Tuesday, May 28

Tag: Mukesh Ambani

Reliance Retail to acquire 40.95% stake in Just Dial
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 p...
Reliance acquires Stoke Park for 57 million pounds
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 ...
Ambani’s Reliance acquires Future Group for $3.4 billion
ACQUISITION

Ambani’s Reliance acquires Future Group for $3.4 billion

New Delhi, Aug 31, 2020: Indian Billionaire Mukesh Ambani's Reliance Industries acquired Ashok Biyani led Future Group for $3.4 billion (Rs 24,713 crore) to bolster its fast growing retail business. "Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries, will acquire the retail and wholesale business and the logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of $3.4 billion," the company said in a statement. Through the deal, Reliance will acquire Future Retail that owns the BigBazaar that sells everything from groceries to cosmetics and apparel, and Future Lifestyle Fashions Ltd that operates fashion discount chain Brand Factory. While Reliance will takeover Future Consumer Ltd, wh...
Reliance acquires Majority Stake in Netmeds for $83 Million
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 serv...
Qualcomm acquires 0.15% stake in Jio for $97 million
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 devel...
India’s Richest Man Company launched Zoom alternative Jiomeet
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...
Reliance Industries becomes first Indian firm to hit $150 bn market cap
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 be...
TPG picks 0.93 pc stake in Jio Platforms for $600 Million
FUNDING

TPG picks 0.93 pc stake in Jio Platforms for $600 Million

New Delhi, Jun 13, 2020: Reliance Industries sold 0.93 percent stake in its digital unit Reliance Jio to global alternative asset firm TPG for $600 million (Rs 4,546.80 crore), taking the cumulative fundraising to over $13.49 billion (Rs 1.02 lakh crore) by selling nearly 22% stake that will help pare debt at the oil-to-telecom conglomerate. "TPG will invest $600 million (Rs 4,546.80 crore) in Jio Platforms at an enterprise value of $65 billion (Rs 5.16 lakh crore)," the company said in a statement. The investment will translate into a 0.93 per cent equity stake in Jio Platforms on a fully diluted basis for TPG. "With this investment, Jio Platforms has raised $13.49 billion (Rs 102,432.45 crore) from leading global technology investors including Facebook, Silver Lake, Vista Equit...
Reliance Jio total funding: Facebook, Silver Lake, Vista Equity Partners & General Atlantic Invests $8.8 billion
FUNDING

Reliance Jio total funding: Facebook, Silver Lake, Vista Equity Partners & General Atlantic Invests $8.8 billion

India's leading telecom company Reliance Jio announced another funding round from US-based equity firm General Atlantic. General Atlantic invests $873 Million in Reliance Jio for 1.34% stake, the company said in a statement. This is the fourth deal of Investment in Reliance Jio in less than four weeks that will inject a combined $8.8 billion in the oil-to-telecom conglomerate to help it clear its debt. The Investment puts Reliance Jio's total value around $68 billion. According to the Pixr8 News data, the company has raised a total of $13.5 billion in funding over 9 rounds.  The recent deal of General Atlantic follows Facebook picking up a 9.99 percent stake in the firm for $5.7 billion. Within days of that deal, Silver Lake, the world's largest tech investor bought a 1.1...
Saudi Oil Company Aramco Acquires 20% Stake in Reliance Refinery for $75 bn
ACQUISITION, MIDDLE EAST

Saudi Oil Company Aramco Acquires 20% Stake in Reliance Refinery for $75 bn

Mukesh Ambani the owner of Reliance group announced that Saudi oil giant Aramco has agreed to take a 20 percent stake in his flagship Reliance Industries' oil refinery and chemical business at an enterprise value of USD 75 billion (around Rs 5,32,466 crore). Making the announcement at Reliance Industries' 42th annual general meeting, he said this would be the biggest foreign investment in the history of the company. As part of the deal, Saudi Aramco will supply 500,000 barrels per day or 25 million tonnes per annum, of crude oil to Reliance's twin refineries at Jamnagar in Gujarat. Saudi Aramco will take 20 percent stake in a proposed special purpose vehicle (SPV) housing the twin refineries of Reliance as well as the firm's petrochemical complex. The Saudi national oil compan...
How Much Mukesh Ambani and his team earn per annum
BUSINESS

How Much Mukesh Ambani and his team earn per annum

New Delhi: India's richest man Mukesh Ambani has kept his annual salary from his flagship firm Reliance Industries capped at ₹15 crore ($2.1 million) for the eleventh year on the trot. Ambani has kept salary, perquisites, allowances, and commission together at ₹15 crore since 2008-09, forgoing over ₹24 crore per annum. This is at a time when remunerations of all whole-time directors of the company, including cousins Nikhil and Hital Meswani, saw a handsome increase in the fiscal year ended March 31, 2019. "Compensation of Shri Mukesh D Ambani, Chairman, and Managing Director, has been set at ₹15 crore, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels," RIL said in its latest annual report. His remuneration for 2018-19...
230 Crore Deal: Reliance Jio Acquires Haptik
ACQUISITION

230 Crore Deal: Reliance Jio Acquires Haptik

Reliance Jio a subsidiary of Mukesh Ambani led Reliance Industries acquires AI based platform Haptik in 230 crores. After the acquisition Reliance jio will invest 470 crores in the further operation. The Haptik team will continue to drive growth of the business, including the enterprise platform as well as digital consumer assistants. On a fully diluted basis Reliance will hold about 87% of the business with the rest being held by Haptik founders and employees through stock option grants. This transaction enables Reliance Jio to leverage Haptik’s capabilities across various devices and touch points in the consumer’s journey. The investment focus is on enhancement and expansion of the platform, with an addressable market opportunity of over 1 billion users in India. This partnersh...