Page 11 - Reliance Group

Reliance, Vodafone, Airtel may increase their headcount by 25% in FY24

Reliance Jio's total headcount at FY23 end was 95,326; Airtel's headcount was 64,407; and Vodafone Idea's was 15,604

Jio Platforms' subsidiary Radisys completes acquisition of Mimosa Networks

Jio Platforms' subsidiary Radisys Corporation on Friday announced that it has completed the acquisition of Mimosa Networks, Inc. from Airspan Networks Holdings Inc. Earlier this year, the companies had announced the deal under which Radisys Corporation signed a definitive agreement with US-based Airspan Networks Holdings for the acquisition of Mimosa Networks for USD 60 million on a debt-free, cash-free basis. According to a release on Friday, "Radisys Corporation, a wholly owned subsidiary of Jio Platforms Limited and a global leader of open telecom solutions, today announced that it has completed the acquisition of Mimosa Networks, from Airspan Networks Holdings Inc." With this, Mimosa has become a wholly-owned subsidiary of Radisys. Radisys' acquisition of Mimosa will accelerate the availability of broadband access for advancing societies, the release said. Mimosa offers a diverse portfolio of point-to-point and point-to-multi-point connectivity products leveraging unlicensed ..

Reliance ARC challenges Vidarbha Industries Swiss Challenge process

Reliance Asset Reconstruction Company (ARC), a subsidiary of Reliance Capital, has challenged the method of Swiss Challenge bidding being held by SBI Caps for the sale of debt of Vidarbha Industries Power Ltd (VIPL). The company has also challenged the Reserve Bank of India's Master Circular on the Swiss Challenge Mechanism as being discriminatory and arbitrary as it gives unjust and unfair advantage to the anchor bidder, sources said. In a writ petition filed before the Bombay High Court, the Reliance ARC has stated that clause 85 of the RBI's Master Direction (Transfer of Loan Exposure) accords unlimited rights to the anchor bidder to match any bid from the challenger bidders in the Swiss Challenge process, which discourages the competition and defeats the principle of maximization of value for the banks and lenders. As per the clause 85 of the Master Direction, in a Swiss Challenge process once an Asset Reconstruction Company (ARC) has placed a bid for acquiring a stressed asset

SBI Caps asks ARCs to make final offers for Vidarbha Industries' debt

Aditya Birla ARC has joined hands with Varde Partners of Singapore to acquire the company's debt, said a banking source

JioBook: Reliance Jio may launch its second-generation laptop on July 31

While it does not appear that the JioBook (2023) will have many visible design changes, it is expected that the new device will have internal upgrades

Reliance Strategic Investments reports Rs 1.45 bn Q1 net profit after tax

In a BSE filing the company further informed that Reliance strategic investments ltd.'s total income from operations was recorded at 2.15 billion rupees in June quarter

Reliance to acquire Alia Bhatt-promoted kidswear brand Ed-a-Mamma

Reliance Brands, part of Reliance Retail Ventures Ltd (RRVL), is planning to buy Ed-a-Mamma, a kidswear brand promoted by Bollywood actress Alia Bhatt, according to an industry source. The leading retailer would ultimately acquire the company, which specialises in providing sustainable clothing options for kids at affordable rates. Talks between Reliance Brands and the kidswear retailer, which mainly sells online are in the final stages, the industry source said. According to a media report, the deal is estimated to be around Rs 300 crore. The deal would help strengthen Reliance Brands' play into the branded kidswear segment, which is rapidly growing in the country. Ed-a-Mamma brand is owned by Eternalia Creative and Merchandising, in which Alia Bhatt is a director. The company was incorporated in 2019. An e-mail sent to Reliance Brands remained unanswered by the time of filing of the story. Established in 2007, Reliance Brands has collaborated with of over 50 international bran

RIL sets July 20 as record date for Reliance Strategic Investments demerger

Billionaire Mukesh Ambnai's daughter Isha and former CAG Rajiv Mehrishi are among the directors appointed on the board of demerged financial services unit of Reliance Industries Ltd, the company said on Saturday. Reliance had previously announced plans to demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and rename and list it as Jio Financial Services Limited (JFSL). It will lend to consumers and merchants based on proprietary data analytics and will eventually branch out to insurance, payments, digital broking and asset management. Every Reliance shareholder will get one share of the new firm for every share held in the parent. While the effective date of the demerger has been fixed as July 1, July 20 has been fixed as the record day for allocating shares of the new company, according to the company's stock exchange filing. The spinoff, which will create fifth-largest financier in terms of capital and compete directly with the likes of

Indian conglomerates look towards global brands to cash in on luxury retail

In a bid to add a global flavour to the Indian retail landscape, Reliance, Tata, and a number of other Indian brands have begun a series of joint ventures with global luxury brands

Indian conglomerates look towards global brands to cash in on luxury retail

In a bid to add a global flavour to the Indian retail landscape, Reliance, Tata, and a number of other Indian brands have begun a series of joint ventures with global luxury brands

PRAHAR writes to FinMin over violation of advertisement norms by brokers

Civil society organisation PRAHAR has written a letter to finance ministry expressing concern over misleading advertisements by some insurance broking firms. Public Response Against Helplessness and Action for Redressal (PRAHAR) in a letter written to finance minister Nirmala Sitharaman alleged that some of the new-age insurance broking firms selling policies online are alluring customers by indicating Rs 1 crore amount by investing a small amount for certain number of years. Insurers and insurer intermediaries are bound by the guidelines outlined in the Master Circular on Insurance Advertisements (2019). Specifically, Clause 3.4.1.3 of the Master Circular strictly prohibits insurers from projecting future performance based on past financial results. "Where attention is drawn to insurer's past financial performance, it should indicate that the past performance is not necessarily an indication of future performance," as per the Master Circular. The organisation requested the finance

Merged HDFC Bank set to push Reliance off its perch as top weight

Both RIL's and TCS' free-float m-caps are lower compared to HDFC Bank's

Reliance Industries, bp start production from third field in KG-D6 block

At peak capacity, block to account for one third of India's domestic gas production

Zee withdraws EOI for Reliance Broadcast; no resolution plan submission

News broadcaster Zee Media on Wednesday said it has withdrawn its Expression of Interest (EOI) and would not bid for the debt-ridden Reliance Broadcast Network Ltd (RBNL). Though Zee Media Corporation Ltd (ZMCL), earlier known as Zee News, has not specified any reason in a notice to bourses but said it will not participate in the resolution plan of RBNL. "We would like to inform you that the Company has withdrawn its EOI filed with the CIRP on June 27, 2023, and accordingly the Company shall not be participating in the resolution plan of RBNL," the company said. Earlier on May 5, the board of ZMCL had granted the approval to the company to submit EOI with the Corporate Insolvency Resolution Professional (CIRP') of RBNL. Earlier this year in February, the Mumbai bench of the National Company Law Tribunal (NCLT) had directed to initiate CIRP against RBNL, which operates the Big FM radio network. The NCLT order came over a petition filed by IDBI Trusteeship Services Ltd. ZMCL is one

Reliance Consumer Products to focus on expanding distribution reach

Firm will eventually be present across all categories; unlike other players pushing for premiumisation, it will focus on keeping its product prices low to cater to the masses

Reliance Consumer takes its staples brand 'Independence' to North India

In May, RCP announced its entry in the western snacks category with the launch of Alan's Bugles in India marking its foray into the snacks segment

Reliance Group appoints Parul Sharma as Group President from June 20

The Reliance Group has announced the appointment of Parul Sharma as the Group President with effect from June, 20

Aditya Birla invests Rs 5,000 cr in jewellery biz, takes on Tata, Reliance

Group to open large-format exclusive stores across the country with its in-house jewellery brands

Reliance Foundation to give jobs to train accident affected families

Reliance Foundation, the philanthropic arm of India's most valuable company Reliance Industries Ltd, on Monday, announced a slew of relief measures, including a free ration for six months and jobs for those affected by the country's deadliest train crash in decades. The foundation will free fuel for ambulances dealing with the disaster through the Jio-BP network as well as free medicines for injured and medical treatment for those needing hospitalisation. "Provision of free ration supplies, including flour, sugar, dal, rice, salt and cooking oil, for the next six months to affected families through Reliance stores" will be made, it said in a statement. The deadliest train accident in nearly three decades left 275 dead and hundreds injured. "While we cannot undo the suffering caused by the tragedy, we are fully committed to helping the bereaved families rebuild their lives and prepare for the future. With this as our solemn mission, we are announcing a 10-point programme to offer ou

Akash Ambani, wife Shloka Mehta welcome second child, a baby girl

Akash Ambani, the elder son of billionaire Mukesh Ambani, and his wife Shloka Mehta Ambani on Wednesday welcomed their second child on Wednesday, a baby girl. The couple had their first child Prithvi in December 2020. Dhanraj Nathwani, a friend of the Ambani children and son of family confidant and Rajya Sabha MP Parimal Nathwani, took to Twitter to announce the birth of the girl child. "Heartiest congratulations to Akash and Shloka Ambani on the joyous arrival of their little princess! May this precious blessing bring immense happiness and love to your lives," he tweeted. In November last year, Akash's twin sister Isha and her husband Anand Piramal became parents to twins who were named Krishna and Aadiya. Mukesh Ambani has three children - twins Akash and Isha and younger son Anant. All are now involved with his oil-to-telecom-to-retail conglomerate. While Akash looks after the telecom business, Isha is involved with the retail venture. Anant is looking after the new energy ...