India added more than three dollar billionaires every month in 2019, taking the tally to 138 that has helped the country to feature at the third position globally, says a Report.

Your Story: India adds 34 new billionaires to the list

<p>Despite the slowing economy in India, India minted three billionaires every month in 2019 taking the tally to 138, Hurun Global Rich List 2020 report said.</p>

<p>With this, India jumped two spots to rank third after China and the US which were ranked at first and second spot with 799 and 626 billionaires, respectively.</p>

<p>Chairman of Reliance Industries Mukesh Ambani topped the Indian billionaires' list with a net worth of $67 billion.</p>

<p>The number of Indian billionaires jumps to 170 if Indian-origin billionaires outside the country are also counted.</p>

<p>The world has added 480 billionaires in 2019, more than one a day, while China added more than three a week. The list had total 2,817 individuals having a net worth of $1 billion or more across the globe.</p>

<p>There is no surprise that Mumbai is the home to more than a third of the richest individuals in the country with 50 of them living in the megapolis, making it the ninth richest city globally, followed by New Delhi with 30, Bengaluru with 17 and Ahmedabad with 12.</p>

<p>With $67 billion, Ambani is also the ninth richest in the world which is topped by Jeff Bezos of Amazon with $140 billion.</p>

<p>The second in the list is SP Hinduja family ($27 billion), Gautam Adani (a little over $17 billion), Shiv Nadar &amp; family (close to $17 billion), and Lakshmi Mittal with over $15 billion in net worth.</p>

<p>At the sixth lot is banker Uday Kotak with a net worth of around $15 billion, making him the richest self-made banker in the whole world.</p>

<p>At the seventh slot is Azim Premji with ($14 billion), followed by Cyrus Poonawalla of Serum Institute ($12 billion) and Cyrus Pallonji Mistry and his son Shapoor Pallonji with $11 billion each.</p>

<p>And Oyo founder Ritesh Agarwal, all of just 24 years, is the youngest Indian in the rich list with a net worth of $1.1 billion.</p>

<p>It can be noted that 2019 was a good year for the stock markets globally with the US bourses rallying 26 per cent and Indian and Chinese indices gaining 15 per cent and 14 per cent, respectively in the year.</p>

<p>The 50 billionaires of Mumbai control around $218 billion of wealth between them, followed by 30 in New Delhi holding $76 billion and 17 in Bengaluru are worth $42 billion, while the 12 in Ahmedabad are worth $36 billion and the seven in Hyderabad are worth $13 billion, according to Junaid.</p>

<p><em>(With inputs from PTI)</em></p>

<p>&nbsp;</p>


Despite the slowing economy in India, India minted three billionaires every month in 2019 taking the tally to 138, Hurun Global Rich List 2020 report said. With this, India jumped two spots to rank third after China and the US which were ranked at first and second spot with 799 and 626 billionaires, respectively.

Despite the slowing economy in India, India minted three billionaires every month in 2019 taking the tally to 138, Hurun Global Rich List 2020 report said. With this, India jumped two spots to rank third after China and the US which were ranked at first and second spot with 799 and 626 billionaires, respectively. Chairman of Reliance Industries Mukesh Ambani topped the Indian billionaires' list with a net worth of $67 billion. The number of Indian billionaires jumps to 170 if Indian-origin billionaires outside the country are also counted. The world has added 480 billionaires in 2019, more than one a day, while China added more than three a week. The list had total 2,817 individuals having a net worth of $1 billion or more across the globe. There is no surprise that Mumbai is the home to more than a third of the richest individuals in the country with 50 of them living in the megapolis, making it the ninth richest city globally, followed by New Delhi with 30, Bengaluru with 17 and Ahmedabad with 12. With $67 billion, Ambani is also the ninth richest in the world which is topped by Jeff Bezos of Amazon with $140 billion. The second in the list is SP Hinduja family ($27 billion), Gautam Adani (a little over $17 billion), Shiv Nadar & family (close to $17 billion), and Lakshmi Mittal with over $15 billion in net worth. At the sixth lot is banker Uday Kotak with a net worth of around $15 billion, making him the richest self-made banker in the whole world. At the seventh slot is Azim Premji with ($14 billion), followed by Cyrus Poonawalla of Serum Institute ($12 billion) and Cyrus Pallonji Mistry and his son Shapoor Pallonji with $11 billion each. And Oyo founder Ritesh Agarwal, all of just 24 years, is the youngest Indian in the rich list with a net worth of $1.1 billion. It can be noted that 2019 was a good year for the stock markets globally with the US bourses rallying 26 per cent and Indian and Chinese indices gaining 15 per cent and 14 per cent, respectively in the year. The 50 billionaires of Mumbai control around $218 billion of wealth between them, followed by 30 in New Delhi holding $76 billion and 17 in Bengaluru are worth $42 billion, while the 12 in Ahmedabad are worth $36 billion and the seven in Hyderabad are worth $13 billion, according to Junaid. (With inputs from PTI)

India added 3 billionaires a month in 2019; highest after US, China: Report

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<p><a href="https://www.wionews.com/india-news/delhi-high-courts-halts-asset-sale-of-reliance-capital-263542" target="_blank">Reliance Industries Ltd</a>&nbsp;said on Monday it would merge its media and distribution businesses into its TV business, Network18 Media &amp; Investments Ltd.</p>

<p>Under the plan, the Indian conglomerate's TV18 Broadcast Ltd, Hathway Cable and Datacom Ltd and Den Networks Ltd businesses will consolidate into Network18, the company said.</p>

<p><strong>Watch:&nbsp;</strong><a href="https://www.wionews.com/videos/gravitas-reliance-vs-government-of-india-the-story-so-far-269848" target="_blank">Gravitas: Reliance Vs Government Of India: The Story So Far</a></p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-reliance-vs-government-of-india-the-story-so-far-269848/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<p>The company's news broadcasting business of TV18 will be housed in Network18 and the cable and broadband businesses of Den and Hathway will be two separate wholly-owned subsidiaries of Network18, Reliance said.</p>

<p>Billionaire Mukesh Ambani controls Network18 through various subsidiaries of his oil-to-telecoms conglomerate&nbsp;<a href="https://www.wionews.com/business-economy/nifty-sensex-jump-on-trade-deal-anticipation-reliance-industries-bounce-268629" target="_blank">Reliance Industries</a>.</p>

<p><strong>Also Read</strong>:&nbsp;<a href="https://www.wionews.com/business-economy/mukesh-ambanis-reliance-posts-record-profit-on-consumer-strength-274936" target="_blank">Mukesh Ambani's Reliance posts record profit on consumer strength</a></p>

<p>Network18's portfolio includes VH1, Nickelodeon, MTV, CNBC TV18 and a range of other local language channels, as well as news portals such as Firstpost and Moneycontrol and news channels CNN-News18 and CNBC TV18.</p>


Reliance Industries Ltd said on Monday it would merge its media and distribution businesses into its TV business, Network18 Media & Investments Ltd. Under the plan, the Indian conglomerate's TV18 Broadcast Ltd, Hathway Cable and Datacom Ltd and Den Networks Ltd businesses will consolidate into Network18, the company said.

Reliance Industries Ltd said on Monday it would merge its media and distribution businesses into its TV business, Network18 Media & Investments Ltd. Under the plan, the Indian conglomerate's TV18 Broadcast Ltd, Hathway Cable and Datacom Ltd and Den Networks Ltd businesses will consolidate into Network18, the company said. Watch: Gravitas: Reliance Vs Government Of India: The Story So Far The company's news broadcasting business of TV18 will be housed in Network18 and the cable and broadband businesses of Den and Hathway will be two separate wholly-owned subsidiaries of Network18, Reliance said. Billionaire Mukesh Ambani controls Network18 through various subsidiaries of his oil-to-telecoms conglomerate Reliance Industries. Also Read: Mukesh Ambani's Reliance posts record profit on consumer strength Network18's portfolio includes VH1, Nickelodeon, MTV, CNBC TV18 and a range of other local language channels, as well as news portals such as Firstpost and Moneycontrol and news channels CNN-News18 and CNBC TV18.

Media and distribution businesses to merge into TV unit: Reliance

<p>Reliance chairman Mukesh Ambani and superstars Shah Rukh Khan and Aamir Khan are among the 10 Indians who have featured in Variety magazine's annual list of '500 Most Important People.'<br />
<br />
Other Indian celebrities who have made to the list include producers Aditya Chopra, Ekta Kapoor, Ronnie Screwala, and Siddharth Roy Kapur. Kishore Lulla, executive chairman of Eros International, and Uday Shankar, president of The Walt Disney Company, APAC also feature on the list.&nbsp;<br />
<br />
SRK, who did not have any release in 2019, featured on the list for his past hits and his production house Red Chillies Entertainment which produced this year's blockbuster hit 'Badla' and web series 'Bard Of Blood'. The leading magazine described Khan as "one of Indian cinema`s great global romantic stars, winning most popular actor three times at the Central European Bollywood Awards".</p>

<p>Variety also explained how SRK`s production company Red Chillies Entertainment has carved a niche in the business showbiz.</p>

<p>"A thriving actor-producer, he co-produced `Zero`, in 2018 through his VFX house Red Chillies Entertainment, but it underwhelmed. Undeterred, Red Chillies hit big with thriller `Badla` in 2019, and the company has its eight-episode political espionage series `Bard of Blood` currently running on Netflix. Inducted into AMPAS in 2018, Khan has been making his mark for decades: His romance `Dilwale Dulhania Le Jayenge` has been playing nonstop for 24 years, and `Dil Se` was the first Indian film to break into the U.K. top 10. He also co-owns cricket teams Kolkata Knight Riders and Trinbago Knight Riders," the description added.</p>

<p>On Aamir Khan, Variety spoke about his hit films, calling him the "perfectionist".</p>

<p>"After decades as a hugely popular Bollywood actor-producer-director, the 2018 Khan starrer `Thugs of Hindostan` was a disappointment - but only by his own exalted standards. Budgeted at $32 million, the film grossed $54 million, including $9 million in China. By contrast, his 2016 "Dangal" was India`s all-time highest grosser, earning $310 million, $190 million of it from China. Khan is currently remaking the iconic `Forrest Gump` titled `Lal Singh Chaddha` for 2020. The admitted perfectionist burst out in 2001 when his `Lagaan: Once Upon a Time in India` was up for the foreign-language Oscar. Since then, his name has been attached to some of India`s biggest hits, including `PK`, `3 Idiots` and `Dhoom 3`. He was inducted into the Academy in 2017," read the write-up on Variety`s site.</p>


Reliance chairman Mukesh Ambani and superstars Shah Rukh Khan and Aamir Khan are among the 10 Indians who have featured in Variety magazine's annual list of '500 Most Important People.

Reliance chairman Mukesh Ambani and superstars Shah Rukh Khan and Aamir Khan are among the 10 Indians who have featured in Variety magazine's annual list of '500 Most Important People.' Other Indian celebrities who have made to the list include producers Aditya Chopra, Ekta Kapoor, Ronnie Screwala, and Siddharth Roy Kapur. Kishore Lulla, executive chairman of Eros International, and Uday Shankar, president of The Walt Disney Company, APAC also feature on the list. SRK, who did not have any release in 2019, featured on the list for his past hits and his production house Red Chillies Entertainment which produced this year's blockbuster hit 'Badla' and web series 'Bard Of Blood'. The leading magazine described Khan as "one of Indian cinema`s great global romantic stars, winning most popular actor three times at the Central European Bollywood Awards". Variety also explained how SRK`s production company Red Chillies Entertainment has carved a niche in the business showbiz. "A thriving actor-producer, he co-produced `Zero`, in 2018 through his VFX house Red Chillies Entertainment, but it underwhelmed. Undeterred, Red Chillies hit big with thriller `Badla` in 2019, and the company has its eight-episode political espionage series `Bard of Blood` currently running on Netflix. Inducted into AMPAS in 2018, Khan has been making his mark for decades: His romance `Dilwale Dulhania Le Jayenge` has been playing nonstop for 24 years, and `Dil Se` was the first Indian film to break into the U.K. top 10. He also co-owns cricket teams Kolkata Knight Riders and Trinbago Knight Riders," the description added. On Aamir Khan, Variety spoke about his hit films, calling him the "perfectionist". "After decades as a hugely popular Bollywood actor-producer-director, the 2018 Khan starrer `Thugs of Hindostan` was a disappointment - but only by his own exalted standards. Budgeted at $32 million, the film grossed $54 million, including $9 million in China. By contrast, his 2016 "Dangal" was India`s all-time highest grosser, earning $310 million, $190 million of it from China. Khan is currently remaking the iconic `Forrest Gump` titled `Lal Singh Chaddha` for 2020. The admitted perfectionist burst out in 2001 when his `Lagaan: Once Upon a Time in India` was up for the foreign-language Oscar. Since then, his name has been attached to some of India`s biggest hits, including `PK`, `3 Idiots` and `Dhoom 3`. He was inducted into the Academy in 2017," read the write-up on Variety`s site.

Shah Rukh, Aamir and Mukesh Ambani feature in Variety magazine's '500 Most Important People' list

<p>Indian oil-to-telecoms conglomerate Reliance Industries Ltd posted another record quarterly profit on Friday, as double-digit growth at its consumer-facing businesses cushioned weakness in its energy divisions.</p>

<p>Revenue at its retail and telecoms units each jumped more than 25 per cent in the December quarter as the company, headed by Asia's richest man, Mukesh Ambani, invests heavily to bring them on par with its dominant petrochemicals and refining businesses.</p>

<p>"We saw consistent same-store sales growth and record footfall across our stores," Ambani said in a statement, with the remarks coming when growth in Asia's third-largest economy has slowed to multi-year lows.</p>

<p>The Mumbai-headquartered company has rapidly grown to become India's largest retailer with over 10,000 stores selling groceries, consumer electronics and apparel, while its telecom unit, Jio, has become the country's largest wireless operator in about three years since launch.</p>

<p>Profit at Jio surged 62 per cent to 13.50 billion rupees, led by subscriber additions of 14.8 million during the reported quarter.</p>

<p><strong>Also read:&nbsp;<a href="https://www.wionews.com/business-economy/day-after-supreme-court-verdict-vodafone-stocks-crash-to-record-low-274874">Day after Supreme Court verdict, Vodafone stocks crash to record low</a></strong></p>

<p>Reliance, which runs the world's biggest oil refining complex, said gross refining margin - the profit earned on each barrel of crude oil processed - was $9.2 per barrel, slightly lower than the prior quarter but better than a year earlier.</p>

<p>"The third-quarter results for our energy business reflect the weak global economic environment and volatility in energy markets," Ambani, the company's chairman, said.</p>

<p>Meanwhile, the proposed purchase of 20 per cent in Reliance's oil-to-chemicals arm by Saudi Aramco will take a "few months" to be finalized, Joint Chief Financial Officer V Srikanth said at a press briefing, adding Reliance wouldn't comment on a specific timeframe for the deal to close.</p>

<p>"We are making very good progress, and there is engagement across teams which is very intense," Srikanth said of the deal, which would be one of the largest ever foreign investments in India.</p>

<p>The company had previously said it would sign a definitive agreement with Aramco by March 2020.</p>

<p>The weak performance at the petrochem and refining unit led to a 2.5 per cent drop in revenue from operations to 1.57 trillion rupees.</p>

<p>Still, Chief Financial Officer Alok Agarwal said 2020 would be a "better year from a global growth point of view", which should help boost margins in the refining and petrochemicals units.</p>

<p>Consolidated net profit rose 13.5 per cent to 116.40 billion rupees ($1.64 billion) in the three months to December&nbsp;31, above the previous quarter's record and also beating analysts' average forecast of 114.32 billion rupees, according to Refinitiv data.</p>


Indian oil-to-telecoms conglomerate Reliance Industries Ltd posted another record quarterly profit on Friday, as double-digit growth at its consumer-facing businesses cushioned weakness in its energy divisions.

Indian oil-to-telecoms conglomerate Reliance Industries Ltd posted another record quarterly profit on Friday, as double-digit growth at its consumer-facing businesses cushioned weakness in its energy divisions. Revenue at its retail and telecoms units each jumped more than 25 per cent in the December quarter as the company, headed by Asia's richest man, Mukesh Ambani, invests heavily to bring them on par with its dominant petrochemicals and refining businesses. "We saw consistent same-store sales growth and record footfall across our stores," Ambani said in a statement, with the remarks coming when growth in Asia's third-largest economy has slowed to multi-year lows. The Mumbai-headquartered company has rapidly grown to become India's largest retailer with over 10,000 stores selling groceries, consumer electronics and apparel, while its telecom unit, Jio, has become the country's largest wireless operator in about three years since launch. Profit at Jio surged 62 per cent to 13.50 billion rupees, led by subscriber additions of 14.8 million during the reported quarter. Also read: Day after Supreme Court verdict, Vodafone stocks crash to record low Reliance, which runs the world's biggest oil refining complex, said gross refining margin - the profit earned on each barrel of crude oil processed - was $9.2 per barrel, slightly lower than the prior quarter but better than a year earlier. "The third-quarter results for our energy business reflect the weak global economic environment and volatility in energy markets," Ambani, the company's chairman, said. Meanwhile, the proposed purchase of 20 per cent in Reliance's oil-to-chemicals arm by Saudi Aramco will take a "few months" to be finalized, Joint Chief Financial Officer V Srikanth said at a press briefing, adding Reliance wouldn't comment on a specific timeframe for the deal to close. "We are making very good progress, and there is engagement across teams which is very intense," Srikanth said of the deal, which would be one of the largest ever foreign investments in India. The company had previously said it would sign a definitive agreement with Aramco by March 2020. The weak performance at the petrochem and refining unit led to a 2.5 per cent drop in revenue from operations to 1.57 trillion rupees. Still, Chief Financial Officer Alok Agarwal said 2020 would be a "better year from a global growth point of view", which should help boost margins in the refining and petrochemicals units. Consolidated net profit rose 13.5 per cent to 116.40 billion rupees ($1.64 billion) in the three months to December 31, above the previous quarter's record and also beating analysts' average forecast of 114.32 billion rupees, according to Refinitiv data.

Mukesh Ambani's Reliance posts record profit on consumer strength

Is Government Curbing RIL Stake Sale To Aramco? #Gravitas #RIL #RelianceIndustries #WION

Gravitas: Reliance Vs Government Of India: The Story So Far

Mukesh Ambani's Reliance Industries Ltd (RIL) may have to disclose its assets before it can freeze plans to sell 20% stake in its refining and petrochemicals business to Saudi Aramco. #SaudiAramco #RelianceIndustries #MukeshAmbani #WION

Indian govt seeks to halt RIL's plan to sell stake to Aramco

<p>Reliance Industries Limited (RIL) on Friday reported a net profit of Rs 11,262 crore for the quarter ending September 2019, an increase of 18.3 per cent on a year-to-year basis.</p>

<p>The quarterly PBDIT (profit before depreciation, interest, and taxes) of the company increased by 15.5 per cent to Rs 25,820 crore.</p>

<p>The profit before tax increased by 14.1 per cent to Rs 15,055 crore, and the cash profit rose by 18 per cent to Rs 18,305 crore, said the firm in an official statement on Friday.</p>

<p>For the quarter ended September 30, RIL achieved revenue of Rs 163,854 crore, an increase of 4.8 per cent as compared to Rs 156,291 crore in the corresponding period of the previous year.</p>

<p>"Increase in revenue is primarily on account of robust growth in retail and digital services businesses which grew by 27 per cent and 43 per cent, respectively. This was partially offset by a decrease in refining and petrochemicals segment revenue with 17.7 per cent fall in Brent crude price," added the statement.</p>

<p>Exports (including deemed exports) from RIL`s India operations were lower by 12.1 per cent at Rs 53,161 crore as against Rs 60,460 crore in the corresponding period of the previous year primarily due to lower price realisation for refining and petrochemical products and emphasis in domestic placement.</p>

<p>Commenting on the results, Mukesh Ambani, Chairman and Managing Director, RIL, said: "The company has reported record net profit for the quarter. These excellent results reflect the benefits of our integrated oil to chemicals (O2C) value chain and the rapid scale-up of our consumer businesses."</p>

<p>"During this quarter, our O2C businesses gained from favourable fuel margins environment, feedstock sourcing flexibility and higher petrochemicals volumes. Our O2C business, with new partnerships, is best placed to pursue growth and substantial value creation," he added.</p>

<p>"Continuing growth trends in our retail business is heartening. Guided by our obsession to provide the best value for our customers, Reliance Retail delivered robust performance with record quarterly revenues and EBITDA (earnings before interest, tax, depreciation, and amortisation).&nbsp;</p>

<p>Our digital services business is recognized for having the nation`s widest 4G wireless network," Ambani said.</p>

<p>The company put the basic earnings per share (EPS) for the September quarter at Rs 18.6 crore as against Rs 16.1 crore in the corresponding period of the previous year.</p>

<p>"Cash and cash equivalents as on 30th September 2019 were at Rs 134,746 crore compared to Rs 133,027 crore as on 31st March 2019," said RIL.&nbsp;</p>


Reliance Industries Limited (RIL) on Friday reported a net profit of Rs 11,262 crore for the quarter ending September 2019, an increase of 18.3 per cent on a year-to-year basis.

Reliance Industries Limited (RIL) on Friday reported a net profit of Rs 11,262 crore for the quarter ending September 2019, an increase of 18.3 per cent on a year-to-year basis. The quarterly PBDIT (profit before depreciation, interest, and taxes) of the company increased by 15.5 per cent to Rs 25,820 crore. The profit before tax increased by 14.1 per cent to Rs 15,055 crore, and the cash profit rose by 18 per cent to Rs 18,305 crore, said the firm in an official statement on Friday. For the quarter ended September 30, RIL achieved revenue of Rs 163,854 crore, an increase of 4.8 per cent as compared to Rs 156,291 crore in the corresponding period of the previous year. "Increase in revenue is primarily on account of robust growth in retail and digital services businesses which grew by 27 per cent and 43 per cent, respectively. This was partially offset by a decrease in refining and petrochemicals segment revenue with 17.7 per cent fall in Brent crude price," added the statement. Exports (including deemed exports) from RIL`s India operations were lower by 12.1 per cent at Rs 53,161 crore as against Rs 60,460 crore in the corresponding period of the previous year primarily due to lower price realisation for refining and petrochemical products and emphasis in domestic placement. Commenting on the results, Mukesh Ambani, Chairman and Managing Director, RIL, said: "The company has reported record net profit for the quarter. These excellent results reflect the benefits of our integrated oil to chemicals (O2C) value chain and the rapid scale-up of our consumer businesses." "During this quarter, our O2C businesses gained from favourable fuel margins environment, feedstock sourcing flexibility and higher petrochemicals volumes. Our O2C business, with new partnerships, is best placed to pursue growth and substantial value creation," he added. "Continuing growth trends in our retail business is heartening. Guided by our obsession to provide the best value for our customers, Reliance Retail delivered robust performance with record quarterly revenues and EBITDA (earnings before interest, tax, depreciation, and amortisation). Our digital services business is recognized for having the nation`s widest 4G wireless network," Ambani said. The company put the basic earnings per share (EPS) for the September quarter at Rs 18.6 crore as against Rs 16.1 crore in the corresponding period of the previous year. "Cash and cash equivalents as on 30th September 2019 were at Rs 134,746 crore compared to Rs 133,027 crore as on 31st March 2019," said RIL.

Reliance Industries records Rs 11,262 crore net profit in Q2 of FY20, up by 18 per cent

<p><a href="https://www.wionews.com/business-economy/sensex-nifty-reverse-course-to-close-lower-reliance-industries-banks-drag-239500">Reliance Industries</a> shares saw their biggest intraday rise in a more than a decade on Tuesday after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues.</p>

<p>The group's billionaire chairman, Mukesh Ambani, also unveiled plans to launch cut-price home internet services across India next month, threatening to disrupt the telco market with offers of free voice calls for life, television and movie streaming, and even TV sets to go with some subscription plans.</p>

<p>The announcements drove Reliance shares up as much as 12 per cent its biggest such move since January 14, 2009.&nbsp;</p>

<p>The spike has put the company within touching distance of becoming the highest-valued Indian company again.</p>

<p>&nbsp;Currently, it trails Tata Consultancy Services by slightly more than $1 billion.</p>

<p>But shares of telecom majors Bharti Airtel fell 4per cent and Vodafone Idea slid almost 5per cent as the announcements spurred worries of a repeat of what happened just three years ago when Reliance's Jio burst on to the scene.</p>

<p><a href="https://www.wionews.com/business-economy/reliance-mobile-operator-jio-to-focus-on-subscriber-numbers-not-tariffs-report-237503">Jio, with cheap data plans and freebies</a>, has managed to become India's top mobile operator by subscribers and the second-biggest globally over the three years.</p>

<p>Ambani said, at Reliance's annual general meeting (AGM) on Monday, that customers of Reliance's Premium Jiofiber broadband services "will be able to watch movies in their living rooms the same day these movies are released in theatres".</p>

<p>Shares of multiplex chain operators PVR and Inox Leisure fell as much as 8per cent and 10per cent, respectively, on the news, after trading resumed following a holiday on Monday.</p>

<p>Shares in Dish TV India were also down.</p>

<p>As of 0606 GMT, Reliance shares were up about 10per cent, while the broader market was down slightly.</p>

<p>Reliance shares were also buoyed by the news that Saudi Aramco plans to invest roughly $15 billion for a 20per cent stake in its oil-to-chemicals business.</p>


Reliance Industries shares saw their biggest intraday rise in a more than a decade on Tuesday after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues.

Reliance Industries shares saw their biggest intraday rise in a more than a decade on Tuesday after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues. The group's billionaire chairman, Mukesh Ambani, also unveiled plans to launch cut-price home internet services across India next month, threatening to disrupt the telco market with offers of free voice calls for life, television and movie streaming, and even TV sets to go with some subscription plans. The announcements drove Reliance shares up as much as 12 per cent its biggest such move since January 14, 2009. The spike has put the company within touching distance of becoming the highest-valued Indian company again. Currently, it trails Tata Consultancy Services by slightly more than $1 billion. But shares of telecom majors Bharti Airtel fell 4per cent and Vodafone Idea slid almost 5per cent as the announcements spurred worries of a repeat of what happened just three years ago when Reliance's Jio burst on to the scene. Jio, with cheap data plans and freebies, has managed to become India's top mobile operator by subscribers and the second-biggest globally over the three years. Ambani said, at Reliance's annual general meeting (AGM) on Monday, that customers of Reliance's Premium Jiofiber broadband services "will be able to watch movies in their living rooms the same day these movies are released in theatres". Shares of multiplex chain operators PVR and Inox Leisure fell as much as 8per cent and 10per cent, respectively, on the news, after trading resumed following a holiday on Monday. Shares in Dish TV India were also down. As of 0606 GMT, Reliance shares were up about 10per cent, while the broader market was down slightly. Reliance shares were also buoyed by the news that Saudi Aramco plans to invest roughly $15 billion for a 20per cent stake in its oil-to-chemicals business.

Reliance shares see biggest intraday rise in decade; rivals hit by disruption worries

<p>Amazon is in talks with Reliance Industries Ltd's retail unit to buy a stake in India's biggest brick-and-mortar retailer, two sources with knowledge of the talks told on Friday.</p>

<p>Amazon's massive online presence could help bolster Reliance's consumer and private labels business.</p>

<p>More importantly, a partnership would help the duo counter Walmart, which last year invested $16 billion in India's Flipkart, in the battle for a bigger share of India's fast-growing e-commerce market.</p>

<p>In late December, India modified rules around foreign direct investment (FDI) in e-commerce, creating additional hurdles for companies such as&nbsp;Amazon&nbsp;and Flipkart, and giving companies such as Reliance an edge.</p>

<p>Amazon&nbsp;had made the proposal to Reliance - controlled by Mukesh Ambani, India's richest man - for the partnership, but it was not clear whether a deal would materialize, said one of the sources.</p>

<p>The second source said&nbsp;Amazon&nbsp;had been pondering a proposal to purchase an up to 26% stake in the Reliance unit since at least February.</p>

<p>"For&nbsp;Amazon, it is about neutralizing a major rival and allowing itself to grow," said the second source, who added the company envisions helping Reliance's roughly 40 brands and grocery products go online.</p>

<p>Further details of the possible deal, first reported by India's Economic Times newspaper on Thursday, were not immediately clear.</p>

<p>Amazon, which declined to comment on Thursday, did not immediately respond to request for comment on Friday. Reliance on Friday pointed to its Thursday statement, which said it would make any disclosures to stock exchanges as and when necessary.</p>

<p>Reliance could potentially leverage&nbsp;Amazon's global experience in technology, supply chain and logistics as it aims to connect grocery stores across the country digitally through its Jio telecoms network - the biggest in India by subscribers.</p>

<p>For&nbsp;Amazon, picking up a stake in a Reliance unit could mean getting access to the Jio telecoms platform and its vast retail footprint of more than 10,600 stores across India. It might also add more firepower to their lobbying efforts, as the Ambani family is viewed as being well-connected politically.</p>

<p>Seattle-based&nbsp;Amazon&nbsp;is keen to get a bigger share of India's e-commerce market, which Deloitte expects to more than treble to $84 billion between 2017 and 2021.</p>

<p>Reliance was previously in talks with China's Alibaba to sell a stake in Reliance Retail, but a deal could not be sealed due to differences in valuation, according to a person familiar with the matter.</p>


Amazon is in talks with Reliance Industries Ltd's retail unit to buy a stake in India's biggest brick-and-mortar retailer, two sources with knowledge of the talks told on Friday.

Amazon is in talks with Reliance Industries Ltd's retail unit to buy a stake in India's biggest brick-and-mortar retailer, two sources with knowledge of the talks told on Friday. Amazon's massive online presence could help bolster Reliance's consumer and private labels business. More importantly, a partnership would help the duo counter Walmart, which last year invested $16 billion in India's Flipkart, in the battle for a bigger share of India's fast-growing e-commerce market. In late December, India modified rules around foreign direct investment (FDI) in e-commerce, creating additional hurdles for companies such as Amazon and Flipkart, and giving companies such as Reliance an edge. Amazon had made the proposal to Reliance - controlled by Mukesh Ambani, India's richest man - for the partnership, but it was not clear whether a deal would materialize, said one of the sources. The second source said Amazon had been pondering a proposal to purchase an up to 26% stake in the Reliance unit since at least February. "For Amazon, it is about neutralizing a major rival and allowing itself to grow," said the second source, who added the company envisions helping Reliance's roughly 40 brands and grocery products go online. Further details of the possible deal, first reported by India's Economic Times newspaper on Thursday, were not immediately clear. Amazon, which declined to comment on Thursday, did not immediately respond to request for comment on Friday. Reliance on Friday pointed to its Thursday statement, which said it would make any disclosures to stock exchanges as and when necessary. Reliance could potentially leverage Amazon's global experience in technology, supply chain and logistics as it aims to connect grocery stores across the country digitally through its Jio telecoms network - the biggest in India by subscribers. For Amazon, picking up a stake in a Reliance unit could mean getting access to the Jio telecoms platform and its vast retail footprint of more than 10,600 stores across India. It might also add more firepower to their lobbying efforts, as the Ambani family is viewed as being well-connected politically. Seattle-based Amazon is keen to get a bigger share of India's e-commerce market, which Deloitte expects to more than treble to $84 billion between 2017 and 2021. Reliance was previously in talks with China's Alibaba to sell a stake in Reliance Retail, but a deal could not be sealed due to differences in valuation, according to a person familiar with the matter.

Amazon in talks with Reliance Retail to buy a stake: Sources

<p>Reliance Group is looking to lease out its headquarters in one of Mumbai's prime suburbs, the telecoms to infrastructure conglomerate said, a move that will help the company to raise funds to pay off debt.</p>

<p>Some of the companies under the Reliance Group conglomerate, controlled by businessman Anil Ambani, have been <a href="https://www.wionews.com/india-news/reliance-has-paid-debt-servicing-payments-of-over-rs-35000-crore-anil-ambani-226184">hit by a spate of credit ratings downgrades and auditing issues</a>.</p>

<p>"Reliance infrastructure plans to monetise its marquee Reliance Center Office located in Santacruz East, Mumbai," the company said in a statement.</p>

<p>Reliance will continue to own the premises and proceeds from the leasing deal will go only for debt reduction, the company said. It did not comment on the financial details of the deal or the group's financial condition.</p>

<p>Ambani is the younger brother of Asia's richest man Mukesh Ambani. A feud between the brothers over control the Reliance empire broke out after the death of their father in 2002. The Reliance businesses were split up in 2005 as part of a settlement between them.</p>

<p>That made them both billionaires but while Mukesh's energy, telecoms and retail conglomerate had gone from strength to strength, Anil's companies have struggled.</p>

<p>Mukesh, however, appears more recently to have offered some kind of support to his younger brother so he could repay $80 million in debt to Swedish telecom company Ericsson.</p>

<p><strong>Debts</strong></p>

<p>The company headquarters, located along a busy highway in the premium commercial area of western Mumbai, is spread over 0.7 million square feet and accommodates more than 3,000 employees, a Reliance executive said. The property is under control of the flagship company of the group, Reliance Infrastructure Ltd.</p>

<p>Reliance Infrastructure, known as R-Infra, builds and runs bridges, roads, metro rail and power plants, and operates the company's fledgeling defence business. It is one of the most indebted companies under the Reliance umbrella and has sold off assets in the past two years.</p>

<p>It currently has debts of 150 billion rupees ($2.17 billion) and Ambani said last month that he would sell off all its road assets as it seeks to become a debt-free company by next year.</p>

<p>Reliance Infrastructure reported heavy losses in its fourth quarter results. Its auditors raised red flags around the latest results and cast doubts over the manner in which the firm had accounted for several transactions.</p>

<p>Ambani's financials business, Reliance Capital Ltd also came under scrutiny when global audit firm PwC resigned citing irregularities in the books of accounts. The company rejected the auditor's report.</p>

<p>The company has appointed real estate consulting firm JLL as advisers for leasing out its headquarters, the executive said.</p>

<p>JLL did not reply to an email seeking comment.</p>


Reliance Group is looking to lease out its headquarters in one of Mumbai's prime suburbs, the telecoms to infrastructure conglomerate said, a move that will help the company to raise funds to pay off debt.

Reliance Group is looking to lease out its headquarters in one of Mumbai's prime suburbs, the telecoms to infrastructure conglomerate said, a move that will help the company to raise funds to pay off debt. Some of the companies under the Reliance Group conglomerate, controlled by businessman Anil Ambani, have been hit by a spate of credit ratings downgrades and auditing issues. "Reliance infrastructure plans to monetise its marquee Reliance Center Office located in Santacruz East, Mumbai," the company said in a statement. Reliance will continue to own the premises and proceeds from the leasing deal will go only for debt reduction, the company said. It did not comment on the financial details of the deal or the group's financial condition. Ambani is the younger brother of Asia's richest man Mukesh Ambani. A feud between the brothers over control the Reliance empire broke out after the death of their father in 2002. The Reliance businesses were split up in 2005 as part of a settlement between them. That made them both billionaires but while Mukesh's energy, telecoms and retail conglomerate had gone from strength to strength, Anil's companies have struggled. Mukesh, however, appears more recently to have offered some kind of support to his younger brother so he could repay $80 million in debt to Swedish telecom company Ericsson. Debts The company headquarters, located along a busy highway in the premium commercial area of western Mumbai, is spread over 0.7 million square feet and accommodates more than 3,000 employees, a Reliance executive said. The property is under control of the flagship company of the group, Reliance Infrastructure Ltd. Reliance Infrastructure, known as R-Infra, builds and runs bridges, roads, metro rail and power plants, and operates the company's fledgeling defence business. It is one of the most indebted companies under the Reliance umbrella and has sold off assets in the past two years. It currently has debts of 150 billion rupees ($2.17 billion) and Ambani said last month that he would sell off all its road assets as it seeks to become a debt-free company by next year. Reliance Infrastructure reported heavy losses in its fourth quarter results. Its auditors raised red flags around the latest results and cast doubts over the manner in which the firm had accounted for several transactions. Ambani's financials business, Reliance Capital Ltd also came under scrutiny when global audit firm PwC resigned citing irregularities in the books of accounts. The company rejected the auditor's report. The company has appointed real estate consulting firm JLL as advisers for leasing out its headquarters, the executive said. JLL did not reply to an email seeking comment.

Reliance Group to lease out company headquarters to pay off debt

<p>Business tycoon Mukesh Ambani and his wife Nita Ambani visited veteran actor Rishi Kapoor who has been seeking medical treatment in New York.</p>

<p>His wife Neetu Kapoor took to Instagram to share the selfie with the power couple. "Some pple just come to give you Assurance n Mental peace !!! Thank you mr and mrs Ambani for all the support," she captioned the pictures.</p>

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<p style=" margin:8px 0 0 0; padding:0 4px;"><a href="https://www.instagram.com/p/BxoUQzrg_At/" style=" color:#000; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none; word-wrap:break-word;" target="_blank">Some pple just come to give you Assurance n Mental peace !!! Thank you mr and mrs Ambani for all the support 💕🥰#love #grateful</a></p>

<p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;">A post shared by <a href="https://www.instagram.com/neetu54/" style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px;" target="_blank"> neetu Kapoor. Fightingfyt</a> (@neetu54) on <time datetime="2019-05-19T04:01:14+00:00" style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;">May 18, 2019 at 9:01pm PDT</time></p>
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<p>In the pictures, the four of them are seen striking a perfect pose in colour coordinated outfits while Neetu seems to click the picture.</p>

<p>In another image, Nita and Mukesh are seen posing with Neetu and Rishi Kapoor and their family members.</p>

<p>The 66-year-old actor also posted the pictures on his Twitter handle and wrote, "Thank you for seeing us Mukesh and Neeta. We also love you."</p>

<p>Earlier, Shahrukh Khan who was in New York to be a part of David Letterman's show also paid a visit to the couple.</p>

<p>Happy with the surprise visit of Bollywood's Badshah, Neetu on her Instagram account wrote, "To make pple feel good about themselves is a rare quality!!! Shahrukh is all of that his love care is so so genuine !!! besides his amazing work I admire him as a very good and a real human being," she wrote.</p>

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<p style=" margin:8px 0 0 0; padding:0 4px;"><a href="https://www.instagram.com/p/BxhuHERgCoO/" style=" color:#000; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none; word-wrap:break-word;" target="_blank">To make pple feel good about themselves is a rare quality!!! Shahrukh is all of that his love care is so so genuine !!! besides his amazing work I admire him as a very good and a real human being 🥰</a></p>

<p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;">A post shared by <a href="https://www.instagram.com/neetu54/" style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px;" target="_blank"> neetu Kapoor. Fightingfyt</a> (@neetu54) on <time datetime="2019-05-16T14:32:25+00:00" style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;">May 16, 2019 at 7:32am PDT</time></p>
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<p>Apart from Shahrukh and Ambanis, over the past few months, several other celebrities including Deepika Padukone, Vicky Kaushal, Boman Irani Aamir Khan, Alia Bhatt, Anupam Kher, Priyanka Chopra, Sonali Bendre, and Javed Akhtar also paid a visit to the veteran actor.</p>

<p>Rishi has been in New York since last year to seek medical treatment for an unknown health condition.</p>

<p>He is frequently visited by his children Ranbir and Riddhima.</p>

<p>On the work front, Rishi Kapoor last appeared in 'Mulk'&nbsp;and 'Rajma Chawal'.&nbsp;<br />
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Business tycoon Mukesh Ambani and his wife Nita Ambani visited veteran actor Rishi Kapoor who has been seeking medical treatment in New York. His wife Neetu Kapoor took to Instagram to share the selfie with the power couple.

Business tycoon Mukesh Ambani and his wife Nita Ambani visited veteran actor Rishi Kapoor who has been seeking medical treatment in New York. His wife Neetu Kapoor took to Instagram to share the selfie with the power couple. "Some pple just come to give you Assurance n Mental peace !!! Thank you mr and mrs Ambani for all the support," she captioned the pictures. View this post on Instagram Some pple just come to give you Assurance n Mental peace !!! Thank you mr and mrs Ambani for all the support 💕🥰#love #grateful A post shared by neetu Kapoor. Fightingfyt (@neetu54) on May 18, 2019 at 9:01pm PDT × In the pictures, the four of them are seen striking a perfect pose in colour coordinated outfits while Neetu seems to click the picture. In another image, Nita and Mukesh are seen posing with Neetu and Rishi Kapoor and their family members. The 66-year-old actor also posted the pictures on his Twitter handle and wrote, "Thank you for seeing us Mukesh and Neeta. We also love you." Earlier, Shahrukh Khan who was in New York to be a part of David Letterman's show also paid a visit to the couple. Happy with the surprise visit of Bollywood's Badshah, Neetu on her Instagram account wrote, "To make pple feel good about themselves is a rare quality!!! Shahrukh is all of that his love care is so so genuine !!! besides his amazing work I admire him as a very good and a real human being," she wrote. View this post on Instagram To make pple feel good about themselves is a rare quality!!! Shahrukh is all of that his love care is so so genuine !!! besides his amazing work I admire him as a very good and a real human being 🥰 A post shared by neetu Kapoor. Fightingfyt (@neetu54) on May 16, 2019 at 7:32am PDT × Apart from Shahrukh and Ambanis, over the past few months, several other celebrities including Deepika Padukone, Vicky Kaushal, Boman Irani Aamir Khan, Alia Bhatt, Anupam Kher, Priyanka Chopra, Sonali Bendre, and Javed Akhtar also paid a visit to the veteran actor. Rishi has been in New York since last year to seek medical treatment for an unknown health condition. He is frequently visited by his children Ranbir and Riddhima. On the work front, Rishi Kapoor last appeared in 'Mulk' and 'Rajma Chawal'.

Mukesh Ambani and Nita Ambani visit Rishi Kapoor in New York to show support

Forbes ‘Global 2000’: Reliance Industries dominates India list; banks shine

<p>Hamleys, the world's oldest toy retailer, is set to pass from Chinese to Indian control after Reliance Industries Ltd said it had agreed to buy the British high street icon.</p>

<p>Through its Reliance Brands subsidiary, the conglomerate late on Thursday said it signed an agreement to buy the 250-year-old chain from Hong Kong-listed C Banner International Holdings Ltd.</p>

<p>On Friday, C Banner stock was suspended from trading pending an announcement.</p>

<p>Reliance did not disclose the price of the deal, but in 2018, C Banner wrote off $49.8 million in goodwill and brand value related to Hamleys, its annual report showed. The cut reduced the carrying value of the toy retailer by 36% to 626 million yuan ($91.85 million).</p>

<p>The Chinese group bought Hamleys in 2015 for 100 million pounds ($130.2 million) from France's Groupe Ludendo, but its enthusiasm for British acquisitions has since cooled. Last year, it dropped plans to buy 51% of House of Fraser, sending the UK department store chain into administration.</p>

<p>The acquisition by Reliance Industries, owned by billionaire Mukesh Ambani, marks the conglomerate's first foray in an overseas retail brand.</p>

<p>Reliance Industries runs the world's biggest single-location crude oil refinery and has been transforming itself into a consumer-facing behemoth through ventures in retail and telecommunications.</p>

<p>"The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail," said Reliance Brands Chief Executive Darshan Mehta.</p>

<p>Founded in 1760, Hamleys resonates with adults and children alike, with its flagship Regent Street store in central London recognised around the world.</p>

<p>The toy seller runs 167 stores across 18 countries, the majority of which are in India, Reliance said. The Indian company, which already holds the master franchise for the brand in India, currently operates 88 stores in 29 cities.</p>

<p>Having established itself as India's leading mobile telecoms player, Reliance Industries has been firming up plans for a retail onslaught to combine its traditional outlets with an online foray aimed at taking on Amazon.com Inc and Walmart Inc in India.</p>

<p>A supermarket operator, Reliance is already the country's biggest bricks-and-mortar retailer in terms of revenue and number of stores.</p>

<p>The conglomerate's strategy to diversify beyond refining and petrochemicals has seen its fast-growing telecoms and retail operations driving quarterly profit to record highs at a time when its gross refining margins have taken a hit from oil price volatility and slowing global demand.</p>

<p>The group's retail business doubled revenue to 356 billion rupees ($5.1 billion) in the three months to Dec. 31 while earnings before interest and tax more than tripled to 15 billion rupees.</p>


Hamleys, the world's oldest toy retailer, is set to pass from Chinese to Indian control after Reliance Industries Ltd said it had agreed to buy the British high street icon.

Hamleys, the world's oldest toy retailer, is set to pass from Chinese to Indian control after Reliance Industries Ltd said it had agreed to buy the British high street icon. Through its Reliance Brands subsidiary, the conglomerate late on Thursday said it signed an agreement to buy the 250-year-old chain from Hong Kong-listed C Banner International Holdings Ltd. On Friday, C Banner stock was suspended from trading pending an announcement. Reliance did not disclose the price of the deal, but in 2018, C Banner wrote off $49.8 million in goodwill and brand value related to Hamleys, its annual report showed. The cut reduced the carrying value of the toy retailer by 36% to 626 million yuan ($91.85 million). The Chinese group bought Hamleys in 2015 for 100 million pounds ($130.2 million) from France's Groupe Ludendo, but its enthusiasm for British acquisitions has since cooled. Last year, it dropped plans to buy 51% of House of Fraser, sending the UK department store chain into administration. The acquisition by Reliance Industries, owned by billionaire Mukesh Ambani, marks the conglomerate's first foray in an overseas retail brand. Reliance Industries runs the world's biggest single-location crude oil refinery and has been transforming itself into a consumer-facing behemoth through ventures in retail and telecommunications. "The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail," said Reliance Brands Chief Executive Darshan Mehta. Founded in 1760, Hamleys resonates with adults and children alike, with its flagship Regent Street store in central London recognised around the world. The toy seller runs 167 stores across 18 countries, the majority of which are in India, Reliance said. The Indian company, which already holds the master franchise for the brand in India, currently operates 88 stores in 29 cities. Having established itself as India's leading mobile telecoms player, Reliance Industries has been firming up plans for a retail onslaught to combine its traditional outlets with an online foray aimed at taking on Amazon.com Inc and Walmart Inc in India. A supermarket operator, Reliance is already the country's biggest bricks-and-mortar retailer in terms of revenue and number of stores. The conglomerate's strategy to diversify beyond refining and petrochemicals has seen its fast-growing telecoms and retail operations driving quarterly profit to record highs at a time when its gross refining margins have taken a hit from oil price volatility and slowing global demand. The group's retail business doubled revenue to 356 billion rupees ($5.1 billion) in the three months to Dec. 31 while earnings before interest and tax more than tripled to 15 billion rupees.

Chinese group set to sell Hamleys toy stores to Reliance Industries

US, China top billionaires list; India ranked fourth behind Germany: Forbes

<p>Reliance Industries today reported 1.1 per cent rise in Q4 net profit to Rs 10,362 crore.</p>

<p>The oil-to-telecom conglomerate reported a 9.8 per cent rise in its consolidated net profit at Rs 10,362 crore, or Rs 17.5 per share, in the fourth quarter ended March 31, 2019, as compared to Rs 9,438 crore, or Rs 15.9 a share, in the same period of the previous financial year, the company said in a statement.</p>

<p>This is the highest quarterly profit by any Indian private sector company. State-owned Indian Oil Corp (IOC) holds the distinction of posting the highest ever quarterly profit by any Indian firm when it had reported a net profit of Rs 14,512.81 crore in January-March 2013 after it received the full-year fuel subsidy in just one quarter.</p>

<p>Reliance saw its revenue jump by 19.4 per cent to Rs 154,110 crore in January-March 2019, even though they were 9.7 per cent lower than Rs 170,709 crore revenue in the third quarter of the fiscal.</p>

<p>The company opened more retail stores and added 26.6 million new subscribers to its Jio mobile phone service that helped increase the profitability of the venture as its traditional oil refining business witnessed margin pressures on fluctuating international oil prices.</p>

<p>In full year 2018-19, the company posted a record Rs 39,588 crore net profit on a revenue of Rs 622,809 crore.</p>

<p>"During FY 2018-19, we achieved several milestones and made significant strides in building Reliance of the future. Reliance Retail crossed Rs 100,000 crore revenue milestone, Jio now serves over 300 million consumers and our petrochemicals business delivered its highest ever earnings," Reliance Industries Chairman and Managing Director Mukesh Ambani said.</p>

<p>The record profit for the year came in a period of heightened volatility in the energy markets, he said, adding pre-tax profit has more than doubled in the last five years to Rs 92,656 crore.</p>


Reliance Industries today reported 1.1 per cent rise in Q4 net profit to Rs 10,362 crore. The oil-to-telecom conglomerate reported a 9.8 per cent rise in its consolidated net profit at Rs 10,362 crore, or Rs 17.

Reliance Industries today reported 1.1 per cent rise in Q4 net profit to Rs 10,362 crore. The oil-to-telecom conglomerate reported a 9.8 per cent rise in its consolidated net profit at Rs 10,362 crore, or Rs 17.5 per share, in the fourth quarter ended March 31, 2019, as compared to Rs 9,438 crore, or Rs 15.9 a share, in the same period of the previous financial year, the company said in a statement. This is the highest quarterly profit by any Indian private sector company. State-owned Indian Oil Corp (IOC) holds the distinction of posting the highest ever quarterly profit by any Indian firm when it had reported a net profit of Rs 14,512.81 crore in January-March 2013 after it received the full-year fuel subsidy in just one quarter. Reliance saw its revenue jump by 19.4 per cent to Rs 154,110 crore in January-March 2019, even though they were 9.7 per cent lower than Rs 170,709 crore revenue in the third quarter of the fiscal. The company opened more retail stores and added 26.6 million new subscribers to its Jio mobile phone service that helped increase the profitability of the venture as its traditional oil refining business witnessed margin pressures on fluctuating international oil prices. In full year 2018-19, the company posted a record Rs 39,588 crore net profit on a revenue of Rs 622,809 crore. "During FY 2018-19, we achieved several milestones and made significant strides in building Reliance of the future. Reliance Retail crossed Rs 100,000 crore revenue milestone, Jio now serves over 300 million consumers and our petrochemicals business delivered its highest ever earnings," Reliance Industries Chairman and Managing Director Mukesh Ambani said. The record profit for the year came in a period of heightened volatility in the energy markets, he said, adding pre-tax profit has more than doubled in the last five years to Rs 92,656 crore.

Mukesh Ambani's Reliance Industries posts over Rs 10,000 crore Q4 net profit

<p>Indian business bigwig and Reliance Industries (RIL) chairman Mukesh Ambani has been featured in TIME magazine's list of 100 most influential people.&nbsp;</p>

<p>The other Indians featured in the magazine this time around include Arundhati Katju and Menaka Guruswamy, advocates who led the legal battle for LGBTQ rights in India.</p>

<p>The list was released on Wednesday and includes world leaders like US President Donald Trump, Chinese President Xi Jinping and Pakistan Prime Minister Imran Khan.</p>

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<p dir="ltr" lang="en">Introducing the 2019 <a href="https://twitter.com/hashtag/TIME100?src=hash&amp;ref_src=twsrc%5Etfw">#TIME100</a> <a href="https://t.co/1WeH62z2pQ">https://t.co/1WeH62z2pQ</a> <a href="https://t.co/iBKrhSl9D0">pic.twitter.com/iBKrhSl9D0</a></p>
— TIME (@TIME) <a href="https://twitter.com/TIME/status/1118469803902214144?ref_src=twsrc%5Etfw">April 17, 2019</a></blockquote>
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<p>Pope Francis and Facebook founder Mark Zuckerberg also found a spot on the list.</p>

<p>The personalities who made to the cover of the Time Magazine include wrestler, actor Dwayne Johnson; American diplomat Nancy Pelosi; American journalist and TV personality Gayle King, Egyptian footballer Mohamed Salah; international pop star Taylor Swift and Golden Globe-winning actress Sandra Oh</p>

<p>Slain Saudi journalist <a href="https://www.wionews.com/world/jamal-khashoggi-other-journalists-are-named-time-magazines-person-of-the-year-183310">Jamal Khashoggi</a> and other journalists were named Time magazine's "Person of the Year" last year. &nbsp;</p>

<p>The other journalists on the list included Philippine journalist Maria Ressa, a fierce critic of Rodrigo Duterte's war on drugs, Reuters reporters Wa Lone and Kyaw Soe Oo -- currently imprisoned in Myanmar -- and the staff of the Capital Gazette in Annapolis, Maryland, including five members killed in a June shooting.&nbsp;</p>


Indian business bigwig and Reliance Industries (RIL) chairman Mukesh Ambani has been featured in TIME magazine's list of 100 most influential people. The other Indians featured in the magazine this time around include Arundhati Katju and Menaka Guruswamy, advocates who led the legal battle for LGBTQ rights in India.

Indian business bigwig and Reliance Industries (RIL) chairman Mukesh Ambani has been featured in TIME magazine's list of 100 most influential people. The other Indians featured in the magazine this time around include Arundhati Katju and Menaka Guruswamy, advocates who led the legal battle for LGBTQ rights in India. The list was released on Wednesday and includes world leaders like US President Donald Trump, Chinese President Xi Jinping and Pakistan Prime Minister Imran Khan. Introducing the 2019 #TIME100 https://t.co/1WeH62z2pQ pic.twitter.com/iBKrhSl9D0 — TIME (@TIME) April 17, 2019 × Pope Francis and Facebook founder Mark Zuckerberg also found a spot on the list. The personalities who made to the cover of the Time Magazine include wrestler, actor Dwayne Johnson; American diplomat Nancy Pelosi; American journalist and TV personality Gayle King, Egyptian footballer Mohamed Salah; international pop star Taylor Swift and Golden Globe-winning actress Sandra Oh Slain Saudi journalist Jamal Khashoggi and other journalists were named Time magazine's "Person of the Year" last year. The other journalists on the list included Philippine journalist Maria Ressa, a fierce critic of Rodrigo Duterte's war on drugs, Reuters reporters Wa Lone and Kyaw Soe Oo -- currently imprisoned in Myanmar -- and the staff of the Capital Gazette in Annapolis, Maryland, including five members killed in a June shooting.

Mukesh Ambani, advocates Arundhati Katju and Menaka Guruswamy in TIME magazine's list of 100 most influential people

<p>Reliance Industries is selling fuels to Venezuela from India and Europe to sidestep sanctions that bar US-based companies from dealing with state-run PDVSA, according to trading sources and Refinitiv Eikon data.</p>

<p>Reliance had been supplying alkylate, diluent naphtha and other fuel to Venezuela through its US-based subsidiary before Washington in late January imposed sanctions aimed at curbing the OPEC member's oil exports and ousting Socialist President Nicolas Maduro.</p>

<p><strong>Also read:<a href="https://www.wionews.com/opinions/india-should-be-wary-of-the-us-sponsored-crisis-in-venezuela-194281"> India should be wary of the US-sponsored crisis in Venezuela</a></strong></p>

<p>At least three vessels chartered by the Indian conglomerate supplied refined products to Venezuela in recent weeks, and another vessel carrying gasoil is expected to set sail to the South American nation as well, according to the sources and data.</p>

<p>A Reliance spokesman wrote to Reuters in an email and said,&nbsp;"Reliance is and will remain in compliance with the sanctions and shall work with the concerned authorities."</p>

<p>He also said, "the volume of products supplied to and crude oil imported from Venezuela have not increased."</p>

<p>Reliance, a conglomerate controlled by billionaire Mukesh Ambani, has significant exposure to the financial system of the United States, where it operates subsidiaries linked to its oil and telecom businesses, among others.</p>

<p>The Indian market is crucial for Venezuela's economy because it has historically been the second-largest cash-paying customer for the OPEC country's crude, behind the United States.</p>

<p>Additional sanctions against Venezuela are possible in the future, as US President Donald Trump's administration has not yet tried to prevent companies based outside the United States from buying Venezuelan oil, a strategy known as "secondary sanctions."</p>

<p>Refinitiv Eikon trade data shows that Reliance shipped alkylate, a component for motor gasoline, to Venezuela on vessels Torm Mary and Torm Anabel in recent weeks. Those originated in India and passed through the Suez Canal.</p>

<p>It also shipped a gasoline cargo using tanker Torm Troilus to Venezuela and is preparing to send 35,000 tonnes of gasoil in a vessel called Vukovar to the South American nation.</p>

<p>"Reliance is also supplying some products from its Rotterdam storage," a source familiar with Reliance's operation said.</p>

<p>PDVSA did not reply to a request for comment.</p>

<p>In a statement last week, Reliance said its US unit has completely stopped all business with PDVSA. Reliance also halted all supply of diluents including heavy naphtha to Venezuela and does not plan to resume such sales until sanctions are lifted, according to the release.</p>

<p>Venezuela has overall imported some 160,000 barrels per day of fuel and diluents for its extra heavy oil output since the US measures were imposed, according to PDVSA and Definitive data, below levels prior to the sanctions but still enough to supply gas stations and power plants.</p>

<p>Reliance is among the biggest buyers of Venezuelan oil, although the company has recently said it has not increased crude purchases from Venezuela. In 2012, Reliance signed a 15-year deal to buy between 300,000 to 400,000 bpd of heavy crude from PDVSA.</p>

<p>Ship tracking data obtained by Reuters showed that Reliance's average purchases from Venezuela were less than 300,000 bpd in 2018 and in the first two months of this year.</p>

<p>Venezuela continues to supply at least some oil to India. A very large crude carrier (VLCC) is anchored off Venezuela's Jose port waiting to load oil bound for India, and at least six other vessels of the same size are underway to India's Sikka and Vadinar ports, according to the Refinitiv data.</p>

<p>PDVSA's second-largest customer in India is Nayara Energy, partially owned by Russian energy firm Rosneft, one of PDVSA's primary allies.</p>


Reliance Industries is selling fuels to Venezuela from India and Europe to sidestep sanctions that bar US-based companies from dealing with state-run PDVSA, according to trading sources and Refinitiv Eikon data.

Reliance Industries is selling fuels to Venezuela from India and Europe to sidestep sanctions that bar US-based companies from dealing with state-run PDVSA, according to trading sources and Refinitiv Eikon data. Reliance had been supplying alkylate, diluent naphtha and other fuel to Venezuela through its US-based subsidiary before Washington in late January imposed sanctions aimed at curbing the OPEC member's oil exports and ousting Socialist President Nicolas Maduro. Also read: India should be wary of the US-sponsored crisis in Venezuela At least three vessels chartered by the Indian conglomerate supplied refined products to Venezuela in recent weeks, and another vessel carrying gasoil is expected to set sail to the South American nation as well, according to the sources and data. A Reliance spokesman wrote to Reuters in an email and said, "Reliance is and will remain in compliance with the sanctions and shall work with the concerned authorities." He also said, "the volume of products supplied to and crude oil imported from Venezuela have not increased." Reliance, a conglomerate controlled by billionaire Mukesh Ambani, has significant exposure to the financial system of the United States, where it operates subsidiaries linked to its oil and telecom businesses, among others. The Indian market is crucial for Venezuela's economy because it has historically been the second-largest cash-paying customer for the OPEC country's crude, behind the United States. Additional sanctions against Venezuela are possible in the future, as US President Donald Trump's administration has not yet tried to prevent companies based outside the United States from buying Venezuelan oil, a strategy known as "secondary sanctions." Refinitiv Eikon trade data shows that Reliance shipped alkylate, a component for motor gasoline, to Venezuela on vessels Torm Mary and Torm Anabel in recent weeks. Those originated in India and passed through the Suez Canal. It also shipped a gasoline cargo using tanker Torm Troilus to Venezuela and is preparing to send 35,000 tonnes of gasoil in a vessel called Vukovar to the South American nation. "Reliance is also supplying some products from its Rotterdam storage," a source familiar with Reliance's operation said. PDVSA did not reply to a request for comment. In a statement last week, Reliance said its US unit has completely stopped all business with PDVSA. Reliance also halted all supply of diluents including heavy naphtha to Venezuela and does not plan to resume such sales until sanctions are lifted, according to the release. Venezuela has overall imported some 160,000 barrels per day of fuel and diluents for its extra heavy oil output since the US measures were imposed, according to PDVSA and Definitive data, below levels prior to the sanctions but still enough to supply gas stations and power plants. Reliance is among the biggest buyers of Venezuelan oil, although the company has recently said it has not increased crude purchases from Venezuela. In 2012, Reliance signed a 15-year deal to buy between 300,000 to 400,000 bpd of heavy crude from PDVSA. Ship tracking data obtained by Reuters showed that Reliance's average purchases from Venezuela were less than 300,000 bpd in 2018 and in the first two months of this year. Venezuela continues to supply at least some oil to India. A very large crude carrier (VLCC) is anchored off Venezuela's Jose port waiting to load oil bound for India, and at least six other vessels of the same size are underway to India's Sikka and Vadinar ports, according to the Refinitiv data. PDVSA's second-largest customer in India is Nayara Energy, partially owned by Russian energy firm Rosneft, one of PDVSA's primary allies.

Reliance sends fuel from India, Europe to Venezuela to sidestep US sanctions

<p>Shares of Anil Ambani-led Reliance Communications Ltd (RCom) were locked in the upper circuit on Tuesday after his elder brother <a href="https://www.wionews.com/india-news/in-heartfelt-message-anil-ambani-thanks-brother-mukesh-for-timely-support-during-trying-times-204209">Mukesh Ambani helped pay off the debt owed to Sweden's Ericsson</a>.</p>

<p>Telecom equipment maker Ericsson received 4.62 billion rupees ($67.42 million) from RCom as unpaid dues from a deal it had signed in 2014, a spokeswoman said on Monday.</p>

<p>India's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears to have offered support to ensure Anil Ambani paid off total dues of 5.5 billion rupees ($80 million) to Ericsson.</p>

<p>The nature of the backing or how it was delivered was unclear, but in a statement, Anil Ambani thanked his billionaire brother "for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support".</p>

<p>RCom called off the sale of its telecom assets to Reliance Jio Infocomm, the mobile telecoms firm controlled by Mukesh Ambani, citing failure to get approvals from lenders and the government.</p>

<p>The Supreme Court of India last month ordered Anil Ambani and two RCom directors to pay Ericsson 4.5 billion rupees within four weeks or face a three-month jail term for contempt of court.</p>

<p>Shares of RCom rose as much as 10 per cent to 4.4 rupees, in their biggest daily per cent gain since February 26.</p>


Shares of Anil Ambani-led Reliance Communications Ltd (RCom) were locked in the upper circuit on Tuesday after his elder brother Mukesh Ambani helped pay off the debt owed to Sweden's Ericsson.

Shares of Anil Ambani-led Reliance Communications Ltd (RCom) were locked in the upper circuit on Tuesday after his elder brother Mukesh Ambani helped pay off the debt owed to Sweden's Ericsson. Telecom equipment maker Ericsson received 4.62 billion rupees ($67.42 million) from RCom as unpaid dues from a deal it had signed in 2014, a spokeswoman said on Monday. India's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears to have offered support to ensure Anil Ambani paid off total dues of 5.5 billion rupees ($80 million) to Ericsson. The nature of the backing or how it was delivered was unclear, but in a statement, Anil Ambani thanked his billionaire brother "for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support". RCom called off the sale of its telecom assets to Reliance Jio Infocomm, the mobile telecoms firm controlled by Mukesh Ambani, citing failure to get approvals from lenders and the government. The Supreme Court of India last month ordered Anil Ambani and two RCom directors to pay Ericsson 4.5 billion rupees within four weeks or face a three-month jail term for contempt of court. Shares of RCom rose as much as 10 per cent to 4.4 rupees, in their biggest daily per cent gain since February 26.

Reliance Communications jumps after Mukesh Ambani bails out brother Anil on Ericsson dues

<p>In a "heartfelt" message, industrialist and RCom chief Anil Ambani thanked his elder brother Mukesh Ambani for his "timely support". <a href="https://www.wionews.com/business-economy/reliance-communication-pays-ericsson-rs-550-crore-204153">Anil Ambani's RCom managed to pay back Swedish telecom giant Ericsson on Monday</a>, just a day before a Supreme Court deadline, thereby avoiding a prison term.&nbsp;</p>

<p>In the message, Anil Ambani elaborated on the "importance of staying true" to their family value, something he said was exhibited by his elder brother's support. He added that he is "grateful" that they have "moved beyond the past".</p>

<p>“My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture,” the message read.&nbsp;</p>

<p>The public feud between the Ambani brothers, over control of the Reliance empire, grew after their father's demise in the year 2002. The differences led to a split in the conglomerate.&nbsp;</p>

<p>Country's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears&nbsp;to have offered some kind of support to ensure Anil paid off a Rs 550 crore debt that was owed to Swedish telecom equipment company Ericsson and had been run up by his telecoms group Reliance Communications.&nbsp;</p>

<p>The development may mark a watershed moment in the relationship between the two brothers, who carved their separate businesses in 2005 with Mukesh Ambani getting the oil and petrochemicals business and Anil winning control of power, telecoms and financial services.&nbsp;</p>

<p>The Supreme Court of India had ordered Anil Ambani and two RCom directors to pay Ericsson within four weeks or face a three-month jail term for contempt of court.</p>

<p>The court had found RCom's chairman guilty of contempt of court for failing to pay the Swedish company.</p>

<p><em>(With inputs from Reuters)&nbsp;</em></p>


In a "heartfelt" message, industrialist and RCom chief Anil Ambani thanked his elder brother Mukesh Ambani for his "timely support". Anil Ambani's RCom managed to pay back Swedish telecom giant Ericsson on Monday, just a day before a Supreme Court deadline, thereby avoiding a prison term.

In a "heartfelt" message, industrialist and RCom chief Anil Ambani thanked his elder brother Mukesh Ambani for his "timely support". Anil Ambani's RCom managed to pay back Swedish telecom giant Ericsson on Monday, just a day before a Supreme Court deadline, thereby avoiding a prison term. In the message, Anil Ambani elaborated on the "importance of staying true" to their family value, something he said was exhibited by his elder brother's support. He added that he is "grateful" that they have "moved beyond the past". “My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture,” the message read. The public feud between the Ambani brothers, over control of the Reliance empire, grew after their father's demise in the year 2002. The differences led to a split in the conglomerate. Country's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears to have offered some kind of support to ensure Anil paid off a Rs 550 crore debt that was owed to Swedish telecom equipment company Ericsson and had been run up by his telecoms group Reliance Communications. The development may mark a watershed moment in the relationship between the two brothers, who carved their separate businesses in 2005 with Mukesh Ambani getting the oil and petrochemicals business and Anil winning control of power, telecoms and financial services. The Supreme Court of India had ordered Anil Ambani and two RCom directors to pay Ericsson within four weeks or face a three-month jail term for contempt of court. The court had found RCom's chairman guilty of contempt of court for failing to pay the Swedish company. (With inputs from Reuters)

In heartfelt message, Anil Ambani thanks brother Mukesh for 'timely support during trying times'

<p>The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed on Monday in compliance with the judgment of the Supreme Court, said Reliance Communication (RCom).</p>

<p>Anil Ambani, chairman, RCom, said: “My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture.”</p>

<p>The Supreme Court on February 20 had held RCom chairman and two directors guilty of contempt of court while hearing a contempt plea filed by Ericsson India against him over not clearing dues of Rs 550 crore.</p>

<p>A bench comprising Justice Rohinton Fali Nariman and Justice Vineet Sharan had asked Anil Ambani and the two directors to not treat the apex court’s orders with a “cavalier attitude.”</p>

<p>Reacting to the top court's directive, Reliance Communication spokesperson in a press statement, said: “We respect the Supreme Court’s judgment. The RCom group shall comply with same.”&nbsp;</p>

<p>The judicature ordered Ambani, Seth, and Virani to pay Rs 453 crore to Ericsson in a span of four weeks failing which they would face a three-month jail term.</p>

<p>The apex court also imposed a fine of Rs 1 crore each on Ambani, Seth, and Virani. The court had directed them to deposit the amount with the apex court registry within a span of one month. If they fail to furnish the amount, the three will be awarded a month’s jail-term.</p>

<p>It directed that Rs 118 crore already deposited by Reliance Group in the apex court's registry be disbursed to Ericsson.</p>

<p>The bench said the undertakings given the three Reliance-based companies to pay, showed that they had “no intention” to honour it within the 120 days given by the court or the extended time allotted.</p>

<p>The bench held that the undertaking given by them was false to the knowledge of the court and it affected the administration of justice.</p>

<p>Anil Ambani was present in the court when the bench pronounced the order.</p>

<p>Earlier, the top court had asked Ambani to be present before it during the hearing in connection with the contempt case.</p>

<p>Ericsson had contended that RCom is minting huge profits and is wrongfully claiming that it has no money to pay Rs 550 crore to the telecom equipment maker.</p>

<p>Anil Ambani-led RCom had earlier agreed to deposit Rs 118 crore but Ericsson refused to accept. Following which, the top court had asked the RCom chief to deposit the amount in its registry.</p>

<p>On October 23 last year, the top court had asked RCom to clear the dues by December 15, 2018, saying delayed payment would attract the interest of 12 per cent per annum.</p>

<p>In 2014, Ericsson India had signed a seven-year deal to operate and manage RCom’s nationwide telecom network. It had alleged that RCom didn't pay dues of over 1,500 crore. It challenged the debt-ridden firm before the National Company Law Appellate Tribunal (NCLAT).</p>

<p>Ericsson later agreed to settle its debt of over Rs 1,500 crore for a sum of Rs 550 crore.</p>

<p>Following, the NCLAT order the apex court previously had noted that RCom within 120 days will have to settle its dues of Rs 550 crore.</p>


The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed on Monday in compliance with the judgment of the Supreme Court, said Reliance Communication (RCom).

The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed on Monday in compliance with the judgment of the Supreme Court, said Reliance Communication (RCom). Anil Ambani, chairman, RCom, said: “My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture.” The Supreme Court on February 20 had held RCom chairman and two directors guilty of contempt of court while hearing a contempt plea filed by Ericsson India against him over not clearing dues of Rs 550 crore. A bench comprising Justice Rohinton Fali Nariman and Justice Vineet Sharan had asked Anil Ambani and the two directors to not treat the apex court’s orders with a “cavalier attitude.” Reacting to the top court's directive, Reliance Communication spokesperson in a press statement, said: “We respect the Supreme Court’s judgment. The RCom group shall comply with same.” The judicature ordered Ambani, Seth, and Virani to pay Rs 453 crore to Ericsson in a span of four weeks failing which they would face a three-month jail term. The apex court also imposed a fine of Rs 1 crore each on Ambani, Seth, and Virani. The court had directed them to deposit the amount with the apex court registry within a span of one month. If they fail to furnish the amount, the three will be awarded a month’s jail-term. It directed that Rs 118 crore already deposited by Reliance Group in the apex court's registry be disbursed to Ericsson. The bench said the undertakings given the three Reliance-based companies to pay, showed that they had “no intention” to honour it within the 120 days given by the court or the extended time allotted. The bench held that the undertaking given by them was false to the knowledge of the court and it affected the administration of justice. Anil Ambani was present in the court when the bench pronounced the order. Earlier, the top court had asked Ambani to be present before it during the hearing in connection with the contempt case. Ericsson had contended that RCom is minting huge profits and is wrongfully claiming that it has no money to pay Rs 550 crore to the telecom equipment maker. Anil Ambani-led RCom had earlier agreed to deposit Rs 118 crore but Ericsson refused to accept. Following which, the top court had asked the RCom chief to deposit the amount in its registry. On October 23 last year, the top court had asked RCom to clear the dues by December 15, 2018, saying delayed payment would attract the interest of 12 per cent per annum. In 2014, Ericsson India had signed a seven-year deal to operate and manage RCom’s nationwide telecom network. It had alleged that RCom didn't pay dues of over 1,500 crore. It challenged the debt-ridden firm before the National Company Law Appellate Tribunal (NCLAT). Ericsson later agreed to settle its debt of over Rs 1,500 crore for a sum of Rs 550 crore. Following, the NCLAT order the apex court previously had noted that RCom within 120 days will have to settle its dues of Rs 550 crore.

Reliance Communications pays Ericsson Rs 550 crore 

Former Prime Minister of Britain, Tony Blair and his wife Cherrie were the first few guests to arrive at Akash Ambani and Shloka Mehta's wedding in Mumbai on Saturday.

Former Prime Minister of Britain, Tony Blair and his wife Cherrie were the first few guests to arrive at Akash Ambani and Shloka Mehta's wedding in Mumbai on Saturday. Mukesh Ambani's son Akash will be tying the knot with his childhood sweetheart Shloka Mehta, daughter of Diamond merchant Russel Mehta, in a star-studded ceremony on Saturday evening at the recently inaugurated Jio World Centre. View this post on Instagram Ex Prime Minister of #UK @institutegc #tonyblair with wife joins #ambani #family @mukeshambaniofficial #mukeshambani and @nitaambani5 #nitaambani today for the @akashwedsshloka #akashambani and #shlokamehta #wedding at #jiogarden #bkc #bandra #mumbai . . . #bollywood #photography #paparazzi #mumbai #india #instagram #yogenshah @yogenshah_s A post shared by yogen shah (@yogenshah_s) on Mar 9, 2019 at 3:48am PST × View this post on Instagram Ex Prime Minister of #UK @institutegc #tonyblair with wife today for the #akashambani and #shlokamehta #wedding at #jiogarden #bkc #bandra #mumbai . . . #bollywood #photography #paparazzi #mumbai #india #instagram #yogenshah @yogenshah_s A post shared by yogen shah (@yogenshah_s) on Mar 9, 2019 at 3:30am PST × Aamir Khan and his wife, Kiran Rao, Jackie Shroff, Rajkumar Hirani and his wife were also seen arriving for the ceremony earlier. Apart from Blair, the wedding is also expected to host former Ban Ki-Moon and his wife, Google CEO Sundar Pichai and his wife Anjali Pichai, and cricket legend Sachin Tendulkar and his wife Anjali. View this post on Instagram @mukeshambaniofficial #mukeshambani @nitaambani5 #nitaambani @aambani1 #akashambani @anant.ambani.94 #anantambani @radhikamerchant #radhikamerchant @_iiishmagish #ishaambani today for the #akashambani and #shlokamehta #wedding at #jiogarden #bkc #bandra #mumbai . . . #bollywood #photography #paparazzi #mumbai #india #instagram #yogenshah @yogenshah_s A post shared by yogen shah (@yogenshah_s) on Mar 9, 2019 at 2:47am PST × View this post on Instagram @mukeshambaniofficial #mukeshambani @nitaambani5 #nitaambani @aambani1 #akashambani @_iiishmagish #ishaambani today for the #akashambani and #shlokamehta #wedding at #jiogarden #bkc #bandra #mumbai . . . #bollywood #photography #paparazzi #mumbai #india #instagram #yogenshah @yogenshah_s A post shared by yogen shah (@yogenshah_s) on Mar 9, 2019 at 2:50am PST × Earlier a fleet of luxury cars, carrying the extended Ambani family including Mukesh Ambani's daughter Isha, son-in-law Anand Piramal, son Anant and Anil Ambani with his family, were seen leaving Antilla for the wedding venue. View this post on Instagram @anil.ambani #anilambani @tinaaambani #tinaambani with #familytoday for the #akashambani and #shlokamehta #wedding at #jiogarden #bkc #bandra #mumbai . . . #bollywood #photography #paparazzi #mumbai #india #instagram #yogenshah @yogenshah_s A post shared by yogen shah (@yogenshah_s) on Mar 9, 2019 at 3:28am PST × View this post on Instagram #anilambani welcomes the Guest Ex Prime Minister of #UK @institutegc #tonyblair with wife today for the #akashambani and #shlokamehta #wedding at #jiogarden #bkc #bandra #mumbai . . . #bollywood #photography #paparazzi #mumbai #india #instagram #yogenshah @yogenshah_s A post shared by yogen shah (@yogenshah_s) on Mar 9, 2019 at 3:25am PST × View this post on Instagram #aamirkhan #kiranrao #akashambani #shlokamehta wedding ❤️#bigfatindianwedding #desibride #weddingoftheyear @viralbhayani A post shared by Viral Bhayani (@viralbhayani) on Mar 9, 2019 at 2:03am PST × Nearly the entire Bollywood fraternity, sportsman and politicians are expected to attend the high profile wedding.

Akash Ambani-Shloka Mehta wedding: Tony Blair, Aamir Khan are among guests

<p>Richest Indian Mukesh Ambani jumped six positions to rank 13th on Forbes World's Billionaire list released Tuesday that was again topped by Jeff Bezos.</p>

<p>E-commerce colossus Amazon founder Bezos, 55, remains the world's richest person, ahead of Bill Gates and Warren Buffett, as his riches swelled by USD 19 billion in one year and is now worth USD 131 billion, Forbes said.</p>

<p>Ambani, 61, saw wealth soar from USD 40.1 billion in 2018 when he was placed 19th richest in the world, to USD 50 billion to be rank at 13th in 2019.</p>

<p>"Ambani chairs and runs USD 60 billion (revenue) oil and gas giant Reliance Industries, among India's most valuable companies," Forbes said. "In 2016, Reliance sparked a price war in India's hyper-competitive telecom market with the launch of 4G phone service Jio."</p>

<p>Jio, it said, has signed on 280 million customers by offering free domestic voice calls, dirt-cheap data services and virtually free smartphones.</p>

<p>Ambani leads the 106 billionaires from India on the Forbes list. Wipro Chairman Azim Premji is ranked 36th with a net worth of $22.6 billion dollars. Technology major HCL's co-founder Shiv Nadar, ranked 82nd and ArcelorMittal Chairman and CEO Lakshmi Mittal at the 91st rank come in within the top-100 billionaires in the world.</p>

<p>The list of Indian billionaires includes Aditya Birla Group Chairman Kumar Birla (122), Chairman and founder of the Adani Group Gautam Adani (167), Bharti Airtel head Sunil Mittal (244), co-founder of consumer goods giant Patanjali Ayurveda Acharya Balkrishna (365), Piramal Entreprises Chair Ajay Piramal (436), Biocon founder Kiran Mazumdar-Shaw (617), Infosys co-founder N R Narayana Murthy (962) and RCom chairman Reliance Anil Ambani (1349).</p>

<p>Facebook founder Mark Zuckerberg dropped three spots and former New York mayor Michael Bloomberg rose by two.</p>

<p>Gates, 63, saw his wealth grow to USD 96.5 billion, up from USD 90 billion last year while investment guru Buffett, 88, at third position saw fortunes slipping by USD 1.5 billion to USD 82.5 billion, the magazine said.</p>

<p>Ambani was placed at the 33rd position on the 2017 listing of Forbes.</p>

<p>Forbes said he is the richest Indian and ranked 32nd on the 2018 Powerful People listing of the magazine. He was ranked Global Game Changer in 2017.</p>

<p>Bernard Arnault, CEO of French luxury good company, LVMH, held on to fourth places while Zuckerberg lost USD 9 billion in networth to slip from fifth the to eighth position.</p>

<p>Ahead of Zuckerberg now are Mexican tycoon Carlos Slim, Zara and Inditex founder Amancio Ortega of Spain and Oracle co-founder Larry Ellison.</p>

<p>Forbes said the "list is a snapshot of wealth using stock prices and exchange rates from February 8, 2019."</p>

<p>Some people become richer or poorer within days of publication.</p>

<p>"We list individuals rather than multigenerational families who share fortunes, though we include wealth belonging to a billionaire's spouse and children if that person is the founder of the fortune," it said.</p>

<p>The 33rd annual ranking has 2,153 billionaires on the 2019 list, down from 2,208 in 2018. The total combined net worth of this year's billionaires is USD 8.7 trillion, down from USD 9.1 trillion in 2018, Forbes said.</p>

<p>"This represents the first decrease in billionaires and their combined wealth since 2016 and only the second decrease in the past decade," it said. "A record 994 individuals are worth less than a year ago; last year only 360 members got poorer. The average net worth of this year's billionaires is USD 4 billion, down from USD 4.1 billion in 2018."</p>

<p>Of the total, 1,450 members are self-made.</p>

<p>For this year's list, Forbes said "capitalism is taking some lumps" as for only the second year in a decade, both the number of billionaires and their total wealth shrank, "proving that even the wealthiest are not immune to economic forces and weak stock markets".</p>

<p>Among the regions, Asia-Pacific was the hardest hit, with 60 fewer 10-figure fortunes. That dip was led by China, which has 49 fewer billionaires than a year ago, Forbes said adding that Europe, the Middle East and Africa also lost ground.</p>

<p>The Americas, driven by a resurgent Brazil, and the US are the only two regions that have more billionaires than they did a year ago. There are now a record 609 in the U.S, including 14 of the world's 20 richest.</p>


Richest Indian Mukesh Ambani jumped six positions to rank 13th on Forbes World's Billionaire list released Tuesday that was again topped by Jeff Bezos. E-commerce colossus Amazon founder Bezos, 55, remains the world's richest person, ahead of Bill Gates and Warren Buffett, as his riches swelled by USD 19 billion in one year and is now worth USD 131 billion, Forbes said.

Richest Indian Mukesh Ambani jumped six positions to rank 13th on Forbes World's Billionaire list released Tuesday that was again topped by Jeff Bezos. E-commerce colossus Amazon founder Bezos, 55, remains the world's richest person, ahead of Bill Gates and Warren Buffett, as his riches swelled by USD 19 billion in one year and is now worth USD 131 billion, Forbes said. Ambani, 61, saw wealth soar from USD 40.1 billion in 2018 when he was placed 19th richest in the world, to USD 50 billion to be rank at 13th in 2019. "Ambani chairs and runs USD 60 billion (revenue) oil and gas giant Reliance Industries, among India's most valuable companies," Forbes said. "In 2016, Reliance sparked a price war in India's hyper-competitive telecom market with the launch of 4G phone service Jio." Jio, it said, has signed on 280 million customers by offering free domestic voice calls, dirt-cheap data services and virtually free smartphones. Ambani leads the 106 billionaires from India on the Forbes list. Wipro Chairman Azim Premji is ranked 36th with a net worth of $22.6 billion dollars. Technology major HCL's co-founder Shiv Nadar, ranked 82nd and ArcelorMittal Chairman and CEO Lakshmi Mittal at the 91st rank come in within the top-100 billionaires in the world. The list of Indian billionaires includes Aditya Birla Group Chairman Kumar Birla (122), Chairman and founder of the Adani Group Gautam Adani (167), Bharti Airtel head Sunil Mittal (244), co-founder of consumer goods giant Patanjali Ayurveda Acharya Balkrishna (365), Piramal Entreprises Chair Ajay Piramal (436), Biocon founder Kiran Mazumdar-Shaw (617), Infosys co-founder N R Narayana Murthy (962) and RCom chairman Reliance Anil Ambani (1349). Facebook founder Mark Zuckerberg dropped three spots and former New York mayor Michael Bloomberg rose by two. Gates, 63, saw his wealth grow to USD 96.5 billion, up from USD 90 billion last year while investment guru Buffett, 88, at third position saw fortunes slipping by USD 1.5 billion to USD 82.5 billion, the magazine said. Ambani was placed at the 33rd position on the 2017 listing of Forbes. Forbes said he is the richest Indian and ranked 32nd on the 2018 Powerful People listing of the magazine. He was ranked Global Game Changer in 2017. Bernard Arnault, CEO of French luxury good company, LVMH, held on to fourth places while Zuckerberg lost USD 9 billion in networth to slip from fifth the to eighth position. Ahead of Zuckerberg now are Mexican tycoon Carlos Slim, Zara and Inditex founder Amancio Ortega of Spain and Oracle co-founder Larry Ellison. Forbes said the "list is a snapshot of wealth using stock prices and exchange rates from February 8, 2019." Some people become richer or poorer within days of publication. "We list individuals rather than multigenerational families who share fortunes, though we include wealth belonging to a billionaire's spouse and children if that person is the founder of the fortune," it said. The 33rd annual ranking has 2,153 billionaires on the 2019 list, down from 2,208 in 2018. The total combined net worth of this year's billionaires is USD 8.7 trillion, down from USD 9.1 trillion in 2018, Forbes said. "This represents the first decrease in billionaires and their combined wealth since 2016 and only the second decrease in the past decade," it said. "A record 994 individuals are worth less than a year ago; last year only 360 members got poorer. The average net worth of this year's billionaires is USD 4 billion, down from USD 4.1 billion in 2018." Of the total, 1,450 members are self-made. For this year's list, Forbes said "capitalism is taking some lumps" as for only the second year in a decade, both the number of billionaires and their total wealth shrank, "proving that even the wealthiest are not immune to economic forces and weak stock markets". Among the regions, Asia-Pacific was the hardest hit, with 60 fewer 10-figure fortunes. That dip was led by China, which has 49 fewer billionaires than a year ago, Forbes said adding that Europe, the Middle East and Africa also lost ground. The Americas, driven by a resurgent Brazil, and the US are the only two regions that have more billionaires than they did a year ago. There are now a record 609 in the U.S, including 14 of the world's 20 richest.

Mukesh Ambani jumps 6 ranks, is 13th richest in world: Forbes

Forbes 2019: Kylie Jenner dethrones Mark Zuckerberg, becomes world's youngest billionaire

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