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:&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>

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&nbsp;31, above the previous quarter's record and also beating analysts' average forecast of 114.32 billion rupees, according to Refinitiv data.

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

Bharti Airtel, Vodafone Idea, and Reliance Jio have hiked their tariffs by about 40 per cent after incurring huge losses over the last few weeks.

Bharti Airtel on Sunday hiked tariff rate in the range of 50 paise per day to Rs 2.85 per day, effective from December 3. 
 
The company announced new plans, which will affect the Airtel pre-paid customers who avail the plans provided by the company under its "unlimited" category, among others.&nbsp; 
 
"Our new mobile plans offer tremendous value to our customers and are backed by a superior network experience on Airtel's nationwide 4G network. Airtel will continue to make large investments in emerging technologies and digital platforms to deliver world-class experiences to our customers," said Shashwat Sharma, Chief Marketing Officer, Bharti Airtel. 
 
According to the release, Airtel's new plans will offer "exclusive benefits as part of the Airtel Thanks platform" to its customers.

Vodafone Idea also announced a similar plan, with plans capping at 2 days, 28 days, 84 days, and 365 days of validity and prices varying from Rs 19-2399.

Similarly, Jio will be introducing the new 'ALL-IN-ONE' plans with unlimited voice and data, effective from December 6. 
 
"Jio will be introducing new ALL-IN-ONE plans with unlimited voice and data. These plans will have a fair usage policy for calls to other mobile networks. 
The new plans will be effective from December 6, 2019," the statement informed. 
 
"Although the NEW ALL-IN-ONE plans will be priced up to 40 per cent higher, staying true to its promise of being customer first, Jio customers will get up to 300 per cent more benefits," the statement added. 
 
The company said that while remaining committed to the ultimate interest of the consumer, "Jio will take all necessary steps to help sustain the Indian telecommunications industry." 
 
The statement stressed that Jio will continue to work with the government on the consultation process for the revision of telecom tariffs and looks forward to participation from all other stakeholders.

The hike in tariffs comes after VIL, and Bharti Airtel posted record quarterly losses of ₹50,922 crore and ₹23,045 crore respectively due to a Supreme Court ruling on the adjusted gross revenue (AGR).

Both Vodafone Idea and Bharti Airtel also have an outstanding debt of over ₹1 lakh crore each.&nbsp;

The three telecommunication giants account for over 90 per cent market share of 1.18 billion mobile subscribers.

(With inputs from agencies)

Bharti Airtel, Vodafone Idea, and Reliance Jio have hiked their tariffs by about 40 per cent after incurring huge losses over the last few weeks. Bharti Airtel on Sunday hiked tariff rate in the range of 50 paise per day to Rs 2.

Bharti Airtel, Vodafone Idea, and Reliance Jio have hiked their tariffs by about 40 per cent after incurring huge losses over the last few weeks. Bharti Airtel on Sunday hiked tariff rate in the range of 50 paise per day to Rs 2.85 per day, effective from December 3. The company announced new plans, which will affect the Airtel pre-paid customers who avail the plans provided by the company under its "unlimited" category, among others. "Our new mobile plans offer tremendous value to our customers and are backed by a superior network experience on Airtel's nationwide 4G network. Airtel will continue to make large investments in emerging technologies and digital platforms to deliver world-class experiences to our customers," said Shashwat Sharma, Chief Marketing Officer, Bharti Airtel. According to the release, Airtel's new plans will offer "exclusive benefits as part of the Airtel Thanks platform" to its customers. Vodafone Idea also announced a similar plan, with plans capping at 2 days, 28 days, 84 days, and 365 days of validity and prices varying from Rs 19-2399. Similarly, Jio will be introducing the new 'ALL-IN-ONE' plans with unlimited voice and data, effective from December 6. "Jio will be introducing new ALL-IN-ONE plans with unlimited voice and data. These plans will have a fair usage policy for calls to other mobile networks. The new plans will be effective from December 6, 2019," the statement informed. "Although the NEW ALL-IN-ONE plans will be priced up to 40 per cent higher, staying true to its promise of being customer first, Jio customers will get up to 300 per cent more benefits," the statement added. The company said that while remaining committed to the ultimate interest of the consumer, "Jio will take all necessary steps to help sustain the Indian telecommunications industry." The statement stressed that Jio will continue to work with the government on the consultation process for the revision of telecom tariffs and looks forward to participation from all other stakeholders. The hike in tariffs comes after VIL, and Bharti Airtel posted record quarterly losses of ₹50,922 crore and ₹23,045 crore respectively due to a Supreme Court ruling on the adjusted gross revenue (AGR). Both Vodafone Idea and Bharti Airtel also have an outstanding debt of over ₹1 lakh crore each. The three telecommunication giants account for over 90 per cent market share of 1.18 billion mobile subscribers. (With inputs from agencies)

Vodafone Idea, Bharti Airtel, Reliance Jio hike prepaid prices by 40%

<a href="https://www.wionews.com/india-news/delhi-high-court-adjourns-hearing-on-plea-seeking-linkage-of-aadhaar-to-properties-263426">Delhi High Court</a> has placed a restriction on the sale of assets belonging to Anil Ambani-led Reliance Capital which is reeling under mounting debt. 
 
"The court has passed an order placing restrictions on any sale, disposal or creation of any encumbrance on any assets of the company, which inter-alia include the company's 4.28 per cent shareholding in Reliance Nippon Life Asset Management Ltd, till December 16," Reliance Capital informed stock exchanges in regulatory filings. 
 
The formal order of the <a href="https://www.wionews.com/india-news/inx-media-case-delhi-high-court-rejects-p-chidambarams-bail-plea-262420">high court</a> is awaited. "The company will take all appropriate steps in the matter as legally advised, including to file an appeal against the said order to protect the interests of its lenders and other stakeholders," it said late on Wednesday. 
 
In late September, Ambani said the company suffered great collateral damage over the last six months due to a combination of factors, including the crisis in financial services sector, irrational action by auditors and rating agencies, and now slowdown of the Indian economy. 
 
As a part of the transformation process, Reliance Capital will no more be in any of the lending businesses. 
 
The company had repaid over Rs 35,000 crore in debt over the past 15 months. It is close to repaying another Rs 15,000 crore by March 2020 despite zero funding from any bank, NBFC or financial institution, Reliance Capital says.

Delhi High Court has placed a restriction on the sale of assets belonging to Anil Ambani-led Reliance Capital which is reeling under mounting debt. "The court has passed an order placing restrictions on any sale, disposal or creation of any encumbrance on any assets of the company, which inter-alia include the company's 4.

Delhi High Court has placed a restriction on the sale of assets belonging to Anil Ambani-led Reliance Capital which is reeling under mounting debt. "The court has passed an order placing restrictions on any sale, disposal or creation of any encumbrance on any assets of the company, which inter-alia include the company's 4.28 per cent shareholding in Reliance Nippon Life Asset Management Ltd, till December 16," Reliance Capital informed stock exchanges in regulatory filings. The formal order of the high court is awaited. "The company will take all appropriate steps in the matter as legally advised, including to file an appeal against the said order to protect the interests of its lenders and other stakeholders," it said late on Wednesday. In late September, Ambani said the company suffered great collateral damage over the last six months due to a combination of factors, including the crisis in financial services sector, irrational action by auditors and rating agencies, and now slowdown of the Indian economy. As a part of the transformation process, Reliance Capital will no more be in any of the lending businesses. The company had repaid over Rs 35,000 crore in debt over the past 15 months. It is close to repaying another Rs 15,000 crore by March 2020 despite zero funding from any bank, NBFC or financial institution, Reliance Capital says.

Delhi High Courts halts asset sale of Reliance Capital

Bankrupt telecom operator Reliance Communications has posted a consolidated loss of Rs 30,142 crore for the second fiscal quarter (July to September) due to provisioning of liabilities after the recent Supreme Court ruling on statutory dues. 
 
It is the second-largest loss posted in corporate India, barely two days after Vodafone Idea reported Q2 FY20 loss of Rs 50,922 crore,&nbsp;the largest India Inc had seen for similar reasons. 
 
R-Com, which is going through the insolvency process, had made a profit of Rs 1,141 crore in the second quarter of the previous financial year (Q2 FY19). 
 
During Q2 FY20, the company set aside Rs 28,314 crore on account of provisioning following the Supreme Court's order on the calculation of annual adjusted gross revenue (AGR) of telecom companies. 
 
This includes Rs 23,327 crore for the licence fee and Rs 4,987 crore for spectrum usage charges, R-Com said in regulatory filings at stock exchanges late on Friday after market closing hours. 
 
Last month, the apex court upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual AGR, a share of which has to be paid as licence and spectrum fee to the exchequer. 
 
R-Com,&nbsp;once led by billionaire industrialist Anil Ambani,&nbsp;is now in the reigns of a debt resolution professional. Its revenue from operations dropped to Rs 302 crore in Q2 FY20 from Rs 977 crore in Q2 FY19. 
 
After the Supreme Court ruling, total liability on telecom operators is estimated to be about Rs 1.6 lakh crore. 
 
The Cellular Operators Association of India (COAI) says the apex court's judgment is the last straw in contributing to the financial distress of the sector which is already reeling under a daunting debt of Rs four lakh crore as operators are making negative returns on their investments.

Bankrupt telecom operator Reliance Communications has posted a consolidated loss of Rs 30,142 crore for the second fiscal quarter (July to September) due to provisioning of liabilities after the recent Supreme Court ruling on statutory dues.

Bankrupt telecom operator Reliance Communications has posted a consolidated loss of Rs 30,142 crore for the second fiscal quarter (July to September) due to provisioning of liabilities after the recent Supreme Court ruling on statutory dues. It is the second-largest loss posted in corporate India, barely two days after Vodafone Idea reported Q2 FY20 loss of Rs 50,922 crore, the largest India Inc had seen for similar reasons. R-Com, which is going through the insolvency process, had made a profit of Rs 1,141 crore in the second quarter of the previous financial year (Q2 FY19). During Q2 FY20, the company set aside Rs 28,314 crore on account of provisioning following the Supreme Court's order on the calculation of annual adjusted gross revenue (AGR) of telecom companies. This includes Rs 23,327 crore for the licence fee and Rs 4,987 crore for spectrum usage charges, R-Com said in regulatory filings at stock exchanges late on Friday after market closing hours. Last month, the apex court upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual AGR, a share of which has to be paid as licence and spectrum fee to the exchequer. R-Com, once led by billionaire industrialist Anil Ambani, is now in the reigns of a debt resolution professional. Its revenue from operations dropped to Rs 302 crore in Q2 FY20 from Rs 977 crore in Q2 FY19. After the Supreme Court ruling, total liability on telecom operators is estimated to be about Rs 1.6 lakh crore. The Cellular Operators Association of India (COAI) says the apex court's judgment is the last straw in contributing to the financial distress of the sector which is already reeling under a daunting debt of Rs four lakh crore as operators are making negative returns on their investments.

Reliance Communications posts loss of Rs 30,142 crores

India's Reliance Industries-controlled <a href="https://www.wionews.com/business-economy/reliance-mobile-operator-jio-to-focus-on-subscriber-numbers-not-tariffs-report-237503">Jio Infocomm</a> wrote to the telecoms minister on Thursday, opposing government intervention for rival carriers Bharti Airtel&nbsp;and Vodafone Idea&nbsp;facing overdue of $13 billion.

The Cellular Operators Association of India (COAI) had earlier written to Telecommunications Minister Ravi Shankar Prasad, warning of an "unprecedented crisis" if the government refuses to relax its demand for outstanding dues.

Jio, the telecoms unit of billionaire Mukesh Ambani-controlled Reliance, said in its letter that fears of a crisis in the industry and job losses were overblown.

Rival carriers can monetise their assets, investments or issue fresh equity to pay the dues, it added.

India's Reliance Industries-controlled Jio Infocomm wrote to the telecoms minister on Thursday, opposing government intervention for rival carriers Bharti Airtel and Vodafone Idea facing overdue of $13 billion.

India's Reliance Industries-controlled Jio Infocomm wrote to the telecoms minister on Thursday, opposing government intervention for rival carriers Bharti Airtel and Vodafone Idea facing overdue of $13 billion. The Cellular Operators Association of India (COAI) had earlier written to Telecommunications Minister Ravi Shankar Prasad, warning of an "unprecedented crisis" if the government refuses to relax its demand for outstanding dues. Jio, the telecoms unit of billionaire Mukesh Ambani-controlled Reliance, said in its letter that fears of a crisis in the industry and job losses were overblown. Rival carriers can monetise their assets, investments or issue fresh equity to pay the dues, it added.

Reliance's Jio opposes telecom lobby's plea for government help to rivals

India's telecoms sector and leading players Bharti Airtel and Vodafone Idea will face an "unprecedented crisis" if the government refuses to relax its demand for $13 billion in outstanding dues, a lobby group says.

Bharti and Vodafone Idea have been spooked by the Indian Supreme Court's decision last week to uphold a government demand that will force the companies to pay the bulk of 920 billion rupees ($13 billion) in overdue levies and interest.

The Cellular Operators Association of India (COAI) lobby group has joined the fray, seeking the intervention of India's telecoms minister in a letter dated October 29, arguing that such payments will lead to a crisis at the companies and cause distress for the sector as a whole.

"Investments could be curtailed, services could deteriorate, jobs could be lost and investor confidence will most definitely be shattered," COAI Director General Rajan S. Mathews said in the letter seen by Reuters.

"The impact of this crisis could exacerbate the stress in the industry and potentially be catastrophic for the nation."

The government's telecoms department did not respond to a request for comment.

A person with direct knowledge of the matter said Bharti and Vodafone both backed COAI's views in the letter. But Reliance Industries-owned rival Jio, a COAI member, said the lobby group's letter does not represent industry views.

Reliance "completely disagrees with the intent, tone, contents and connotations of the COAI letter", it said in a letter to COAI, which it released to the media.

Jio began operations in late 2016 and is least affected by the Supreme Court ruling because it has only $2 million in charges to clear.

The COAI leter also said that the $13 billion demand could also place in jeopardy the 600 billion rupees ($8.5 billion) of annual payments Bharti and Vodafone Idea make to the government and threaten their ability to service existing debt.

"Such an adverse outcome will trigger a chain of events which will result in disruption to the entire business chain," the letter said, with the COAI seeking a two-year moratorium on payments for airwave spectrum from 2020 to 2022.

India's crowded telecoms sector once had more than a dozen mobile operators but consolidation has resulted in only three private players - Bharti, Vodafone and Jio - and two other debt-ridden state companies.

A government source said on Monday that a panel of bureaucrats had been formed to suggest ways to alleviate financial pressures on the sector.

India's telecoms sector and leading players Bharti Airtel and Vodafone Idea will face an "unprecedented crisis" if the government refuses to relax its demand for $13 billion in outstanding dues, a lobby group says.

India's telecoms sector and leading players Bharti Airtel and Vodafone Idea will face an "unprecedented crisis" if the government refuses to relax its demand for $13 billion in outstanding dues, a lobby group says. Bharti and Vodafone Idea have been spooked by the Indian Supreme Court's decision last week to uphold a government demand that will force the companies to pay the bulk of 920 billion rupees ($13 billion) in overdue levies and interest. The Cellular Operators Association of India (COAI) lobby group has joined the fray, seeking the intervention of India's telecoms minister in a letter dated October 29, arguing that such payments will lead to a crisis at the companies and cause distress for the sector as a whole. "Investments could be curtailed, services could deteriorate, jobs could be lost and investor confidence will most definitely be shattered," COAI Director General Rajan S. Mathews said in the letter seen by Reuters. "The impact of this crisis could exacerbate the stress in the industry and potentially be catastrophic for the nation." The government's telecoms department did not respond to a request for comment. A person with direct knowledge of the matter said Bharti and Vodafone both backed COAI's views in the letter. But Reliance Industries-owned rival Jio, a COAI member, said the lobby group's letter does not represent industry views. Reliance "completely disagrees with the intent, tone, contents and connotations of the COAI letter", it said in a letter to COAI, which it released to the media. Jio began operations in late 2016 and is least affected by the Supreme Court ruling because it has only $2 million in charges to clear. The COAI leter also said that the $13 billion demand could also place in jeopardy the 600 billion rupees ($8.5 billion) of annual payments Bharti and Vodafone Idea make to the government and threaten their ability to service existing debt. "Such an adverse outcome will trigger a chain of events which will result in disruption to the entire business chain," the letter said, with the COAI seeking a two-year moratorium on payments for airwave spectrum from 2020 to 2022. India's crowded telecoms sector once had more than a dozen mobile operators but consolidation has resulted in only three private players - Bharti, Vodafone and Jio - and two other debt-ridden state companies. A government source said on Monday that a panel of bureaucrats had been formed to suggest ways to alleviate financial pressures on the sector.

Indian lobby group warns of telecoms catastrophe, Reliance disagrees

Reliance Industries Ltd (RIL) board of directors has approved the formation of wholly-owned digital services subsidiary with a capital infusion of Rs 1.08 lakh crore.

The new company will become the conglomerate`s umbrella platform for all digital businesses including Jio.

The Rs 1.08 lakh crore investment will be in the form of a rights issue of optionally convertible preference shares (OCPS).

The wholly-owned subsidiary will also acquire RIL`s equity investment of Rs 65,000 crore in Jio so far, making it virtually net debt-free by March 31, 2020, with the exception of spectrum-related liabilities.

"This new company will be a truly transformational and disruptive digital services platform," said RIL Chairman and Managing Director Mukesh Ambani.

"It will bring together India`s number one connectivity platform, leading digital app ecosystem and the world`s best tech capabilities globally to create a truly digital society for each Indian."

Jio has been heralding the digital services revolution in India and will continue to do so in the years to come, said Ambani in a statement released late on Friday hinting at making way for the entry of a strategic investor.

"Given the reach and scale of our digital ecosystem, we have received strong interest from potential strategic partners. We will induct the right partners in our platform company, creating and unlocking meaningful value for RIL shareholders," he said.

Ambani said the group continues to focus on cutting-edge, technology-enabled digital platforms that enable and accelerate digital society with frictionless and seamless universal access and adoption with a focus on healthcare, education, agriculture, commerce, government-to-citizen services, gaming, manufacturing and many others.

These platforms are also backed by investment in emerging and next-generation technologies like blockchain, artificial intelligence and machine learning, virtual, augmented and mixed reality, computer vision, high performance and edge computing, natural language processing and voice-enabled services.

RIL is India`s largest private sector company with a consolidated turnover of Rs 6.23 lakh crore, cash profit of Rs 64,478 crore and a net profit of Rs 39,588 crore for the year ended March 31.

Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

Jio is a 4G-based telecom operator having than 35.5 crore subscribers. It is future-ready and can be easily upgraded to support even more data as technologies advance on to 5G, 6G and beyond.&nbsp;

Reliance Industries Ltd (RIL) board of directors has approved the formation of wholly-owned digital services subsidiary with a capital infusion of Rs 1.08 lakh crore.

Reliance Industries Ltd (RIL) board of directors has approved the formation of wholly-owned digital services subsidiary with a capital infusion of Rs 1.08 lakh crore. The new company will become the conglomerate`s umbrella platform for all digital businesses including Jio. The Rs 1.08 lakh crore investment will be in the form of a rights issue of optionally convertible preference shares (OCPS). The wholly-owned subsidiary will also acquire RIL`s equity investment of Rs 65,000 crore in Jio so far, making it virtually net debt-free by March 31, 2020, with the exception of spectrum-related liabilities. "This new company will be a truly transformational and disruptive digital services platform," said RIL Chairman and Managing Director Mukesh Ambani. "It will bring together India`s number one connectivity platform, leading digital app ecosystem and the world`s best tech capabilities globally to create a truly digital society for each Indian." Jio has been heralding the digital services revolution in India and will continue to do so in the years to come, said Ambani in a statement released late on Friday hinting at making way for the entry of a strategic investor. "Given the reach and scale of our digital ecosystem, we have received strong interest from potential strategic partners. We will induct the right partners in our platform company, creating and unlocking meaningful value for RIL shareholders," he said. Ambani said the group continues to focus on cutting-edge, technology-enabled digital platforms that enable and accelerate digital society with frictionless and seamless universal access and adoption with a focus on healthcare, education, agriculture, commerce, government-to-citizen services, gaming, manufacturing and many others. These platforms are also backed by investment in emerging and next-generation technologies like blockchain, artificial intelligence and machine learning, virtual, augmented and mixed reality, computer vision, high performance and edge computing, natural language processing and voice-enabled services. RIL is India`s largest private sector company with a consolidated turnover of Rs 6.23 lakh crore, cash profit of Rs 64,478 crore and a net profit of Rs 39,588 crore for the year ended March 31. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. Jio is a 4G-based telecom operator having than 35.5 crore subscribers. It is future-ready and can be easily upgraded to support even more data as technologies advance on to 5G, 6G and beyond.

Reliance to invest Rs 1.08 lakh crore in new digital services subsidiary

Bangladesh has signed an agreement to buy 718 megawatts of electricity from India's Reliance Power over the next 22 years, the company said on Sunday.

Reliance plans to invest about $1 billion to set up a local plant by 2022 to provide the electricity. The plant will be built at Meghnaghat in Narayanganj, over 20 km&nbsp;southeast of the capital Dhaka, according to a project report seen by Reuters at an event held to close the deal.

The combined-cycle power plant will be fueled by gas and regasification liquefied natural gas and be fully owned by Reliance.

Bangladesh agreed on a deal with China last week to build renewable energy projects providing 500 megawatts by 2023 at an investment cost of $400 million, in the latest sign of Beijing's growing role in the South Asian nation's energy sector.

Bangladesh's installed power capacity is more than 20,000 MW and the country aims to provide electricity to all of its more than 160 million people by 2020.

The country's energy sector has grown 12.5% in recent years, with renewable making up only 3% of the total, government officials said. Bangladesh plans to boost this to 10% by 2022.

Riva Ganguly Das, India's high commissioner in Bangladesh, said the country's economy had grown rapidly over the last five years especially in the power and energy sectors.

"We are committed to help Bangladesh in the journey of becoming a middle-income country by 2021 and we are exploring all paths to develop the strategy of joint cooperation," Das said at the event.

Bangladesh has signed an agreement to buy 718 megawatts of electricity from India's Reliance Power over the next 22 years, the company said on Sunday. Reliance plans to invest about $1 billion to set up a local plant by 2022 to provide the electricity.

Bangladesh has signed an agreement to buy 718 megawatts of electricity from India's Reliance Power over the next 22 years, the company said on Sunday. Reliance plans to invest about $1 billion to set up a local plant by 2022 to provide the electricity. The plant will be built at Meghnaghat in Narayanganj, over 20 km southeast of the capital Dhaka, according to a project report seen by Reuters at an event held to close the deal. The combined-cycle power plant will be fueled by gas and regasification liquefied natural gas and be fully owned by Reliance. Bangladesh agreed on a deal with China last week to build renewable energy projects providing 500 megawatts by 2023 at an investment cost of $400 million, in the latest sign of Beijing's growing role in the South Asian nation's energy sector. Bangladesh's installed power capacity is more than 20,000 MW and the country aims to provide electricity to all of its more than 160 million people by 2020. The country's energy sector has grown 12.5% in recent years, with renewable making up only 3% of the total, government officials said. Bangladesh plans to boost this to 10% by 2022. Riva Ganguly Das, India's high commissioner in Bangladesh, said the country's economy had grown rapidly over the last five years especially in the power and energy sectors. "We are committed to help Bangladesh in the journey of becoming a middle-income country by 2021 and we are exploring all paths to develop the strategy of joint cooperation," Das said at the event.

Bangladesh signs deal with Reliance Power to buy electricity

India's Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday.

"(This is) the biggest foreign investment in the history of Reliance," Ambani said at the company's annual general meeting in India's financial capital Mumbai.

"It is also amongst the largest foreign investments ever in India."

The deal valued the business at $75 billion including debt, he said.

Saudi Aramco, the world's biggest oil producer, has been in talks with Reliance on the stake sale as it plans to secure new markets for its crude.

Saudi Aramco will also supply 500,000 barrels a day of crude oil on a long-term basis to RIL's Jamnagar refinery, Ambani said.

"This signifies perfect synergy between the world's largest oil producer and the world's largest integrated refinery and petrochemicals complex," he added.

The partnership will cover all of Reliance's refining and petrochemical assets, including its 51% stake in the petroleum retail joint venture, he said.

Last week, Reliance announced that it was forming a fuel retailing joint venture with global oil major BP in which Reliance would own a 51% stake.

India's Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday.

India's Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday. "(This is) the biggest foreign investment in the history of Reliance," Ambani said at the company's annual general meeting in India's financial capital Mumbai. "It is also amongst the largest foreign investments ever in India." The deal valued the business at $75 billion including debt, he said. Saudi Aramco, the world's biggest oil producer, has been in talks with Reliance on the stake sale as it plans to secure new markets for its crude. Saudi Aramco will also supply 500,000 barrels a day of crude oil on a long-term basis to RIL's Jamnagar refinery, Ambani said. "This signifies perfect synergy between the world's largest oil producer and the world's largest integrated refinery and petrochemicals complex," he added. The partnership will cover all of Reliance's refining and petrochemical assets, including its 51% stake in the petroleum retail joint venture, he said. Last week, Reliance announced that it was forming a fuel retailing joint venture with global oil major BP in which Reliance would own a 51% stake.

Reliance to sell 20% stake in oil to chemicals business to Saudi Aramco

&nbsp;India's&nbsp;Reliance&nbsp;Industries Ltd is set to&nbsp;sell&nbsp;a&nbsp;20%&nbsp;stake&nbsp;in its&nbsp;oil&nbsp;to&nbsp;chemicals&nbsp;business&nbsp;to&nbsp;Saudi&nbsp;Aramco&nbsp;in one of the largest foreign investments in the country, Reliance&nbsp;Chairman Mukesh Ambani said on Monday.

"(This is) the biggest foreign investment in the history of&nbsp;Reliance," Ambani said at the company's annual general meeting in India's financial capital Mumbai.

"It is also amongst the largest foreign investments ever in India."

The deal valued the&nbsp;business&nbsp;at $75 billion including debt, he said.

Saudi&nbsp;Aramco, the world's biggest&nbsp;oil&nbsp;producer, has been in talks with&nbsp;Reliance&nbsp;on the&nbsp;stake&nbsp;sale as it plans to secure new markets for its crude.

Saudi&nbsp;Aramco&nbsp;will also supply 500,000 barrels a day of crude&nbsp;oil&nbsp;on a long-term basis to RIL's Jamnagar refinery, Ambani said.

"This signifies perfect synergy between the world's largest&nbsp;oil&nbsp;producer and the world's largest integrated refinery and petrochemicals&nbsp;complex," he added.

The partnership will cover all of&nbsp;Reliance's refining and petrochemical assets, including its 51%&nbsp;stake&nbsp;in the petroleum retail joint venture, he said.

Last week,&nbsp;Reliance&nbsp;announced that it was forming a fuel retailing joint venture with global&nbsp;oil&nbsp;major BP in which&nbsp;Reliance&nbsp;would own a 51%&nbsp;stake.

Reliance to sell 20% stake in oil-to-chemicals business to Saudi Aramco

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&nbsp;Amazon&nbsp;and Flipkart, and giving companies such as Reliance an edge.

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.

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.

"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.

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&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.

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.

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.

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 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

Amazon.com Inc is in exploratory talks with Reliance Industries Ltd owned Reliance Retail for buying up to 26 per cent stake in India`s biggest brick-and-mortar retailer, the Economic Times (ET) reported on Thursday.

Talks began after <a href="https://www.wionews.com/business-economy/sensex-nifty-reverse-course-to-close-lower-reliance-industries-banks-drag-239500">Reliance's</a> negotiations with China`s Alibaba Group to sell a stake in the retail entity fell through due to differences overvaluation, the financial daily reported citing two senior industry executives.

However, there is no certainty the initial discussions will lead to a deal, according to the report.

Amazon has been engaged in a pitched battle for Indian market share against <a href="https://www.wionews.com/business-economy/walmart-told-us-government-indias-e-commerce-rules-regressive-warned-of-trade-impact-235131">Walmart</a> Inc's Flipkart, with both companies announcing various plans to attract more customers in what is viewed as one of their most important growth markets.

Reuters reported on Monday that the Seattle based eCommerce giant was planning a foray into the burgeoning online food delivery business in India this year.

Both Amazon and Reliance did not immediately respond to Reuters` requests for comments.

Amazon.com Inc is in exploratory talks with Reliance Industries Ltd owned Reliance Retail for buying up to 26 per cent stake in India`s biggest brick-and-mortar retailer, the Economic Times (ET) reported on Thursday.

Amazon.com Inc is in exploratory talks with Reliance Industries Ltd owned Reliance Retail for buying up to 26 per cent stake in India`s biggest brick-and-mortar retailer, the Economic Times (ET) reported on Thursday. Talks began after Reliance's negotiations with China`s Alibaba Group to sell a stake in the retail entity fell through due to differences overvaluation, the financial daily reported citing two senior industry executives. However, there is no certainty the initial discussions will lead to a deal, according to the report. Amazon has been engaged in a pitched battle for Indian market share against Walmart Inc's Flipkart, with both companies announcing various plans to attract more customers in what is viewed as one of their most important growth markets. Reuters reported on Monday that the Seattle based eCommerce giant was planning a foray into the burgeoning online food delivery business in India this year. Both Amazon and Reliance did not immediately respond to Reuters` requests for comments.

Amazon in talks to buy stake in Reliance Retail: Reports

Indian shares reversed course to end lower on Tuesday, dragged by heavyweight Reliance Industries Ltd and banking stocks, as weak earnings continued to dampen investor sentiment.

The broader NSE Nifty ended 0.93% down at 11,085.40, its lowest close since March 8, while the benchmark BSE Sensex closed 0.77% lower at 37,397.24.

The volatility index had jumped 4.21% at the day's close.

Reliance Industries, one of India's most valuable companies, dragged markets the most as the stock was 2.4% down at closing bell.&nbsp;

The Nifty Auto index, which was higher initially, ended at 2.14% lower, its lowest level in over five years. Reuters reported on Monday the country's largest lender State Bank of India proposed to tighten lending terms to auto dealers.

SBI's shares were also 4.7% lower at the time of close, which along with most other bank stocks dragged the Nifty Bank index that ended 1.72% lower.

Cafe chain operator <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/cafe-coffee-day-founder-vg-siddhartha-gone-missing-near-netravati-river-in-mangaluru-239351&amp;sa=U&amp;ved=2ahUKEwiKlpP00dzjAhXq73MBHYzNCpMQFjACegQIARAC&amp;usg=AOvVaw1pO-vcCQkeCFUXznODU8qD">Coffee Day Enterprises</a> ended 20% down after its founder went missing, while reports alleged he wrote a letter saying he was under pressure from lenders.

Among gainers, Tata Consultancy Services' shares were up 2.2%, while Bharti Airtel ended about 4% higher.

Indian shares reversed course to end lower on Tuesday, dragged by heavyweight Reliance Industries Ltd and banking stocks, as weak earnings continued to dampen investor sentiment.

Indian shares reversed course to end lower on Tuesday, dragged by heavyweight Reliance Industries Ltd and banking stocks, as weak earnings continued to dampen investor sentiment. The broader NSE Nifty ended 0.93% down at 11,085.40, its lowest close since March 8, while the benchmark BSE Sensex closed 0.77% lower at 37,397.24. The volatility index had jumped 4.21% at the day's close. Reliance Industries, one of India's most valuable companies, dragged markets the most as the stock was 2.4% down at closing bell. The Nifty Auto index, which was higher initially, ended at 2.14% lower, its lowest level in over five years. Reuters reported on Monday the country's largest lender State Bank of India proposed to tighten lending terms to auto dealers. SBI's shares were also 4.7% lower at the time of close, which along with most other bank stocks dragged the Nifty Bank index that ended 1.72% lower. Cafe chain operator Coffee Day Enterprises ended 20% down after its founder went missing, while reports alleged he wrote a letter saying he was under pressure from lenders. Among gainers, Tata Consultancy Services' shares were up 2.2%, while Bharti Airtel ended about 4% higher.

Sensex, Nifty reverse course to close lower; Reliance Industries, banks drag

Reliance Industries plans to remain focused on subscriber additions rather than chase higher tariffs for its Jio telecoms business, a top company executive said.&nbsp;

Its strategy is aimed at prolonging the pressure on rivals such as Bharti Airtel and Vodafone Idea, whose revenue and profits have plunged since the launch of Jio by Reliance boss Mukesh Ambani, country's richest man.&nbsp;

"We have been telling you from the beginning, the priority for us today is customers," Jio's head of strategy, Anshuman Thakur, said in a news briefing late on Friday after quarterly results.&nbsp;

Since its launch in September 2016 Jio has added 331.3 million subscribers by offering cut-price data plans and free voice calls, along with free music, movies and more.

Its arrival has caused upheaval in India's mobile telephony market, forcing some small players out of business while bigger Vodafone and Idea have responded by merging in India.&nbsp;

Competition from Jio has sent the average revenue per user (ARPU) tumbling. Jio's results for the three months to June 30 showed its ARPU - a key metric for telecoms companies - was at 122 rupees ($1.77), down 9.3% from a year ago.

"We are not in this ARPU game," Thakur said, adding that the management`s priority is to ensure that more subscribers latch on to its network and use its services, thereby creating greater "long-term value."

Jio recently topped Bharti Airtel to become India's second-biggest telecoms operator behind Vodafone Idea.

Analysts had predicted that Jio would start raising its tariffs as soon as it reached a critical mass of subscribers.&nbsp;

Thakur, however, suggested that Jio is in no mood to relent, noting that it added 24.5 million subscribers in the quarter and that its subscribers consume an average of 11.4 gigabytes of data each month.&nbsp;

"We're quite happy with these key performance indicators," he said.

Reliance also announced on Friday that Jio has sold its tower assets via an investment trust to Canada's Brookfield Asset Management for 250 billion rupees.&nbsp; 
&nbsp;

Reliance Industries plans to remain focused on subscriber additions rather than chase higher tariffs for its Jio telecoms business, a top company executive said.

Reliance Industries plans to remain focused on subscriber additions rather than chase higher tariffs for its Jio telecoms business, a top company executive said. Its strategy is aimed at prolonging the pressure on rivals such as Bharti Airtel and Vodafone Idea, whose revenue and profits have plunged since the launch of Jio by Reliance boss Mukesh Ambani, country's richest man. "We have been telling you from the beginning, the priority for us today is customers," Jio's head of strategy, Anshuman Thakur, said in a news briefing late on Friday after quarterly results. Since its launch in September 2016 Jio has added 331.3 million subscribers by offering cut-price data plans and free voice calls, along with free music, movies and more. Its arrival has caused upheaval in India's mobile telephony market, forcing some small players out of business while bigger Vodafone and Idea have responded by merging in India. Competition from Jio has sent the average revenue per user (ARPU) tumbling. Jio's results for the three months to June 30 showed its ARPU - a key metric for telecoms companies - was at 122 rupees ($1.77), down 9.3% from a year ago. "We are not in this ARPU game," Thakur said, adding that the management`s priority is to ensure that more subscribers latch on to its network and use its services, thereby creating greater "long-term value." Jio recently topped Bharti Airtel to become India's second-biggest telecoms operator behind Vodafone Idea. Analysts had predicted that Jio would start raising its tariffs as soon as it reached a critical mass of subscribers. Thakur, however, suggested that Jio is in no mood to relent, noting that it added 24.5 million subscribers in the quarter and that its subscribers consume an average of 11.4 gigabytes of data each month. "We're quite happy with these key performance indicators," he said. Reliance also announced on Friday that Jio has sold its tower assets via an investment trust to Canada's Brookfield Asset Management for 250 billion rupees.

Reliance mobile operator Jio to focus on subscriber numbers not tariffs: Report

Reliance Industries Ltd's telecom unit Jio pipped rival Bharti Airtel to become India's second-largest operator by subscribers as of May, government data showed.

Jio, controlled by Asia's richest man Mukesh Ambani, has disrupted the telecom industry in the country since it was launched in 2016, offering cheap bundles and prompting shutdowns.

As of the end of May, the operator had added 8.2 million users since April to end the month with 323 million wireless customers, data from the Telecom Regulatory Authority of India showed. The data was published on Friday.&nbsp;

Both Vodafone Idea, which was the top operator with 387.6 million customers, and Bharti Airtel lost users over the month.

Reliance Industries is expected to post quarterly results later in the day. The company has been betting big on the unit as it diversifies from its core oil and gas operations. 
&nbsp;

Reliance Industries Ltd's telecom unit Jio pipped rival Bharti Airtel to become India's second-largest operator by subscribers as of May, government data showed.

Reliance Industries Ltd's telecom unit Jio pipped rival Bharti Airtel to become India's second-largest operator by subscribers as of May, government data showed. Jio, controlled by Asia's richest man Mukesh Ambani, has disrupted the telecom industry in the country since it was launched in 2016, offering cheap bundles and prompting shutdowns. As of the end of May, the operator had added 8.2 million users since April to end the month with 323 million wireless customers, data from the Telecom Regulatory Authority of India showed. The data was published on Friday. Both Vodafone Idea, which was the top operator with 387.6 million customers, and Bharti Airtel lost users over the month. Reliance Industries is expected to post quarterly results later in the day. The company has been betting big on the unit as it diversifies from its core oil and gas operations.

Reliance Jio overtakes Bharti Airtel to become Number 2 operator

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 <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>.

"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 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

Reliance group chairman Anil Ambani on Tuesday said the group has repaid over Rs 35,000 crore of <a href="https://www.wionews.com/india-news/in-heartfelt-message-anil-ambani-thanks-brother-mukesh-for-timely-support-during-trying-times-204209">debt during the past 14 months</a> and exuded confidence that it would meet all future debt obligations through the ongoing asset monetisation plan.

In a conference call with media, he said the Rs 35,000 crore debt repayment includes debt servicing by Reliance Capital, Reliance Power and Reliance Infra and their respective affiliates.

"The Reliance group has made aggregate debt servicing payments of over Rs 35,000 crore in the 14 months period from April 2018 till May 2019," Ambani said.

These comprise principal repayment of Rs 25,000 crore and interest payment of nearly Rs 11,000 crore he said without offering details.

He claimed that this payment has been funded almost entirely from the proceeds from asset monetisation and that the group is fully committed to meet all its future debt servicing obligation in a timely manner as more asset sales are on.&nbsp;

Reliance group chairman Anil Ambani on Tuesday said the group has repaid over Rs 35,000 crore of debt during the past 14 months and exuded confidence that it would meet all future debt obligations through the ongoing asset monetisation plan.

Reliance group chairman Anil Ambani on Tuesday said the group has repaid over Rs 35,000 crore of debt during the past 14 months and exuded confidence that it would meet all future debt obligations through the ongoing asset monetisation plan. In a conference call with media, he said the Rs 35,000 crore debt repayment includes debt servicing by Reliance Capital, Reliance Power and Reliance Infra and their respective affiliates. "The Reliance group has made aggregate debt servicing payments of over Rs 35,000 crore in the 14 months period from April 2018 till May 2019," Ambani said. These comprise principal repayment of Rs 25,000 crore and interest payment of nearly Rs 11,000 crore he said without offering details. He claimed that this payment has been funded almost entirely from the proceeds from asset monetisation and that the group is fully committed to meet all its future debt servicing obligation in a timely manner as more asset sales are on.

Reliance has paid debt servicing payments of over Rs 35,000 crore: Anil Ambani

Cash-strapped Reliance Capital Saturday said it expects to raise Rs 10,000 crore by selling assets and cut down its debt by about 50 per cent in the current fiscal.

The company has been working diligently to ensure timely debt repayments and is regular in all its debt payments, Reliance Capital said in a statement.

The company's asset monetisation plan is on track, it said, adding, it is in the process of monetising its entire 42.88 per cent stake in Reliance Nippon Life Asset Management Limited, which at current market price is valued at over Rs 5,000 crore.

It has also announced its plans to monetise 49 per cent stake in Reliance General Insurance Company and the DRHP has recently been filed with the Securities and Exchange Board of India (Sebi).

The company is at an advanced stage of monetisation of several of its non-core investments, the statement said.

"Based on the above, the company expects to realise minimum proceeds of over Rs 10,000 crore, and sharply cut its overall debt by more than 50 per cent within the current financial year," it added.

The Anil Ambani-group company also expressed disagreement with rating agency Care, which downgraded its ratings for long-term debt programme, market-linked debentures and subordinated debt.

"There has not been any adverse change in the company's operational parameters and/or any other circumstances from the time of the last rating action, just 4 weeks ago and hence latest revision is completely unjustified," it said.&nbsp;

Cash-strapped Reliance Capital Saturday said it expects to raise Rs 10,000 crore by selling assets and cut down its debt by about 50 per cent in the current fiscal.

Cash-strapped Reliance Capital Saturday said it expects to raise Rs 10,000 crore by selling assets and cut down its debt by about 50 per cent in the current fiscal. The company has been working diligently to ensure timely debt repayments and is regular in all its debt payments, Reliance Capital said in a statement. The company's asset monetisation plan is on track, it said, adding, it is in the process of monetising its entire 42.88 per cent stake in Reliance Nippon Life Asset Management Limited, which at current market price is valued at over Rs 5,000 crore. It has also announced its plans to monetise 49 per cent stake in Reliance General Insurance Company and the DRHP has recently been filed with the Securities and Exchange Board of India (Sebi). The company is at an advanced stage of monetisation of several of its non-core investments, the statement said. "Based on the above, the company expects to realise minimum proceeds of over Rs 10,000 crore, and sharply cut its overall debt by more than 50 per cent within the current financial year," it added. The Anil Ambani-group company also expressed disagreement with rating agency Care, which downgraded its ratings for long-term debt programme, market-linked debentures and subordinated debt. "There has not been any adverse change in the company's operational parameters and/or any other circumstances from the time of the last rating action, just 4 weeks ago and hence latest revision is completely unjustified," it said.

Reliance Capital to raise Rs 10,000 crore in current fiscal by selling assets

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.

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

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:<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>

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,&nbsp;"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 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

India's biggest private oil refiner Reliance Industries has capped crude imports from sanction-hit Venezuela, the company said Thursday, following pressure from the United States.

The energy-to-telecoms conglomerate has also stopped exporting diluents to the crisis-hit South American country, it told AFP.

The announcements come after US Secretary of State Mike <a href="https://www.wionews.com/business-economy/us-urges-india-to-stop-buying-oil-from-venezuelas-nicolas-maduro-government-top-envoy-202463">Pompeo asked India to halt all crude imports from Nicolas Maduro's regime</a>, which the United States does not recognise.

"Our US subsidiary has completely stopped all business with Venezuela's state-owned oil company, PdVSA, and its global parent has not increased crude purchases," Reliance said in an emailed statement.

"Reliance has halted all supply of diluent to PdVSA and will not resume such sales until sanctions are lifted," added the company, which is owned by India's richest man Mukesh Ambani.

Venezuela — a once-rich oil-producing nation — is in the grip of an economic and political crisis and analysts said ending diluent exports would hamper Venezuela's output.

"Venezuelan oil is thick and needs these raw materials for processing crude," Petrovitch editor Madhu Nainan told AFP.

Venezuela is reeling from an unprecedented, week-long nationwide blackout and inflation is projected to reach 10 million percent this year, according to the IMF.

The country's infrastructure has degraded over years because of a lack of investment, a significant brain drain, and the government's practice of putting the military in charge of key civilian facilities and companies.

The situation has worsened with successive rounds of US sanctions against Maduro's government, including steps that have severely curbed its oil exports.

India became the top importer of crude from Venezuela in February after US President Donald Trump issued a de facto ban on imports.

The US and European Union recognise opposition leader Juan Guaido as Venezuela's interim president.

On Tuesday, Pompeo asked India to stop buying crude from Venezuela, so as not to provide an "economic lifeline" to Maduro's regime.

The following day, New Delhi warned oil companies that they faced "undisclosed consequences" if they continued to buy Venezuelan oil.

"We will continue a constructive dialogue with the US government to ensure Reliance remains in compliance," the conglomerate, which operates the world's biggest refining complex, added in its statement.

India's biggest private oil refiner Reliance Industries has capped crude imports from sanction-hit Venezuela, the company said Thursday, following pressure from the United States.

India's biggest private oil refiner Reliance Industries has capped crude imports from sanction-hit Venezuela, the company said Thursday, following pressure from the United States. The energy-to-telecoms conglomerate has also stopped exporting diluents to the crisis-hit South American country, it told AFP. The announcements come after US Secretary of State Mike Pompeo asked India to halt all crude imports from Nicolas Maduro's regime, which the United States does not recognise. "Our US subsidiary has completely stopped all business with Venezuela's state-owned oil company, PdVSA, and its global parent has not increased crude purchases," Reliance said in an emailed statement. "Reliance has halted all supply of diluent to PdVSA and will not resume such sales until sanctions are lifted," added the company, which is owned by India's richest man Mukesh Ambani. Venezuela — a once-rich oil-producing nation — is in the grip of an economic and political crisis and analysts said ending diluent exports would hamper Venezuela's output. "Venezuelan oil is thick and needs these raw materials for processing crude," Petrovitch editor Madhu Nainan told AFP. Venezuela is reeling from an unprecedented, week-long nationwide blackout and inflation is projected to reach 10 million percent this year, according to the IMF. The country's infrastructure has degraded over years because of a lack of investment, a significant brain drain, and the government's practice of putting the military in charge of key civilian facilities and companies. The situation has worsened with successive rounds of US sanctions against Maduro's government, including steps that have severely curbed its oil exports. India became the top importer of crude from Venezuela in February after US President Donald Trump issued a de facto ban on imports. The US and European Union recognise opposition leader Juan Guaido as Venezuela's interim president. On Tuesday, Pompeo asked India to stop buying crude from Venezuela, so as not to provide an "economic lifeline" to Maduro's regime. The following day, New Delhi warned oil companies that they faced "undisclosed consequences" if they continued to buy Venezuelan oil. "We will continue a constructive dialogue with the US government to ensure Reliance remains in compliance," the conglomerate, which operates the world's biggest refining complex, added in its statement.

After Pompeo urging, Reliance caps oil purchases from Venezuela

The Supreme Court adjourned for Wednesday&nbsp;the hearing on a contempt notice issued to <a href="http://www.wionews.com/business-economy/rcom-to-go-for-insolvency-resolution-process-after-failure-to-repay-debt-194466">Reliance Communication Ltd (RCom)</a> Chairman Anil Dhirubhai Ambani and others on a plea filed by Ericsson India for allegedly not clearing its dues of Rs 550 crore.

<a href="http://www.wionews.com/india-news/supreme-court-issues-notice-to-anil-ambanis-rcom-over-contempt-petition-by-ericsson-188738">Ambani</a>, Reliance Telecom Ltd Chairman Satish Seth and Reliance Infratel Ltd Chairperson Chhaya Virani appeared before a bench of Justices R F Nariman and Vineet Saran in pursuance to the contempt notice issued against them.&nbsp;

The bench said it will continue hearing the contempt plea on Wedbesday due to paucity of time and assembling of a special bench in the post-lunch session.

During the brief hearing, senior advocate Dushyant Dave, appearing for Ericsson India, said there was gross violation of apex court's two earlier orders and they (RCom) have not paid any outstanding dues.

The bench asked the three alleged contemnors to remain present in court tomorrow.

The Supreme Court adjourned for Wednesday the hearing on a contempt notice issued to Reliance Communication Ltd (RCom) Chairman Anil Dhirubhai Ambani and others on a plea filed by Ericsson India for allegedly not clearing its dues of Rs 550 crore.

The Supreme Court adjourned for Wednesday the hearing on a contempt notice issued to Reliance Communication Ltd (RCom) Chairman Anil Dhirubhai Ambani and others on a plea filed by Ericsson India for allegedly not clearing its dues of Rs 550 crore. Ambani, Reliance Telecom Ltd Chairman Satish Seth and Reliance Infratel Ltd Chairperson Chhaya Virani appeared before a bench of Justices R F Nariman and Vineet Saran in pursuance to the contempt notice issued against them. The bench said it will continue hearing the contempt plea on Wedbesday due to paucity of time and assembling of a special bench in the post-lunch session. During the brief hearing, senior advocate Dushyant Dave, appearing for Ericsson India, said there was gross violation of apex court's two earlier orders and they (RCom) have not paid any outstanding dues. The bench asked the three alleged contemnors to remain present in court tomorrow.

Supreme Court adjourns till Wednsesday hearing of contempt notice to Anil Ambani

Reliance Communications has decided to opt for insolvency proceedings following its failure to sell assets for paying back its lenders, the <a href="http://www.wionews.com/india-news/supreme-court-issues-notice-to-anil-ambanis-rcom-over-contempt-petition-by-ericsson-188738">Anil Ambani-led telecom firm</a> said Friday.&nbsp;

RCom even failed to sell spectrum to Mukesh Ambani's Reliance Jio, a deal that was expected to bring some relief to the cash-strapped company.&nbsp;

"RCom board of directors decides upon implementation of debt resolution plans through NCLT framework," the company said in a statement.

Swedish telecom gear maker Ericsson had filed the first petition before National Company Law Tribunal to invoke insolvency proceedings against RCom. The NCLT on the request of RCom had granted it time to clear dues to avoid insolvency proceedings.

It is estimated that RCom has been reeling under debt of over Rs 46,000 crore.

The board of directors of RCom Friday reviewed the progress of the company's debt resolution plans since the invocation of strategic debt resolution on June 2, 2017.&nbsp;

The Board noted that despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans, and the overall debt resolution process is yet to make any headway, the statement said.&nbsp;

"Accordingly, the Board decided that the Company will seek fast track resolution through NCLT, Mumbai. The Board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time bound manner within the prescribed 270 days," the statement said.

The company had chalked out plans to sell assets for about Rs 25,000 crore and use it for clearing debt of around 40 lenders.&nbsp;

RCom was expecting to realise Rs 975 crore from sale of spectrum to Jio which it promised to use paying dues of Rs 550 crore to Ericsson and Rs 230 crore to settle dues of minority stakeholder Reliance Infratel.

Reliance Jio, however, declined to take over any past liability of RCom for which the Department of Telecom may raise demand in future.

Reliance Communications has decided to opt for insolvency proceedings following its failure to sell assets for paying back its lenders, the Anil Ambani-led telecom firm said Friday.

Reliance Communications has decided to opt for insolvency proceedings following its failure to sell assets for paying back its lenders, the Anil Ambani-led telecom firm said Friday. RCom even failed to sell spectrum to Mukesh Ambani's Reliance Jio, a deal that was expected to bring some relief to the cash-strapped company. "RCom board of directors decides upon implementation of debt resolution plans through NCLT framework," the company said in a statement. Swedish telecom gear maker Ericsson had filed the first petition before National Company Law Tribunal to invoke insolvency proceedings against RCom. The NCLT on the request of RCom had granted it time to clear dues to avoid insolvency proceedings. It is estimated that RCom has been reeling under debt of over Rs 46,000 crore. The board of directors of RCom Friday reviewed the progress of the company's debt resolution plans since the invocation of strategic debt resolution on June 2, 2017. The Board noted that despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans, and the overall debt resolution process is yet to make any headway, the statement said. "Accordingly, the Board decided that the Company will seek fast track resolution through NCLT, Mumbai. The Board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time bound manner within the prescribed 270 days," the statement said. The company had chalked out plans to sell assets for about Rs 25,000 crore and use it for clearing debt of around 40 lenders. RCom was expecting to realise Rs 975 crore from sale of spectrum to Jio which it promised to use paying dues of Rs 550 crore to Ericsson and Rs 230 crore to settle dues of minority stakeholder Reliance Infratel. Reliance Jio, however, declined to take over any past liability of RCom for which the Department of Telecom may raise demand in future.

RCom to go for insolvency resolution process after failure to repay debt

The <a href="https://www.google.com/url?q=http://www.wionews.com/india-news/delhis-air-quality-shows-slight-improvement-with-increased-wind-speed-188257&amp;sa=U&amp;ved=0ahUKEwjkn5TO8vbfAhUMvY8KHbhRA6IQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0HBuHcjn0QzgcA7ptciQMX">Central Pollution Control Board</a> has asked Reliance industries why a fine of Rs 1 crore should not be slapped on it and prosecution not initiated over non-compliance of National Green Tribunal order on installation of anti-pollution "vapour recovery" systems (VRS) at fuel stations.

The CPCB had earlier slapped a fine of Rs 1 crore each on three public sector oil companies for their failure to install VRS systems at fuel stations.

The CPCB said that the National Green Tribunal had on September 28 directed oil companies to ensure installation of VRS in petrol pumps selling more than 300 kilolitres per month (KL/M) but the Reliance industries informed that there is no such retail outlet. It also said that there are two retail outlets selling less than 300 KL/M and VRS will be installed by December 31, 2018.

In a letter dated January 8, the CPCB said Reliance industries informed it that installation of VRS stage II at retail outlets selling less than 300 KL/month has been completed but no compliance status was submitted with respect to installation of VRS IB at these stations.

Vapour recovery system IB is used to control the vapour released during the offloading of fuel at distribution centres. Vapour recovery system Stage 2 is used to control the vapour while the fuel is transferred from holding tanks to vehicles.

"The above status indicates non-compliance of NGT order and therefore, in view of above, a notice is hereby served to show cause as to why environment compensation of Rs one crore shall not be levied and prosecution not initiated against Reliance industries for non-compliance of NGT order," CPCB chairperson S P S Parihar said in the notice.

Vapour recovery device is an instrument to capture displaced vapours that emerge from inside a vehicle's fuel tank while filling petrol or diesel in it. 
&nbsp; 
In December, the CPCB had imposed fine on public sector oil firms Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited and Indian Oil Corporation Limited.&nbsp;

 
&nbsp; 
&nbsp;

The Central Pollution Control Board has asked Reliance industries why a fine of Rs 1 crore should not be slapped on it and prosecution not initiated over non-compliance of National Green Tribunal order on installation of anti-pollution "vapour recovery" systems (VRS) at fuel stations.

The Central Pollution Control Board has asked Reliance industries why a fine of Rs 1 crore should not be slapped on it and prosecution not initiated over non-compliance of National Green Tribunal order on installation of anti-pollution "vapour recovery" systems (VRS) at fuel stations. The CPCB had earlier slapped a fine of Rs 1 crore each on three public sector oil companies for their failure to install VRS systems at fuel stations. The CPCB said that the National Green Tribunal had on September 28 directed oil companies to ensure installation of VRS in petrol pumps selling more than 300 kilolitres per month (KL/M) but the Reliance industries informed that there is no such retail outlet. It also said that there are two retail outlets selling less than 300 KL/M and VRS will be installed by December 31, 2018. In a letter dated January 8, the CPCB said Reliance industries informed it that installation of VRS stage II at retail outlets selling less than 300 KL/month has been completed but no compliance status was submitted with respect to installation of VRS IB at these stations. Vapour recovery system IB is used to control the vapour released during the offloading of fuel at distribution centres. Vapour recovery system Stage 2 is used to control the vapour while the fuel is transferred from holding tanks to vehicles. "The above status indicates non-compliance of NGT order and therefore, in view of above, a notice is hereby served to show cause as to why environment compensation of Rs one crore shall not be levied and prosecution not initiated against Reliance industries for non-compliance of NGT order," CPCB chairperson S P S Parihar said in the notice. Vapour recovery device is an instrument to capture displaced vapours that emerge from inside a vehicle's fuel tank while filling petrol or diesel in it. In December, the CPCB had imposed fine on public sector oil firms Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited and Indian Oil Corporation Limited.

Why Rs 1 crore fine not be slapped over non-compliance of NGT order: CPCB to Reliance industries

The BSE Sensex soared over 450 points Tuesday after lower retail inflation numbers for December raised RBI rate cut hopes, leading to intense buying in rate-sensitive stocks, supported by strong global cues.

The Sensex rally was led by Yes Bank, Infosys, Reliance Industries and TCS, surging up to 3.86 per cent.

The 30-share index settled 464.77 points, or 1.30 per cent, higher at 36,318.33, while the broader NSE Nifty rallied 149.20 points, or 1.39 per cent, to finish at 10,886.80.

Market sentiment remained upbeat over retail inflation dropping to an 18-month low of 2.19 per cent in December, creating headroom for the Reserve Bank to ease monetary policy next month.

Another set of official data showed that the wholesale inflation too eased to an eight-month low of 3.80 per cent in December.

In the Sensex pack, other gainers were Vedanta, Bajaj Finance, Bharti Airtel, Tata Motors, Hero MotoCorp, HUL, Asian Paints, HDFC duo and ONGC -- gaining as much as 2.87 per cent.

Bucking the overall trend, Maruti, PowerGrid and ICICI Bank ended in the red.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 732.46 crore Monday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 527.49 crore, provisional data available with BSE showed.

"Domestic market was buoyed by broad-based buying across all sectors and particularly led by rate sensitive sectors on the expectation of a probable rate cut considering that Index of Industrial Production for the month of November slumped to mere 0.5 per cent while CPI inflation eased for a 6th straight month to 2.19 per cent in December," Paras Bothra, President, Equity Research, Ashika Group, said.&nbsp;

Besides, positive cues from European and other Asian markets lifted sentiments.

Elsewhere in Asia, Korea's Kospi jumped 1.58 per cent, Shanghai Composite Index rose 1.36 per cent, Hong Kong's Hang Seng rallied 2.02 per cent, and Japan's Nikkei gained 0.96 per cent.

In Europe, Frankfurt's DAX was up 0.41 per cent, Paris CAC 40 rose 0.56 per cent, and London's FTSE gained 0.33 per cent.

The rupee, meanwhile, depreciated 20 paise against the US dollar to 71.12.

The benchmark Brent crude futures rose 0.78 per cent to $59.45 per barrel.

The 30-share index settled 464.77 points, or 1.30 per cent, higher at 36,318.33, while the broader NSE Nifty rallied 149.20 points, or 1.39 per cent, to finish at 10,886.80.

The BSE Sensex soared over 450 points Tuesday after lower retail inflation numbers for December raised RBI rate cut hopes, leading to intense buying in rate-sensitive stocks, supported by strong global cues. The Sensex rally was led by Yes Bank, Infosys, Reliance Industries and TCS, surging up to 3.86 per cent. The 30-share index settled 464.77 points, or 1.30 per cent, higher at 36,318.33, while the broader NSE Nifty rallied 149.20 points, or 1.39 per cent, to finish at 10,886.80. Market sentiment remained upbeat over retail inflation dropping to an 18-month low of 2.19 per cent in December, creating headroom for the Reserve Bank to ease monetary policy next month. Another set of official data showed that the wholesale inflation too eased to an eight-month low of 3.80 per cent in December. In the Sensex pack, other gainers were Vedanta, Bajaj Finance, Bharti Airtel, Tata Motors, Hero MotoCorp, HUL, Asian Paints, HDFC duo and ONGC -- gaining as much as 2.87 per cent. Bucking the overall trend, Maruti, PowerGrid and ICICI Bank ended in the red. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 732.46 crore Monday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 527.49 crore, provisional data available with BSE showed. "Domestic market was buoyed by broad-based buying across all sectors and particularly led by rate sensitive sectors on the expectation of a probable rate cut considering that Index of Industrial Production for the month of November slumped to mere 0.5 per cent while CPI inflation eased for a 6th straight month to 2.19 per cent in December," Paras Bothra, President, Equity Research, Ashika Group, said. Besides, positive cues from European and other Asian markets lifted sentiments. Elsewhere in Asia, Korea's Kospi jumped 1.58 per cent, Shanghai Composite Index rose 1.36 per cent, Hong Kong's Hang Seng rallied 2.02 per cent, and Japan's Nikkei gained 0.96 per cent. In Europe, Frankfurt's DAX was up 0.41 per cent, Paris CAC 40 rose 0.56 per cent, and London's FTSE gained 0.33 per cent. The rupee, meanwhile, depreciated 20 paise against the US dollar to 71.12. The benchmark Brent crude futures rose 0.78 per cent to $59.45 per barrel.

Nifty, Sensex end higher; IT stocks shine

The Supreme Court of India on Monday issued a notice to Reliance Communications chairman Anil Ambani and others on a contempt petition filed by Ericsson.&nbsp;

According to reports, the contempt petition has been filed because of non-payment of dues.&nbsp;

A bench headed by Justice R F Nariman sought a response from Ambani and others in four weeks. It is reported that Ericsson India Pvt Ltd has moved a contempt plea against Anil Ambani's RCom for allegedly not complying with the top court's order to clear dues of Rs 550 crore.&nbsp;

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SC issues notice seeking a reply within 4 weeks from Reliance Communication Ltd. (RCom),Anil Ambani on a contempt plea filed by Ericsson India Pvt Ltd, for allegedly not complying with SC's order to clear dues of Rs 550 crore. RCom offers to deposit Rs 118 crore with SC registry
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Appearing for R Com, senior Advocates Kapil Sibal and Mukul Rohatgi asked the court to accept Rs 118 crore towards outstanding dues to Ericsson India to establish its bonafide, news agency PTI reported.&nbsp;

The counsel appearing for Ericsson, however, refused to accept the amount and said the entire outstanding sum of Rs 550 crore should be deposited.&nbsp;

The bench then directed R Com to deposit a demand draft of Rs 118 crore in the registry.&nbsp;

On Sunday, telecom company Reliance Communications Ltd (RCom) said it remained "fully committed" to settle dues with Swedish telecom gearmaker Ericsson from the proceeds of its sale of wireless assets to Reliance Jio Infocomm Ltd, news agency Reuters reported.&nbsp;

"RCom has taken all required steps towards enabling the settlement and remains fully committed to making the payment to Ericsson from the proceeds of the spectrum sale," it said in a clarification filed to the exchanges on Sunday.

The transaction was key to the debt-laden telecom operator's restructuring plan, announced in May 2018, which entailed the sale of telecom assets such as towers and airwaves to Jio.

The plan to sell the assets had followed a settlement with telecom gearmaker Ericsson for partial payment of dues owed by RCom to the Swedish company.

(With inputs from agencies)&nbsp;

The Supreme Court of India on Monday issued a notice to Reliance Communications chairman Anil Ambani and others on a contempt petition filed by Ericsson. According to reports, the contempt petition has been filed because of non-payment of dues.

The Supreme Court of India on Monday issued a notice to Reliance Communications chairman Anil Ambani and others on a contempt petition filed by Ericsson. According to reports, the contempt petition has been filed because of non-payment of dues. A bench headed by Justice R F Nariman sought a response from Ambani and others in four weeks. It is reported that Ericsson India Pvt Ltd has moved a contempt plea against Anil Ambani's RCom for allegedly not complying with the top court's order to clear dues of Rs 550 crore. SC issues notice seeking a reply within 4 weeks from Reliance Communication Ltd. (RCom),Anil Ambani on a contempt plea filed by Ericsson India Pvt Ltd, for allegedly not complying with SC's order to clear dues of Rs 550 crore. RCom offers to deposit Rs 118 crore with SC registry — ANI (@ANI) January 7, 2019 × Appearing for R Com, senior Advocates Kapil Sibal and Mukul Rohatgi asked the court to accept Rs 118 crore towards outstanding dues to Ericsson India to establish its bonafide, news agency PTI reported. The counsel appearing for Ericsson, however, refused to accept the amount and said the entire outstanding sum of Rs 550 crore should be deposited. The bench then directed R Com to deposit a demand draft of Rs 118 crore in the registry. On Sunday, telecom company Reliance Communications Ltd (RCom) said it remained "fully committed" to settle dues with Swedish telecom gearmaker Ericsson from the proceeds of its sale of wireless assets to Reliance Jio Infocomm Ltd, news agency Reuters reported. "RCom has taken all required steps towards enabling the settlement and remains fully committed to making the payment to Ericsson from the proceeds of the spectrum sale," it said in a clarification filed to the exchanges on Sunday. The transaction was key to the debt-laden telecom operator's restructuring plan, announced in May 2018, which entailed the sale of telecom assets such as towers and airwaves to Jio. The plan to sell the assets had followed a settlement with telecom gearmaker Ericsson for partial payment of dues owed by RCom to the Swedish company. (With inputs from agencies)

Supreme Court issues notice to Anil Ambani's RCom over non-payment of dues

Six of the 10 most-valued Indian companies suffered a combined erosion of Rs 89,531.31 crore from their <a href="http://www.wionews.com/business-economy/six-of-top-10-companies-lose-rs-54916-crore-in-m-cap-182615">market valuation </a>last week, with Tata Consultancy Services (TCS) alone accounting for over Rs 34,000 crore.

Reliance Industries (RIL), HUL, Infosys, Kotak Mahindra Bank and Maruti Suzuki were also among the losers, while HDFC Bank, ITC, HDFC and State Bank of India (SBI) finished the week ended Friday with gains.

The <a href="http://www.wionews.com/business-economy/markets-close-in-green-sensex-rises-77-points-185065">marke</a>t capitalisation (m-cap) of TCS slumped Rs 34,521.94 crore to Rs 7,11,921.19 crore and that of Infosys plunged Rs 26,143.34 crore to Rs 2,82,105.44 crore.

Valuation of Hindustan Unilever Ltd (HUL) dived Rs 11,515.94 crore to Rs 3,90,416.08 crore and RIL tanked Rs 8,493.67 crore to Rs 6,96,195.94 crore.

Also, Kotak Mahindra Bank's m-cap declined Rs 5,311.51 crore to Rs 2,34,087.97 crore, while Maruti Suzuki stood at Rs 2,27,670.19 crore with a loss of Rs 3,544.91 crore.

On the other hand, HDFC added Rs 7,823.28 crore to its m-cap to reach Rs 3,35,165.94 crore and HDFC Bank soared Rs 4,825.33 crore to Rs 5,74,009.79 crore.

SBI went up by Rs 2,231.15 crore to reach Rs 2,60,285.60 crore and ITC's valuation stood at Rs 3,38,575.91 crore with a gain of Rs 1,040.83 crore. 
In the ranking of top-10 firms in terms of m-cap, TCS stood at the number one position, followed by RIL, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and Maruti Suzuki.

Over the last week, the Sensex declined 220.86 points to end at 35,742.07.

Six of the 10 most-valued Indian companies suffered a combined erosion of Rs 89,531.31 crore from their market valuation last week, with Tata Consultancy Services (TCS) alone accounting for over Rs 34,000 crore.

Six of the 10 most-valued Indian companies suffered a combined erosion of Rs 89,531.31 crore from their market valuation last week, with Tata Consultancy Services (TCS) alone accounting for over Rs 34,000 crore. Reliance Industries (RIL), HUL, Infosys, Kotak Mahindra Bank and Maruti Suzuki were also among the losers, while HDFC Bank, ITC, HDFC and State Bank of India (SBI) finished the week ended Friday with gains. The market capitalisation (m-cap) of TCS slumped Rs 34,521.94 crore to Rs 7,11,921.19 crore and that of Infosys plunged Rs 26,143.34 crore to Rs 2,82,105.44 crore. Valuation of Hindustan Unilever Ltd (HUL) dived Rs 11,515.94 crore to Rs 3,90,416.08 crore and RIL tanked Rs 8,493.67 crore to Rs 6,96,195.94 crore. Also, Kotak Mahindra Bank's m-cap declined Rs 5,311.51 crore to Rs 2,34,087.97 crore, while Maruti Suzuki stood at Rs 2,27,670.19 crore with a loss of Rs 3,544.91 crore. On the other hand, HDFC added Rs 7,823.28 crore to its m-cap to reach Rs 3,35,165.94 crore and HDFC Bank soared Rs 4,825.33 crore to Rs 5,74,009.79 crore. SBI went up by Rs 2,231.15 crore to reach Rs 2,60,285.60 crore and ITC's valuation stood at Rs 3,38,575.91 crore with a gain of Rs 1,040.83 crore. In the ranking of top-10 firms in terms of m-cap, TCS stood at the number one position, followed by RIL, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and Maruti Suzuki. Over the last week, the Sensex declined 220.86 points to end at 35,742.07.

Top six companies lose Rs 89,531 crore in market cap last week

Reliance chairman Anil Ambani on Friday welcomed Supreme Court's verdict of <a href="http://www.wionews.com/india-news/no-probe-needed-in-rafale-fighter-jet-deal-rules-supreme-court-183957">dismissing&nbsp;petitions seeking an investigation</a> into&nbsp;multi-million dollar Rafale fighter jet deal. He said that it "establishes the falsity of politically motivated allegations against&nbsp;him and his firm."

"I welcome the judgement of the Hon'ble Supreme Court verdict&nbsp;summarily dismissing PILs filed on Rafale contracts, and conclusively establishing complete falsity of wild, baseless and politically motivated allegations levelled against Reliance Group and me personally,"&nbsp;Anil Ambani said in a statement.

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Anil Ambani statement: Welcome judgment of Hon'ble Supreme Court today summarily dismissing PILs filed on Rafale contracts, and conclusively establishing complete falsity of wild, baseless and politically motivated allegations levelled against Reliance Group and me personally
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"Company committed to India's national security, including implementing offset deal with Dassault," Ambani added.

The Supreme Court today dismissed all petitions pertaining Rafale fighter jets deal saying that they are satisfied that "there is no occasion to doubt the process."

A three-judge Supreme Court bench comprising, Chief Justice Ranjan Gogoi, Justices SK Kaul and KM Joseph said that detailed scrutiny of the Rafale fighter jet deal was not required.

Dassault Aviation's CEO Eric Trappier in October said that the <a href="http://www.wionews.com/india-news/reliance-has-10-per-cent-of-offset-in-rafael-deal-dassault-ceo-170983">joint venture with Reliance represents around 10 per cent of the offset investments</a> under the Rafale jet deal. After the report, it was alleged that Dassault was forced to choose Reliance by PM Modi, despite it having almost no experience in the aviation sector.

According to the report, Dassault negotiated for years with Hindustan Aeronautics Limited (HAL) for the order, with the jets being jointly built in India.

But those talks were cancelled after PM Modi took office when he decided to purchase the jets directly from France.&nbsp;

The Friday's verdict on Rafale jet has been welcomed by BJP party.&nbsp;

Home Minister Rajnath Singh said that the <a href="http://www.wionews.com/india-news/matter-was-crystal-clear-from-the-beginning-rajnath-singh-on-rafale-jets-deal-verdict-183966">matter war crystal clear from the beginning</a>.&nbsp;

"The allegations levelled by Congress were baseless and to gain political mileage."

Meanwhile, one of the main petitioners, Prashant Bhushan has said that the <a href="http://www.wionews.com/india-news/supreme-court-judgement-totally-wrong-says-petitioner-prashant-bhushan-on-rafale-verdict-183979">campaign certainly won't drop</a> and they may file a review petition.

"In our opinion, the Supreme Court judgement is totally wrong, the campaign will certainly not drop and we will decide if we will file a review petition."

Reliance chairman Anil Ambani on Friday welcomed Supreme Court's verdict of dismissing petitions seeking an investigation into multi-million dollar Rafale fighter jet deal.

Reliance chairman Anil Ambani on Friday welcomed Supreme Court's verdict of dismissing petitions seeking an investigation into multi-million dollar Rafale fighter jet deal. He said that it "establishes the falsity of politically motivated allegations against him and his firm." "I welcome the judgement of the Hon'ble Supreme Court verdict summarily dismissing PILs filed on Rafale contracts, and conclusively establishing complete falsity of wild, baseless and politically motivated allegations levelled against Reliance Group and me personally," Anil Ambani said in a statement. Anil Ambani statement: Welcome judgment of Hon'ble Supreme Court today summarily dismissing PILs filed on Rafale contracts, and conclusively establishing complete falsity of wild, baseless and politically motivated allegations levelled against Reliance Group and me personally — ANI (@ANI) December 14, 2018 × "Company committed to India's national security, including implementing offset deal with Dassault," Ambani added. The Supreme Court today dismissed all petitions pertaining Rafale fighter jets deal saying that they are satisfied that "there is no occasion to doubt the process." A three-judge Supreme Court bench comprising, Chief Justice Ranjan Gogoi, Justices SK Kaul and KM Joseph said that detailed scrutiny of the Rafale fighter jet deal was not required. Dassault Aviation's CEO Eric Trappier in October said that the joint venture with Reliance represents around 10 per cent of the offset investments under the Rafale jet deal. After the report, it was alleged that Dassault was forced to choose Reliance by PM Modi, despite it having almost no experience in the aviation sector. According to the report, Dassault negotiated for years with Hindustan Aeronautics Limited (HAL) for the order, with the jets being jointly built in India. But those talks were cancelled after PM Modi took office when he decided to purchase the jets directly from France. The Friday's verdict on Rafale jet has been welcomed by BJP party. Home Minister Rajnath Singh said that the matter war crystal clear from the beginning. "The allegations levelled by Congress were baseless and to gain political mileage." Meanwhile, one of the main petitioners, Prashant Bhushan has said that the campaign certainly won't drop and they may file a review petition. "In our opinion, the Supreme Court judgement is totally wrong, the campaign will certainly not drop and we will decide if we will file a review petition."

Falsity of wild, baseless allegations against Reliance Group established: Anil Ambani on Rafale verdict

Reliance Industries Wednesday reported its highest ever quarterly net profit in July-September as record earnings from petrochemical business and bumper earnings from retail business and telecom arm made up for a decline in refinery margins.

The oil-to-telecom conglomerate also announced an acquisition of majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore to bring under its fold 27,000 local cable operators who would help strengthen its rollout of fibre-based broadband service to households for offering ultra high definition entertainment on large screen TVs.

Its consolidated net profit of Rs 9,516 crore, or Rs 16.1 per share, in the second quarter of current fiscal, was 17.4 per cent higher than Rs 8,109 crore, or Rs 13.7 a share, in the same period of the previous financial year, the company said in a statement.

Revenue jumped 54.5 per cent to Rs 1,56,291 crore.

Its retail business, which comprises of 9,146 stores across 5,800-plus towns and cities, saw pre-tax business profit jump 213 per cent to Rs 1,392 crore on the back of more than doubling of revenues to Rs 32,436 crore.

Reliance Jio, the group's telecom arm, posted a standalone net profit of Rs 681 crore, which was 11.3 per cent more than the previous quarter as subscriber base swelled to 252.3 million.

It had a pre-tax loss of Rs 271 crore in the second quarter of 2017-18.

The petrochemical business saw pre-tax profits jump by 63.7 per cent to Rs 8,120 crore after the company stabilised operations of a new refinery off-gas cracker and other downstream units.

The operator of world's largest oil refining complex saw pre-tax earnings from the business decline for the second quarter in a row. It fell 19.6 per cent to Rs 5,322 crore as margins dipped. In the first quarter the pre-tax earnings had fallen 16.8 per cent.

It earned US $9.5 on turning every barrel of crude oil into fuel as compared to a gross refining margin of US $12 per barrel. The GRM was also lower than US $10.5 per barrel earning in first quarter.

This it attributed to significantly higher crude price (up 47 per cent over last year) and tight product cracks.

The pre-tax loss of oil and gas business widened to Rs 480 crore from Rs 272 crore in the second quarter of 2017-18 due to the continued decline in production.

With telecom continuing to drain investments, Reliance said its outstanding debt rose to Rs 2,58,701 crore as on September 30 as compared to Rs 2,42,116 crore on June 30 and Rs 2,18,763 crore on March 31.

Cash in hand was marginally declined to Rs 76,740 crore, from Rs 79,492 crore in the previous quarter.

Commenting on the results, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Ltd, said: "Our company delivered robust operating and financial results for the quarter despite macro headwinds, with strong growth in earnings on a year-on-year basis."

"Our integrated refining and petrochemicals business generated strong cash flows in a period of heightened volatility in commodity and currency markets," he said. "Our world-class petrochemicals assets contributed to record earnings; endorsing benefits of diversified feedstock, integration and superior product portfolio. Use of ethane feedstock at Nagothane cracker from this quarter has further enhanced feedstock optionality."

Stating that the group's consumer-facing businesses were gathering momentum, he said the performance of both retail and Jio reflect the benefits of scale, technology and operational efficiencies.

"Retail business EBITDA has grown three-fold on Y-o-Y basis whereas Reliance Jio EBITDA has grown nearly 2.5 times. Jio has now crossed 250 million subscriber milestone and continues to be the largest mobile data carrier in the world," he said.

Net subscriber addition for Jio was 37 million in July-September, as against 28.7 million in the previous quarter.

The Average Revenue per User (ARPU), however, declined to Rs 131.7 per subscriber per month from Rs 134.5 in April-June.

RIL said it will make a "primary investment of Rs 2,045 crore through a preferential issue under SEBI regulations and secondary purchase of Rs 245 crore from the existing promoters for a 66 per cent stake in DEN".

Also, it will make a primary investment of Rs 2,940 crore through a preferential issue for a 51.34 per cent stake in Hathway.

RIL would also make open offers to minority shareholders of GTPL Hathway Ltd, a company jointly controlled by Hathway with 37.3 per cent stake, and Hathway Bhawani Cabletel and Datacomm Limited, a subsidiary of Hathway, the statement said.

Reliance Industries Wednesday reported its highest ever quarterly net profit in July-September as record earnings from petrochemical business and bumper earnings from retail business and telecom arm made up for a decline in refinery margins.

Reliance Industries Wednesday reported its highest ever quarterly net profit in July-September as record earnings from petrochemical business and bumper earnings from retail business and telecom arm made up for a decline in refinery margins. The oil-to-telecom conglomerate also announced an acquisition of majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore to bring under its fold 27,000 local cable operators who would help strengthen its rollout of fibre-based broadband service to households for offering ultra high definition entertainment on large screen TVs. Its consolidated net profit of Rs 9,516 crore, or Rs 16.1 per share, in the second quarter of current fiscal, was 17.4 per cent higher than Rs 8,109 crore, or Rs 13.7 a share, in the same period of the previous financial year, the company said in a statement. Revenue jumped 54.5 per cent to Rs 1,56,291 crore. Its retail business, which comprises of 9,146 stores across 5,800-plus towns and cities, saw pre-tax business profit jump 213 per cent to Rs 1,392 crore on the back of more than doubling of revenues to Rs 32,436 crore. Reliance Jio, the group's telecom arm, posted a standalone net profit of Rs 681 crore, which was 11.3 per cent more than the previous quarter as subscriber base swelled to 252.3 million. It had a pre-tax loss of Rs 271 crore in the second quarter of 2017-18. The petrochemical business saw pre-tax profits jump by 63.7 per cent to Rs 8,120 crore after the company stabilised operations of a new refinery off-gas cracker and other downstream units. The operator of world's largest oil refining complex saw pre-tax earnings from the business decline for the second quarter in a row. It fell 19.6 per cent to Rs 5,322 crore as margins dipped. In the first quarter the pre-tax earnings had fallen 16.8 per cent. It earned US $9.5 on turning every barrel of crude oil into fuel as compared to a gross refining margin of US $12 per barrel. The GRM was also lower than US $10.5 per barrel earning in first quarter. This it attributed to significantly higher crude price (up 47 per cent over last year) and tight product cracks. The pre-tax loss of oil and gas business widened to Rs 480 crore from Rs 272 crore in the second quarter of 2017-18 due to the continued decline in production. With telecom continuing to drain investments, Reliance said its outstanding debt rose to Rs 2,58,701 crore as on September 30 as compared to Rs 2,42,116 crore on June 30 and Rs 2,18,763 crore on March 31. Cash in hand was marginally declined to Rs 76,740 crore, from Rs 79,492 crore in the previous quarter. Commenting on the results, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Ltd, said: "Our company delivered robust operating and financial results for the quarter despite macro headwinds, with strong growth in earnings on a year-on-year basis." "Our integrated refining and petrochemicals business generated strong cash flows in a period of heightened volatility in commodity and currency markets," he said. "Our world-class petrochemicals assets contributed to record earnings; endorsing benefits of diversified feedstock, integration and superior product portfolio. Use of ethane feedstock at Nagothane cracker from this quarter has further enhanced feedstock optionality." Stating that the group's consumer-facing businesses were gathering momentum, he said the performance of both retail and Jio reflect the benefits of scale, technology and operational efficiencies. "Retail business EBITDA has grown three-fold on Y-o-Y basis whereas Reliance Jio EBITDA has grown nearly 2.5 times. Jio has now crossed 250 million subscriber milestone and continues to be the largest mobile data carrier in the world," he said. Net subscriber addition for Jio was 37 million in July-September, as against 28.7 million in the previous quarter. The Average Revenue per User (ARPU), however, declined to Rs 131.7 per subscriber per month from Rs 134.5 in April-June. RIL said it will make a "primary investment of Rs 2,045 crore through a preferential issue under SEBI regulations and secondary purchase of Rs 245 crore from the existing promoters for a 66 per cent stake in DEN". Also, it will make a primary investment of Rs 2,940 crore through a preferential issue for a 51.34 per cent stake in Hathway. RIL would also make open offers to minority shareholders of GTPL Hathway Ltd, a company jointly controlled by Hathway with 37.3 per cent stake, and Hathway Bhawani Cabletel and Datacomm Limited, a subsidiary of Hathway, the statement said.

Reliance posts 17.4% rise in Q2 net profit; to buy stake in Den, Hathway Cable

Dassault Aviation's joint venture with Reliance represents around 10 per cent of the offset investments under the Rafale jet deal, Dassault CEO Eric Trappier has said.&nbsp;

"We're in talks with about 100 Indian firms, including around 30 with which we've already confirmed partnerships," Trappier told AFP.

Separately on Thursday, speaking at a briefing in Paris, Defence Minister Nirmala Sitharaman reiterated the government's claim that it had no idea that Dassault Aviation would team up with Reliance Group, run by Anil Ambani.

Several reports say Dassault was forced to choose Reliance by Prime Minister Narendra Modi, despite its having almost no experience in the aviation sector.&nbsp;&nbsp; &nbsp;

On the eve of Sitharaman's visit, French investigative website Mediapart quoted the notes of a meeting between Dassault management and workers' representatives which described the choice of Reliance as "imperative and compulsory".

"We are very clear: With the government of France, we agreed to purchase 36 Rafale aircraft in flyaway condition," Sitharaman said.

"And in an intergovernmental agreement, there are no mentions of any individual firms," she said.

"It is more for the companies which have chosen A, B or C as their partners to answer questions if there are any," she said.

In a statement, Dassault released a transcript of what it said was Trappier's interview with AFP in which he was asked about the status of the offsets.

"Signing an offset contract is a requirement of Indian law (Defence Procurement Procedure). The implementation of offsets is an obligation and, under the Indian regulation, the choice of the partners belongs to us, Trappier was quoted as saying.

"In full compliance with this regulation, Dassault Aviation therefore decided to set up the DRAL joint venture with Reliance and build a plant in Nagpur, which should enable us to meet about 10% of these offset obligations. We are in negotiations with about a hundred Indian companies and partnerships have already been concluded with about thirty of them," he was quoted as saying.

He said what is called "offset"&nbsp;in English is usually translated into French as "compensation"&nbsp;or "contrepartie". With regard to the staff and trades unions organizations, Dassault Aviation uses the term "obligation contractuelle d'offset"&nbsp;or "obligation contractuelle de compensation", he said.

Dassault negotiated for years with Hindustan Aeronautics Limited (HAL) for the order, with the jets being jointly built in India.

But those talks were cancelled after Prime Minister Narendra Modi took office, when he decided to purchase the jets directly from France.&nbsp;

Asked why Dassault chose Reliance over HAL as its partner, Trappier said Dassault Aviation decided to establish a long-term presence in India through DRAL, a joint enterprise in which governance is provided by an Indian Chief Executive Officer and a French Chief Operating Officer.&nbsp;

"Dassault Aviation therefore exercises technical and industrial control over the operations, applying its standards and its flexibility. This JV will produce parts for the Falcon 2000 and Rafale. The choice of the Nagpur site, in central India, was dictated by the availability of land with direct access to an airport runway, he was quoted as saying.&nbsp;&nbsp;

Dassault on Wednesday said it had "<a href="http://www.wionews.com/india-news/freely-chose-reliance-for-rafale-deal-dassault-aviation-issues-clarification-170776">freely chosen</a>" to form a joint venture with Reliance. But that stance was contradicted recently by former French president Francois Hollande, under whose watch the Rafale deal was signed.

Hollande said last month that France had "no choice" but to join with Reliance after it was pushed by the Indian government -- comments which were seized upon by Indian opposition parties.

Under Indian defence procurement rules, foreign companies winning contracts must "offset" or reinvest half the total value -- in this case around eight billion euros -- in joint ventures or purchases with Indian firms.

Dassault Aviation's joint venture with Reliance represents around 10 per cent of the offset investments under the Rafale jet deal, Dassault CEO Eric Trappier has said.

Dassault Aviation's joint venture with Reliance represents around 10 per cent of the offset investments under the Rafale jet deal, Dassault CEO Eric Trappier has said. "We're in talks with about 100 Indian firms, including around 30 with which we've already confirmed partnerships," Trappier told AFP. Separately on Thursday, speaking at a briefing in Paris, Defence Minister Nirmala Sitharaman reiterated the government's claim that it had no idea that Dassault Aviation would team up with Reliance Group, run by Anil Ambani. Several reports say Dassault was forced to choose Reliance by Prime Minister Narendra Modi, despite its having almost no experience in the aviation sector. On the eve of Sitharaman's visit, French investigative website Mediapart quoted the notes of a meeting between Dassault management and workers' representatives which described the choice of Reliance as "imperative and compulsory". "We are very clear: With the government of France, we agreed to purchase 36 Rafale aircraft in flyaway condition," Sitharaman said. "And in an intergovernmental agreement, there are no mentions of any individual firms," she said. "It is more for the companies which have chosen A, B or C as their partners to answer questions if there are any," she said. In a statement, Dassault released a transcript of what it said was Trappier's interview with AFP in which he was asked about the status of the offsets. "Signing an offset contract is a requirement of Indian law (Defence Procurement Procedure). The implementation of offsets is an obligation and, under the Indian regulation, the choice of the partners belongs to us, Trappier was quoted as saying. "In full compliance with this regulation, Dassault Aviation therefore decided to set up the DRAL joint venture with Reliance and build a plant in Nagpur, which should enable us to meet about 10% of these offset obligations. We are in negotiations with about a hundred Indian companies and partnerships have already been concluded with about thirty of them," he was quoted as saying. He said what is called "offset" in English is usually translated into French as "compensation" or "contrepartie". With regard to the staff and trades unions organizations, Dassault Aviation uses the term "obligation contractuelle d'offset" or "obligation contractuelle de compensation", he said. Dassault negotiated for years with Hindustan Aeronautics Limited (HAL) for the order, with the jets being jointly built in India. But those talks were cancelled after Prime Minister Narendra Modi took office, when he decided to purchase the jets directly from France. Asked why Dassault chose Reliance over HAL as its partner, Trappier said Dassault Aviation decided to establish a long-term presence in India through DRAL, a joint enterprise in which governance is provided by an Indian Chief Executive Officer and a French Chief Operating Officer. "Dassault Aviation therefore exercises technical and industrial control over the operations, applying its standards and its flexibility. This JV will produce parts for the Falcon 2000 and Rafale. The choice of the Nagpur site, in central India, was dictated by the availability of land with direct access to an airport runway, he was quoted as saying. Dassault on Wednesday said it had "freely chosen" to form a joint venture with Reliance. But that stance was contradicted recently by former French president Francois Hollande, under whose watch the Rafale deal was signed. Hollande said last month that France had "no choice" but to join with Reliance after it was pushed by the Indian government -- comments which were seized upon by Indian opposition parties. Under Indian defence procurement rules, foreign companies winning contracts must "offset" or reinvest half the total value -- in this case around eight billion euros -- in joint ventures or purchases with Indian firms.

Reliance has 10 per cent of offset in Rafael deal: Dassault CEO

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