in Digital Healthcare Startup

Mukesh Ambani led firm Reliance Industries Ltd. (RIL) has invested a mammoth amount of Rs. 10 crores in an early stage healthcare technology platform called KareXpert Technologies Pvt. Ltd. According to the sources, the investment has been made by RIL’s subsidiary and investment arm, Reliance Industrial Investments and Holdings Ltd (RIIHL). A person familiar with the matter said, "RIIHL has bought 22,222 preference shares in KareXpert Technologies Pvt. Ltd by way of private placement at a cost of Rs 4,500 a share and later may buy the entire lot of 66,666 preference shares in a few tranches, probably by pumping in another Rs20 crore." KareXpert Technologies is a digital healthcare provider startup founded in 2004 by Nidhi Jain. Based in Gurugram, company claims its technology to b...

28Apr By Sheldan RungasamyNo Comments

BUSINESS

Reliance Registers Positive Revenues Across Several Business Streams

Reliance Industries released filings showing that it registered an all time high net profit for the fourth quarter, amounting to Rs 9,435 crores, thanks to advantageous outcomes in the refining and petrochemical business. The firm, which revealed its fourth quarter and fiscal year accounts, showed a 17.3% increase in profit compared to last year’s figure amounting to Rs 8,046 crores. The hike is primarily attributed to an increase in the start-up of petrochemicals projects and new understandings about refining and petrochemical products. Additional hikes were reported in the filings, such as a 21.8% increase in revenue to Rs 90,894 crore, exports increasing by 32.5% to Rs 51.295 crore in the fourth quarter, ending the fiscal year on March 31, 2018. Moreover, Network 18 Media and I...

Reliance Acquires Saavn Music App for $104 Million+Stock Deal

24Mar By Sheldan RungasamyNo Comments

ACQUISITION

Reliance Acquires Saavn Music App for $104 Million+Stock Deal

Reliance Industries, the Indian conglomerate in oil-to-telecom sector bought a stake in Indian music streaming service called Saavn and decided to merge the company with its JioMusic app and thus create a new unit that is reported said to be valued at $1 billion. Reliance will also have to buy a stake from Saavn’s current shareholders for $104 million. Reliance’s plan is to invest over $100 million, $20 million of it upfront for the expansion of JioMusic-Saavn merge, according to a joint statement issued by both companies. Saavn’s current investors include Tiger Global Management, Liberty Media and Bertelsmann and all of them will keep a holding in the new music services. Reliance, owned by India’s wealthiest person Mukesh Ambani did not reveal the amount of stakes it holds in 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 Clarifies No plans to Launch App Based Taxi Service

25Feb By AdityaNo Comments

News

Reliance Clarifies No plans to Launch App Based Taxi Service

Billionaire Mukesh Ambani-led Reliance Industries has no plans to launch an app-based taxi service as the company sees no logic in diversifying into unrelated sectors. It has been speculated for months that Reliance Jio, the company's telecom venture that has created ripples by signing up 100 million customers in just 170 days of launch, will soon launch a taxi service. The company had not commented on the speculations so far but took to the Twitter to deny the foray after an online publication stated that Jio has ordered some 600 cars to "kickstart" the service. A Reliance spokesperson tweeted that the report is "WRONG and DENIED". The company has no plans to get into unrelated diversification , another official explained. Reliance Jio had earlier this week announced a strategic ...

Now Purchase Mutual Funds Through FreeCharge

20Jan By NitishNo Comments

News

Now Purchase Mutual Funds Through FreeCharge

New Delhi, Delhi, India- FreeCharge, India’s leading digital payments platform, today announced the launch of Mutual Funds on its platform in partnership with Reliance Mutual Fund. With the launch of the facility, users can seamlessly invest in a Money Market Mutual Fund that targets higher returns than those available on savings bank accounts. FreeCharge, known for its 10-second payments, is offering instant redemption of mutual funds at the click of a button. The entire process from investing to redemption is paperless – all the customer needs is his PAN or Adhaar card number. Customers also benefit from zero transaction charges and zero charges at redemption. To invest through FreeCharge, all a KYC compliant customer needs to do is enter his PAN number, a few basic details & b...