Dassault Aviation on Thursday clarified stating it freely chose the Reliance Group for the Rafale deal, news agency ANI reported. It also called Reliance a vital part of the deal noting that the deal came as a trade-off.&nbsp;

"Within the framework of September 2016 Inter-Govt Agreement between France and India, Dassault Aviation sold 36 Rafale aircraft to India. In compliance with Indian regulations (Defence Procurement Procedure), Dassault Aviation committed to offsets worth 50% of the value of the purchase," Dassault Aviation noted in a statement.&nbsp;

"In order to deliver some of these offsets, Dassault Aviation decided to create a joint venture. Dassault Aviation has freely chosen to make a partnership with India’s Reliance Group. This joint-venture, Dassault Reliance Aerospace Ltd (DRAL), was created February 10, 2017," it further added.&nbsp;

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In order to deliver some of these offsets, Dassault Aviation has decided to create a joint venture. Dassault Aviation has freely chosen to make a partnership with India’s Reliance Group. This joint-venture, Dassault Reliance Aerospace Ltd (DRAL), was created February 10, 2017. <a href="https://t.co/74Pmpp4H32">pic.twitter.com/74Pmpp4H32</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1050184870499151872?ref_src=twsrc%5Etfw">October 11, 2018</a></blockquote>
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Meanwhile, French government sources told WION that the deal was not a trade-off and rubbished Mediapart report.

According to French government sources, the definition of 'offset partner'&nbsp;led to confusion and Mediapart is "putting a story where there is none."&nbsp;

A French media report on Wednesday claimed that an internal report of French aerospace major Dassault Aviation was presented with no option but to tie-up with Anil Ambani's Reliance Defence as offset partner.

The report further said that it was '<a href="http://www.wionews.com/india-news/dassault-was-told-signing-reliance-defence-was-imperative-and-mandatory-to-bag-the-rafale-deal-report-170754">imperative and mandatory' for Dassault</a> Aviation to bag the Rafale jets contract.

The claim was made by French publication ‘Mediapart’ in an investigative report.&nbsp;

Last month, former French President Francois Hollande was quoted by 'Mediapart' as saying that France was given "no choice" on the selection of the Indian partner for Dassault and the Indian government proposed the name of Reliance to partner with the French aerospace giant. The former French president's comments triggered a massive political row.

Prime Minister Narendra Modi had announced the procurement of a batch of 36 Rafale jets after talks with Hollande on April 10, &nbsp;2015 &nbsp;in Paris. The final deal was sealed on September 23, 2016.

Sitharaman's visit to France comes in the backdrop of a huge controversy over the procurement of 36 Rafale jets.

The Congress has been alleging massive irregularities in the deal, saying the government was procuring each aircraft at a cost of over Rs 1,670 crore as against Rs 526 crore finalised by the UPA government when it was negotiating the deal.

Dassault Aviation on Thursday clarified stating it freely chose the Reliance Group for the Rafale deal, news agency ANI reported. It also called Reliance a vital part of the deal noting that the deal came as a trade-off.

Dassault Aviation on Thursday clarified stating it freely chose the Reliance Group for the Rafale deal, news agency ANI reported. It also called Reliance a vital part of the deal noting that the deal came as a trade-off. "Within the framework of September 2016 Inter-Govt Agreement between France and India, Dassault Aviation sold 36 Rafale aircraft to India. In compliance with Indian regulations (Defence Procurement Procedure), Dassault Aviation committed to offsets worth 50% of the value of the purchase," Dassault Aviation noted in a statement. "In order to deliver some of these offsets, Dassault Aviation decided to create a joint venture. Dassault Aviation has freely chosen to make a partnership with India’s Reliance Group. This joint-venture, Dassault Reliance Aerospace Ltd (DRAL), was created February 10, 2017," it further added. In order to deliver some of these offsets, Dassault Aviation has decided to create a joint venture. Dassault Aviation has freely chosen to make a partnership with India’s Reliance Group. This joint-venture, Dassault Reliance Aerospace Ltd (DRAL), was created February 10, 2017. pic.twitter.com/74Pmpp4H32 — ANI (@ANI) October 11, 2018 × Meanwhile, French government sources told WION that the deal was not a trade-off and rubbished Mediapart report. According to French government sources, the definition of 'offset partner' led to confusion and Mediapart is "putting a story where there is none." A French media report on Wednesday claimed that an internal report of French aerospace major Dassault Aviation was presented with no option but to tie-up with Anil Ambani's Reliance Defence as offset partner. The report further said that it was 'imperative and mandatory' for Dassault Aviation to bag the Rafale jets contract. The claim was made by French publication ‘Mediapart’ in an investigative report. Last month, former French President Francois Hollande was quoted by 'Mediapart' as saying that France was given "no choice" on the selection of the Indian partner for Dassault and the Indian government proposed the name of Reliance to partner with the French aerospace giant. The former French president's comments triggered a massive political row. Prime Minister Narendra Modi had announced the procurement of a batch of 36 Rafale jets after talks with Hollande on April 10, 2015 in Paris. The final deal was sealed on September 23, 2016. Sitharaman's visit to France comes in the backdrop of a huge controversy over the procurement of 36 Rafale jets. The Congress has been alleging massive irregularities in the deal, saying the government was procuring each aircraft at a cost of over Rs 1,670 crore as against Rs 526 crore finalised by the UPA government when it was negotiating the deal.

Freely chose Reliance for Rafale deal: Dassault Aviation issues clarification 

Congress President Rahul Gandhi took <a href="http://www.wionews.com/india-news/pm-modi-anil-ambani-jointly-carried-out-surgical-strike-defence-forces-rahul-gandhi">another potshot at Anil Ambani</a> on Saturday.&nbsp;

"When your BFF is the PM, you can get the 1,30,000 Cr. Rafale deal, even without relevant experience. But wait. There’s more!" Gandhi tweeted. &nbsp;

"Apparently, 400,000 JK Govt staff will also be arm twisted into buying health insurance ONLY from your company!" he added.&nbsp;

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When your BFF is the PM, you can get the 1,30,000 Cr. Rafale deal, even without relevant experience. But wait. There’s more! 
 
Apparently, 400,000 JK Govt staff will also be arm twisted into buying health insurance ONLY from your company! <a href="https://t.co/DlEOqWA2NH">https://t.co/DlEOqWA2NH</a>
— Rahul Gandhi (@RahulGandhi) <a href="https://twitter.com/RahulGandhi/status/1048440756946579456?ref_src=twsrc%5Etfw">October 6, 2018</a></blockquote>
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Gandhi was referring to recent news reports saying Jammu and Kashmir government employees have been made to buy insurance from Reliance.&nbsp;

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Modi- Reliance nexus: 
 
If you want an insight into how Modi is invested to prop up Reliance, look no further than J&amp;K where all Govt employees are being forced to buy Reliance insurance policy but not Govt's LIC wd out bidding. Premium collection wd be 8000 crore per Annum! <a href="https://t.co/CX1QbhY1BK">pic.twitter.com/CX1QbhY1BK</a>
— Salman Nizami (@SalmanNizami_) <a href="https://twitter.com/SalmanNizami_/status/1044967638818906113?ref_src=twsrc%5Etfw">September 26, 2018</a></blockquote>
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The reference to the BFF was to Prime Minister Narendra Modi.&nbsp;

Gandhi has been relentlessly attacking the Modi-led NDA government and Anil Ambani over the Rafale deal. Gandhi says the NDA government is paying three times as much as the UPA government had agreed to pay for the Rafale planes it is buying from France's Dassault Aviation.&nbsp;

He has also attacked Anil Ambani's Reliance Defence, which was chosen as Dassault's India partner. The original deal brokered by the UPA government had had the public-sector HAL (Hindustan Aeronautics Ltd) as the India partner.&nbsp;

Reliance Defence has no experience in the defence or aerospace industry.&nbsp;

Gandhi says Reliance being made the India partner is an example of crony capitalism.&nbsp;

Congress President Rahul Gandhi took another potshot at Anil Ambani on Saturday. "When your BFF is the PM, you can get the 1,30,000 Cr. Rafale deal, even without relevant experience.

Congress President Rahul Gandhi took another potshot at Anil Ambani on Saturday. "When your BFF is the PM, you can get the 1,30,000 Cr. Rafale deal, even without relevant experience. But wait. There’s more!" Gandhi tweeted. "Apparently, 400,000 JK Govt staff will also be arm twisted into buying health insurance ONLY from your company!" he added. When your BFF is the PM, you can get the 1,30,000 Cr. Rafale deal, even without relevant experience. But wait. There’s more! Apparently, 400,000 JK Govt staff will also be arm twisted into buying health insurance ONLY from your company! https://t.co/DlEOqWA2NH — Rahul Gandhi (@RahulGandhi) October 6, 2018 × Gandhi was referring to recent news reports saying Jammu and Kashmir government employees have been made to buy insurance from Reliance. Modi- Reliance nexus: If you want an insight into how Modi is invested to prop up Reliance, look no further than J&K where all Govt employees are being forced to buy Reliance insurance policy but not Govt's LIC wd out bidding. Premium collection wd be 8000 crore per Annum! pic.twitter.com/CX1QbhY1BK — Salman Nizami (@SalmanNizami_) September 26, 2018 × The reference to the BFF was to Prime Minister Narendra Modi. Gandhi has been relentlessly attacking the Modi-led NDA government and Anil Ambani over the Rafale deal. Gandhi says the NDA government is paying three times as much as the UPA government had agreed to pay for the Rafale planes it is buying from France's Dassault Aviation. He has also attacked Anil Ambani's Reliance Defence, which was chosen as Dassault's India partner. The original deal brokered by the UPA government had had the public-sector HAL (Hindustan Aeronautics Ltd) as the India partner. Reliance Defence has no experience in the defence or aerospace industry. Gandhi says Reliance being made the India partner is an example of crony capitalism.

Rahul Gandhi now says J&K govt employees being forced to buy Reliance insurance

Confirming India's stand on the offsets agreement between Dassault Aviation and Reliance Group, the former, in a statement, reiterated that Reliance Group was chosen in compliance with the Defence Procurement Procedure (DPP) 2016 regulations.

It further clarified that although the Rafale deal was a contract between the Indian and the French governments, it provided for a separate contract in which Dassault Aviation committed to making compensation investments (offsets) in India equivalent to 50 per cent of the value of the purchase.

"This offsets contract is delivered in compliance with the Defence Procurement Procedure (DPP) 2016 regulations. In this framework, and in accordance with the policy of Make in India, Dassault Aviation has decided to make a partnership with India's Reliance Group. This is Dassault Aviation's choice, as CEO Eric Trappier had explained in an interview published in MINT newspaper on April 17, 2018. This partnership has led to the creation of the Dassault Reliance Aerospace Ltd (DRAL) joint-venture in February 2017," the company stated.

"Dassault Aviation and Reliance have built a plant in Nagpur for manufacturing parts for Falcon and Rafale aircraft. The Nagpur site was chosen because of the availability of land with direct access to an airport runway, an essential condition of aeronautic activities," it added.

The French aviation company also said that contracts were signed with companies other than Reliance as well, as part of the offsets contract under the Rafale deal.

"Other partnerships have been signed with other companies such as BTSL, DEFSYS, Kinetic, Mahindra, Maini, SAMTEL,. Other negotiations are ongoing with hundred-odd other potential partners," the firm divulged.

The statement by Dassault Aviation comes shortly after former French president, François Hollande, claimed that Dassault Aviation was given no choice but to partner with Anil Ambani-led Reliance Defence for the offset clause in the Rafale fighter jet deal.

The Centre, led by Prime Minister Modi, scrapped the UPA's plan in 2015 and announced that it would buy 36 "ready-to-fly" Rafale jets instead of seeking a technology transfer from France's Dassault Aviation and making the aircraft in India.

Confirming India's stand on the offsets agreement between Dassault Aviation and Reliance Group, the former, in a statement, reiterated that Reliance Group was chosen in compliance with the Defence Procurement Procedure (DPP) 2016 regulations.

Confirming India's stand on the offsets agreement between Dassault Aviation and Reliance Group, the former, in a statement, reiterated that Reliance Group was chosen in compliance with the Defence Procurement Procedure (DPP) 2016 regulations. It further clarified that although the Rafale deal was a contract between the Indian and the French governments, it provided for a separate contract in which Dassault Aviation committed to making compensation investments (offsets) in India equivalent to 50 per cent of the value of the purchase. "This offsets contract is delivered in compliance with the Defence Procurement Procedure (DPP) 2016 regulations. In this framework, and in accordance with the policy of Make in India, Dassault Aviation has decided to make a partnership with India's Reliance Group. This is Dassault Aviation's choice, as CEO Eric Trappier had explained in an interview published in MINT newspaper on April 17, 2018. This partnership has led to the creation of the Dassault Reliance Aerospace Ltd (DRAL) joint-venture in February 2017," the company stated. "Dassault Aviation and Reliance have built a plant in Nagpur for manufacturing parts for Falcon and Rafale aircraft. The Nagpur site was chosen because of the availability of land with direct access to an airport runway, an essential condition of aeronautic activities," it added. The French aviation company also said that contracts were signed with companies other than Reliance as well, as part of the offsets contract under the Rafale deal. "Other partnerships have been signed with other companies such as BTSL, DEFSYS, Kinetic, Mahindra, Maini, SAMTEL,. Other negotiations are ongoing with hundred-odd other potential partners," the firm divulged. The statement by Dassault Aviation comes shortly after former French president, François Hollande, claimed that Dassault Aviation was given no choice but to partner with Anil Ambani-led Reliance Defence for the offset clause in the Rafale fighter jet deal. The Centre, led by Prime Minister Modi, scrapped the UPA's plan in 2015 and announced that it would buy 36 "ready-to-fly" Rafale jets instead of seeking a technology transfer from France's Dassault Aviation and making the aircraft in India.

Deal with Reliance was Dassault Aviation's choice: Report

They were at loggerheads once upon a time, but all seems to be well between brothers Mukesh and Anil Ambani. As Mukesh Ambani's daughter Isha got engaged to Anand Piramal, the industrialist threw a bash to celebrate at his residence Antilla.&nbsp 
 
Among Bollywood celebrities and cricketers, the attendees who stood out was Anil Ambani and his family. Anil came with his wife Tina and son Jai Anmol to celebrate Isha's engagement.&nbsp 
 
The once-estranged brothers, who seem to have rekindled their relationship the past year, greeted each other first with a formal handshake and then hugged each other. Their wives Nita and Tina were also seen warmly greeting each other.&nbsp 
 
The family then together posed for the media before heading inside.&nbsp

<img alt="anil mukesh1.jpg" data-entity-type="" data-entity-uuid="" height="430" src="http://images.wionews.com/iniline-images/anil%20mukesh1.jpg" width="770" /> 
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<img alt="anil mukesh 3_1.jpg" data-entity-type="" data-entity-uuid="" height="430" src="http://images.wionews.com/iniline-images/anil%20mukesh%203_1.jpg" width="770" />

<img alt="anil mukesh 4.jpg" data-entity-type="" data-entity-uuid="" height="430" src="http://images.wionews.com/iniline-images/anil%20mukesh%204.jpg" width="770" />

<a href="http://www.wionews.com/india-news/entertainment-in-photos-mukesh-ambanis-daughter-isha-gets-engaged-to-anand-piramal-at-mumbais-iskcon-temple-135131">Isha Ambani is set to tie the knot with Anand </a>in December. Media reports suggest that Anil and Mukesh Ambani will come together for the wedding. 
 
The last time the Ambani brothers were seen together under one roof was during their sister Nina's daughter Nayantara's wedding in January 2013.&nbsp 
 
In December last year, Mukesh Ambani led RIL announced that it would be acquiring the wireless assets of Anil Ambani-led Reliance Communications for around Rs 23,000 crore.

Other celebrities who were spotted at Isha and Anand's engagement party were Shah Rukh Khan, Sachin Tendulkar, Amir Khan, Karan Johar and Ranbir Kapoor.

All seems to be well between brothers Mukesh and Anil Ambani

They were at loggerheads once upon a time, but all seems to be well between brothers Mukesh and Anil Ambani. As Mukesh Ambani's daughter Isha got engaged to Anand Piramal, the industrialist threw a bash to celebrate at his residence Antilla. Among Bollywood celebrities and cricketers, the attendees who stood out was Anil Ambani and his family. Anil came with his wife Tina and son Jai Anmol to celebrate Isha's engagement. The once-estranged brothers, who seem to have rekindled their relationship the past year, greeted each other first with a formal handshake and then hugged each other. Their wives Nita and Tina were also seen warmly greeting each other. The family then together posed for the media before heading inside. Isha Ambani is set to tie the knot with Anand in December. Media reports suggest that Anil and Mukesh Ambani will come together for the wedding. The last time the Ambani brothers were seen together under one roof was during their sister Nina's daughter Nayantara's wedding in January 2013. In December last year, Mukesh Ambani led RIL announced that it would be acquiring the wireless assets of Anil Ambani-led Reliance Communications for around Rs 23,000 crore. Other celebrities who were spotted at Isha and Anand's engagement party were Shah Rukh Khan, Sachin Tendulkar, Amir Khan, Karan Johar and Ranbir Kapoor.

Mukesh and Anil Ambani hug it out at Isha Ambani's engagement bash

Anil Ambani-led Reliance Group on Wednesday said it has sent a Rs 1,000 crore defamation notice to Mumbai Congress president Sanjay Nirupam for making “false and baseless” allegations against the company. The company will also file a contempt petition against Nirupam in the Bombay High Court, it said.

Nirupam had on Tuesday alleged that the “takeover” of debt-ridden Mumbai power business of Reliance Infrastructure by Adani Transmission Ltd was a deal executed at the behest of the Prime Minister’s Office to “bail out” Anil Ambani.&nbsp

“Nirupam has made several false, frivolous and baseless allegations and defamatory statements in relation to the proposed sale of Reliance Infrastructure’s integrated Mumbai power business to Adani Transmission and linking it with the purchase of Rafale fighter aircraft by the government from France,” the company said in a statement here.

The Reliance wants Nirupam to immediately withdraw his allegations and apologise within 72 hours after the receipt of the notice, the statement said. The company also demanded that Nirupam “desist from making any such statements concerning the Reliance Group without first ascertaining the facts.”

RInfra had signed an agreement with Adani Transmission for 100 per cent sale of its Mumbai power business for a total consideration value of Rs 18,800 crore. With the execution of the deal, the company hopes to become debt-free and with up to Rs 3,000 crore cash surplus. “We fear that the liability of both the companies will be passed on to the 30 lakh power consumers in Mumbai suburbs, 10 lakh of whom are slum dwellers,” Nirupam had said yesterday while underlining the need for “transparency” in executing such mega deals.

When contacted on Wednesday, Nirupam said he was yet to receive any such notice. He, however, was unfazed, saying he would continue to raise such issues in future too to ensure that the people of the city are not subjected to hardships. “Does demanding transparency in the deal and seeking the proper investigation into it amount to defamation?. If this is defamation, so be it,” the Congress leader said Wednesday.

“Instead of threatening me with defamation, the company should address the issues raised by me and ensure 30 lakh electricity consumers in suburban Mumbai are not put to any hardships of power tariff hike,” he said. He added that he already has a Rs 100 crore defamation suit filed against him in Bombay High Court, which is still pending.

Nirupam had on Tuesday alleged that the "takeover" of debt-ridden Mumbai power business of Reliance Infrastructure by Adani Transmission Ltd was a deal executed at the behest of the Prime Minister's Office to "bail out" Anil Ambani.

Anil Ambani-led Reliance Group on Wednesday said it has sent a Rs 1,000 crore defamation notice to Mumbai Congress president Sanjay Nirupam for making “false and baseless” allegations against the company. The company will also file a contempt petition against Nirupam in the Bombay High Court, it said. Nirupam had on Tuesday alleged that the “takeover” of debt-ridden Mumbai power business of Reliance Infrastructure by Adani Transmission Ltd was a deal executed at the behest of the Prime Minister’s Office to “bail out” Anil Ambani. “Nirupam has made several false, frivolous and baseless allegations and defamatory statements in relation to the proposed sale of Reliance Infrastructure’s integrated Mumbai power business to Adani Transmission and linking it with the purchase of Rafale fighter aircraft by the government from France,” the company said in a statement here. The Reliance wants Nirupam to immediately withdraw his allegations and apologise within 72 hours after the receipt of the notice, the statement said. The company also demanded that Nirupam “desist from making any such statements concerning the Reliance Group without first ascertaining the facts.” RInfra had signed an agreement with Adani Transmission for 100 per cent sale of its Mumbai power business for a total consideration value of Rs 18,800 crore. With the execution of the deal, the company hopes to become debt-free and with up to Rs 3,000 crore cash surplus. “We fear that the liability of both the companies will be passed on to the 30 lakh power consumers in Mumbai suburbs, 10 lakh of whom are slum dwellers,” Nirupam had said yesterday while underlining the need for “transparency” in executing such mega deals. When contacted on Wednesday, Nirupam said he was yet to receive any such notice. He, however, was unfazed, saying he would continue to raise such issues in future too to ensure that the people of the city are not subjected to hardships. “Does demanding transparency in the deal and seeking the proper investigation into it amount to defamation?. If this is defamation, so be it,” the Congress leader said Wednesday. “Instead of threatening me with defamation, the company should address the issues raised by me and ensure 30 lakh electricity consumers in suburban Mumbai are not put to any hardships of power tariff hike,” he said. He added that he already has a Rs 100 crore defamation suit filed against him in Bombay High Court, which is still pending.

Anil Ambani’s Reliance sends Rs 1,000 crore defamation notice to Congress’s Sanjay Nirupam

Reliance Infrastructure and its subsidiary Reliance Defence Systems Private Limited (RDSPL) have issued an arbitration notice against the promoters of Pipavav Defence and Engineering. Reliance Infrastructures have alleged a breach of warranties worth Rs 5,440.38 crore under their purchase agreement.

An arbitration notice has been issued against Nikhil Gandhi, Bhavesh Gandhi and their companies, SKIL Infrastructure Ltd, Grevek Investments and Finance Pvt Ltd and SKIL Shipyard Holdings Pvt Ltd -- the founder promoters of Pipapav Defence and Engineering Ltd.&nbsp;

In March 2015 Reliance Infrastructure acquired a controlling stake of Pipavav Defence.

 
&nbsp;

An arbitration notice has been issued against the promoters of Pipavav Defence and Engineering

Reliance Infrastructure and its subsidiary Reliance Defence Systems Private Limited (RDSPL) have issued an arbitration notice against the promoters of Pipavav Defence and Engineering. Reliance Infrastructures have alleged a breach of warranties worth Rs 5,440.38 crore under their purchase agreement. An arbitration notice has been issued against Nikhil Gandhi, Bhavesh Gandhi and their companies, SKIL Infrastructure Ltd, Grevek Investments and Finance Pvt Ltd and SKIL Shipyard Holdings Pvt Ltd -- the founder promoters of Pipapav Defence and Engineering Ltd. In March 2015 Reliance Infrastructure acquired a controlling stake of Pipavav Defence.

Reliance Infra issues arbitration notice worth Rs 5,440 crore

Debt-laden Reliance Communications has signed a deal to sell its wireless assets to Reliance Jio Infocomm, for a total value of nearly 240 billion rupees ($3.75 billion), two sources familiar with the matter told Reuters on Friday.

The two companies had announced late on Thursday that Reliance Communications, backed by businessman Anil Ambani, would sell all its spectrum, tower, fibre optic and other telecom infrastructure assets to Jio, which is owned by Reliance Industries and is controlled by Anil Ambani&#39;s elder brother Mukesh Ambani, India&#39;s richest person. They did not give the value of the deal.

The sale, if finalised, would mark a big step in Reliance Communication&#39;s quest to cut down its debt, which had sent its shares to record lows and led creditors such as China Development Bank (CDB) to start insolvency proceedings over missed payments.

CDB said earlier on Friday it is in talks with Reliance Communications, or RCom as it is called.

RCom shares rose as much as 29.9 per cent on Friday while Reliance Industries rose as much as 0.9 per cent.

The sale would also mark the return of the telecom operations back into the fold of Reliance Industries, which forayed into telecoms in 2002, spearheaded by the elder Ambani, under the name of Reliance Infocomm Ltd.

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&nbsp;

A feud between the two brothers in 2005 led to the split of Reliance Industries, with Mukesh Ambani keeping the cash cow oil and gas business and Anil Ambani walking away with telecoms and power.

But Mukesh Ambani has re-entered the telecoms space with the launch of Jio in September 2016, upending the sector with cut-price data and free voice service and pushing RCom into a debt spiral.

RCom has said it is retreating from the consumer telecom space to focus on its enterprise business, and on Tuesday announced a new plan to slash its debt pile by 390 billion rupees ($6.09 billion) without any haircut by the banks, leaving it with only around 60 billion rupees in debt.

Morgan Stanley analysts said the deal would allow Jio to further expand into India&#39;s telecom space, though it would also add to its debt.

&quot;Acquisition of RCom&#39;s telecom infrastructure should bring synergies and lower costs while raising clarity on growth capex. The deal could potentially raise balance sheet leverage by 10-12 per cent near term,&quot; Morgan Stanley wrote in a note on Friday.

Reliance Jio is India&#39;s fastest growing telecoms company with a subscriber base of close to 140 million. Through the deal, Jio gets access to four bands of spectrum and 43,000 telecom towers and a countrywide fibre optic network.

&nbsp;

The sale, if finalised, would mark a big step in Reliance Communication's quest to cut down its debt.

Debt-laden Reliance Communications has signed a deal to sell its wireless assets to Reliance Jio Infocomm, for a total value of nearly 240 billion rupees ($3.75 billion), two sources familiar with the matter told Reuters on Friday. The two companies had announced late on Thursday that Reliance Communications, backed by businessman Anil Ambani, would sell all its spectrum, tower, fibre optic and other telecom infrastructure assets to Jio, which is owned by Reliance Industries and is controlled by Anil Ambani's elder brother Mukesh Ambani, India's richest person. They did not give the value of the deal. The sale, if finalised, would mark a big step in Reliance Communication's quest to cut down its debt, which had sent its shares to record lows and led creditors such as China Development Bank (CDB) to start insolvency proceedings over missed payments. CDB said earlier on Friday it is in talks with Reliance Communications, or RCom as it is called. RCom shares rose as much as 29.9 per cent on Friday while Reliance Industries rose as much as 0.9 per cent. The sale would also mark the return of the telecom operations back into the fold of Reliance Industries, which forayed into telecoms in 2002, spearheaded by the elder Ambani, under the name of Reliance Infocomm Ltd. × A feud between the two brothers in 2005 led to the split of Reliance Industries, with Mukesh Ambani keeping the cash cow oil and gas business and Anil Ambani walking away with telecoms and power. But Mukesh Ambani has re-entered the telecoms space with the launch of Jio in September 2016, upending the sector with cut-price data and free voice service and pushing RCom into a debt spiral. RCom has said it is retreating from the consumer telecom space to focus on its enterprise business, and on Tuesday announced a new plan to slash its debt pile by 390 billion rupees ($6.09 billion) without any haircut by the banks, leaving it with only around 60 billion rupees in debt. Morgan Stanley analysts said the deal would allow Jio to further expand into India's telecom space, though it would also add to its debt. "Acquisition of RCom's telecom infrastructure should bring synergies and lower costs while raising clarity on growth capex. The deal could potentially raise balance sheet leverage by 10-12 per cent near term," Morgan Stanley wrote in a note on Friday. Reliance Jio is India's fastest growing telecoms company with a subscriber base of close to 140 million. Through the deal, Jio gets access to four bands of spectrum and 43,000 telecom towers and a countrywide fibre optic network.

Reliance Jio to buy RCom's wireless assets in $3.75 billion deal: Sources

Indian shares rose for a fourth consecutive session on Tuesday, boosted by Reliance Industries Ltd after Goldman Sachs raised its target price on the stock.

Goldman Sachs raised the target price on Reliance by 26 percent to 1,205 rupees and added the stock to its &lsquo;conviction list&rsquo; with a &lsquo;buy&rsquo; rating. The investment bank also expects the company&rsquo;s core earnings to double over the next three years. Reliance shares gained as much as 2 per cent.

The broader NSE Nifty was up 0.41 per cent at 10,341.05 as of 0637 GMT, while the benchmark BSE Sensex was 0.44 per cent higher at 33,507.26.

The Nifty Pharma index rose 2.2 per cent with Dr. Reddy&rsquo;s Laboratories Ltd gaining 9.65 per cent after the company got Establishment Inspection Report from the U.S. FDA for its Duvvada facility at Vishakapatnam.

Broader Asian markets were trading higher after strong German economic data boosted sentiment.

MSCI&rsquo;s broadest index of Asia-Pacific shares outside Japan was up 0.8 per cent.

&ldquo;Markets are riding on momentum and though there could be profit-booking by derivatives expiry next week, I expect Nifty to cross 10,500,&rdquo; said Krish Subramanyam, co-head - equity advisor at Altamount Capital.

Logistics firms gained after the government granted infrastructure status to the sector to help enable easy access to loans. Allcargo Logistics Ltd rose as much as 3.8 per cent.

Quess Corp Ltd surged as much as 9.5 percent after agreeing to buy a 51 per cent stake in Tata Business Support Services Ltd.

Among losers, L&amp;T Finance Holdings Ltd fell 3.9 percent after IFR reported that Citigroup is selling a 2.15 per cent stake in the company.

Indian shares rose for a fourth consecutive session on Tuesday, boosted by Reliance Industries Ltd after Goldman Sachs raised its target price on the stock

Indian shares rose for a fourth consecutive session on Tuesday, boosted by Reliance Industries Ltd after Goldman Sachs raised its target price on the stock. Goldman Sachs raised the target price on Reliance by 26 percent to 1,205 rupees and added the stock to its ‘conviction list’ with a ‘buy’ rating. The investment bank also expects the company’s core earnings to double over the next three years. Reliance shares gained as much as 2 per cent. The broader NSE Nifty was up 0.41 per cent at 10,341.05 as of 0637 GMT, while the benchmark BSE Sensex was 0.44 per cent higher at 33,507.26. The Nifty Pharma index rose 2.2 per cent with Dr. Reddy’s Laboratories Ltd gaining 9.65 per cent after the company got Establishment Inspection Report from the U.S. FDA for its Duvvada facility at Vishakapatnam. Broader Asian markets were trading higher after strong German economic data boosted sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.8 per cent. “Markets are riding on momentum and though there could be profit-booking by derivatives expiry next week, I expect Nifty to cross 10,500,” said Krish Subramanyam, co-head - equity advisor at Altamount Capital. Logistics firms gained after the government granted infrastructure status to the sector to help enable easy access to loans. Allcargo Logistics Ltd rose as much as 3.8 per cent. Quess Corp Ltd surged as much as 9.5 percent after agreeing to buy a 51 per cent stake in Tata Business Support Services Ltd. Among losers, L&T Finance Holdings Ltd fell 3.9 percent after IFR reported that Citigroup is selling a 2.15 per cent stake in the company.

Sensex rises for fourth day; Reliance, pharma lead

Continuing his tirade against Prime Minister Narendra Modi, Congress vice-president Rahul Gandhi today fired yet another salvo on Twitter.&nbsp;

Attacking Modi on the Rafale deal, the Congress leader told reporters that they have been asking so many questions and he responded but why have they failed to question the prime minister on who changed the Rafale deal to&nbsp;benefit of &quot;one&quot;&nbsp;businessman.

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You ask me so many questions &amp; I answer you properly, why don&#39;t you ask the PM about Rafale deal? He changed the whole deal for benefit of one businessman. Why don&#39;t you ask questions about Amit Shah&#39;s son? These are the questions I wanted to ask you: Rahul Gandhi <a href="https://t.co/p5S3nPMecR">pic.twitter.com/p5S3nPMecR</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/931057231935676416?ref_src=twsrc%5Etfw">November 16, 2017</a></blockquote>
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&quot;You ask me so many questions &amp; I answer you properly, why don&#39;t you ask the PM about Rafale deal? He changed the whole deal for benefit of one businessman. Why don&#39;t you ask questions about Amit Shah&#39;s son? These are the questions I wanted to ask you,&#39;&#39; Rahul Gandhi said without mentioning Anil Ambani-owned Reliance.

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Can you explain &quot;Reliance&quot; on someone with nil experience in aerospace for Rafale deal?
&mdash; Office of RG (@OfficeOfRG) <a href="https://twitter.com/OfficeOfRG/status/930995047436185600?ref_src=twsrc%5Etfw">November 16, 2017</a></blockquote>
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Taking a jibe at Modi on Twitter, the Congress vice-president said Self &quot;Reliance&quot; is obviously a critical aspect of &quot;Make in India.&quot;

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Self &quot;Reliance&quot; is obviously a critical aspect of &quot;Make in India.&quot;
&mdash; Office of RG (@OfficeOfRG) <a href="https://twitter.com/OfficeOfRG/status/930995317801082882?ref_src=twsrc%5Etfw">November 16, 2017</a></blockquote>
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Rahul took a dig at PM&nbsp;Modi asking: Can you explain &quot;Reliance&quot; on someone with nil experience in aerospace for Rafale deal?

Continuing his witty jibe on Modi, he further asked on his Twitter handle: Can you explain "Reliance" on someone with nil experience in aerospace for Rafale deal?

Continuing his tirade against Prime Minister Narendra Modi, Congress vice-president Rahul Gandhi today fired yet another salvo on Twitter. Attacking Modi on the Rafale deal, the Congress leader told reporters that they have been asking so many questions and he responded but why have they failed to question the prime minister on who changed the Rafale deal to benefit of "one" businessman. You ask me so many questions & I answer you properly, why don't you ask the PM about Rafale deal? He changed the whole deal for benefit of one businessman. Why don't you ask questions about Amit Shah's son? These are the questions I wanted to ask you: Rahul Gandhi pic.twitter.com/p5S3nPMecR — ANI (@ANI) November 16, 2017 × "You ask me so many questions & I answer you properly, why don't you ask the PM about Rafale deal? He changed the whole deal for benefit of one businessman. Why don't you ask questions about Amit Shah's son? These are the questions I wanted to ask you,'' Rahul Gandhi said without mentioning Anil Ambani-owned Reliance. Can you explain "Reliance" on someone with nil experience in aerospace for Rafale deal? — Office of RG (@OfficeOfRG) November 16, 2017 × Taking a jibe at Modi on Twitter, the Congress vice-president said Self "Reliance" is obviously a critical aspect of "Make in India." Self "Reliance" is obviously a critical aspect of "Make in India." — Office of RG (@OfficeOfRG) November 16, 2017 × Rahul took a dig at PM Modi asking: Can you explain "Reliance" on someone with nil experience in aerospace for Rafale deal?

Now, Rahul Gandhi tweets on Rafale deal, takes a dig at Modi government

The next hearing in the 2G scam will be held on December 5, when the court is expected to pronounce the date of the verdict.&nbsp;

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2G Spectrum Case: Special CBI Court in Delhi adjourns the matter, will now fix the date of verdict on 5 December.
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/927757852583669760?ref_src=twsrc%5Etfw">November 7, 2017</a></blockquote>
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The special court had been expected to declare the date of pronouncement of judgment in three cases in the 2G spectrum scam, one of the most high-profile scams involving politicians and renowned industrialists, on Tuesday itself but the court adjourned the matter.&nbsp;

Special Judge OP Saini has been exclusively dealing with cases arising out of the 2G spectrum scam. Two cases have been filed by the Central Bureau of Investigation (CBI) and another one by the Enforcement Directorate (ED).

In its charge sheet filed against former telecom minister A. Raja, DMK Rajya Sabha member Kanimozhi and others in 2011, the CBI had alleged that there was a loss of Rs. 30,984 crore in the allocation of 122 licences for 2G spectrum.

In April 2014, the ED filed a charge sheet against 19 people, including Raja and Kanimozhi in connection with a money laundering case relating to the scam.

The alleged scam is thought of as one of the most high-profile, with politicians and renowned industrialists involved

The next hearing in the 2G scam will be held on December 5, when the court is expected to pronounce the date of the verdict. 2G Spectrum Case: Special CBI Court in Delhi adjourns the matter, will now fix the date of verdict on 5 December. — ANI (@ANI) November 7, 2017 × The special court had been expected to declare the date of pronouncement of judgment in three cases in the 2G spectrum scam, one of the most high-profile scams involving politicians and renowned industrialists, on Tuesday itself but the court adjourned the matter. Special Judge OP Saini has been exclusively dealing with cases arising out of the 2G spectrum scam. Two cases have been filed by the Central Bureau of Investigation (CBI) and another one by the Enforcement Directorate (ED). In its charge sheet filed against former telecom minister A. Raja, DMK Rajya Sabha member Kanimozhi and others in 2011, the CBI had alleged that there was a loss of Rs. 30,984 crore in the allocation of 122 licences for 2G spectrum. In April 2014, the ED filed a charge sheet against 19 people, including Raja and Kanimozhi in connection with a money laundering case relating to the scam.

2G scam: Court to announce date of verdict on Dec 5

A special CBI court, hearing the 2G spectrum allocation case against former Telecom Minister A&nbsp;Raja, DMK Rajya Sabha member Kanimozhi, adjounred the hearing&nbsp;on Wednesday. It will now hear the case on&nbsp;November 7&nbsp;after the judge said that documents filed in the case are voluminous and technical in nature which were still under perusal.

The court said it might decide the date of judgement on the next date fixed for hearing.

The court&nbsp;also issued production warrant against Unitech Managing Director Sanjay Chandra and Bollywood producer Karim Morani. All the accused have been asked to be&nbsp;present on the next date of hearing.

The court was hearing two separate cases related to sale of 2G spectrum in 2007-2008. One is being probed by the CBI and the other by the Enforcement Directorate.

According to the CBI, Raja was biased in allocating 2G mobile airwaves and operating licenses to telecom firms, causing a huge loss to the&nbsp;exchequer. The CBI chargesheet said Rs 200 crore was transferred from DB Group to Kalaignar TV, which was kickbacks in lieu of allocation of 2G spectrum to Swan Telecom Pvt Ltd.

The ED has filed a separate case related to money laundering alleging that a conspiracy was hatched by Raja, Kanimozhi, DMK supremo M&nbsp;Karunanidhi&rsquo;s wife Dayalu Ammal and others.

All the accused, including Raja, are out on bail.

(With inputs from agencies)

The case is currently pending against former telecom minister A Raja, DMK Rajya Sabha member Kanimozhi

A special CBI court, hearing the 2G spectrum allocation case against former Telecom Minister A Raja, DMK Rajya Sabha member Kanimozhi, adjounred the hearing on Wednesday. It will now hear the case on November 7 after the judge said that documents filed in the case are voluminous and technical in nature which were still under perusal. The court said it might decide the date of judgement on the next date fixed for hearing. The court also issued production warrant against Unitech Managing Director Sanjay Chandra and Bollywood producer Karim Morani. All the accused have been asked to be present on the next date of hearing. The court was hearing two separate cases related to sale of 2G spectrum in 2007-2008. One is being probed by the CBI and the other by the Enforcement Directorate. According to the CBI, Raja was biased in allocating 2G mobile airwaves and operating licenses to telecom firms, causing a huge loss to the exchequer. The CBI chargesheet said Rs 200 crore was transferred from DB Group to Kalaignar TV, which was kickbacks in lieu of allocation of 2G spectrum to Swan Telecom Pvt Ltd. The ED has filed a separate case related to money laundering alleging that a conspiracy was hatched by Raja, Kanimozhi, DMK supremo M Karunanidhi’s wife Dayalu Ammal and others. All the accused, including Raja, are out on bail. (With inputs from agencies)

2G scam case: CBI court defers hearing against A Raja, others to November 7

Reliance&nbsp;Industries&nbsp;Ltd has&nbsp;purchased&nbsp;crude oil cargoes from the United States for the&nbsp;first&nbsp;time, drawn by the lower price for US&nbsp;oil versus global benchmarks, three trade&nbsp;sources&nbsp;said on Tuesday.

Reliance, the owner of the world&rsquo;s biggest refining complex at Jamnagar, is joining state-run refiners Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp in importing US&nbsp;crude. The&nbsp;purchase&nbsp;illustrates the vast reach of US&nbsp;oil exports since the government rescinded a decades-long ban at the end of 2015.

For this&nbsp;purchase,&nbsp;Reliance&nbsp;bought 1 million barrels of West Texas Intermediate (WTI) Midland and a similar-sized cargo of Eagle Ford&nbsp;crude, both of which are expected to arrive in November, the&nbsp;sources&nbsp;said.

US&nbsp;producer Occidental Petroleum Corp sold the WTI Midland cargo, they said.

Reliance&nbsp;did not respond to Reuters&#39; email seeking comments.

There was also no reply to an emailed request for comment from Occidental sent outside of US&nbsp;business hours.

Opportunities for Indian refiners to import more US&nbsp;crude&nbsp;increased after the discount for West Texas Intermediate, the benchmark for US&nbsp;crude, to global benchmark Brent stretched to its widest since 2015 during September.

State-run Indian refiners have bought a total 7.85 million barrels of oil from the United States so far.

India&#39;s imports of US&nbsp;oil follows Indian Prime Minister Narendra Modi&#39;s visit to Washington in June when President Donald Trump said his country looked forward to exporting more energy products to India.

On Monday, Indian Oil, the country&#39;s top refiner, received its parcel of the US&nbsp;crude&nbsp;at the eastern port of Paradip, the company said in a statement.

Including the US&nbsp;as a source for&nbsp;crude&nbsp;imports for refiners will go a long way in mitigating the risk arising from geopolitical disruptions, Sanjay Sudhir, the joint secretary for international cooperation at the oil ministry, said in the Indian Oil statement.

US&nbsp;crude&nbsp;oil shipments to India have the potential to boost bilateral trade by up to $2 billion, the US&nbsp;embassy in India said in a statement on Monday.

Reliance?bought 1 million barrels of West Texas Intermediate Midland and a similar-sized cargo of Eagle Ford?crude, both of which are expected to arrive in November

Reliance Industries Ltd has purchased crude oil cargoes from the United States for the first time, drawn by the lower price for US oil versus global benchmarks, three trade sources said on Tuesday. Reliance, the owner of the world’s biggest refining complex at Jamnagar, is joining state-run refiners Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp in importing US crude. The purchase illustrates the vast reach of US oil exports since the government rescinded a decades-long ban at the end of 2015. For this purchase, Reliance bought 1 million barrels of West Texas Intermediate (WTI) Midland and a similar-sized cargo of Eagle Ford crude, both of which are expected to arrive in November, the sources said. US producer Occidental Petroleum Corp sold the WTI Midland cargo, they said. Reliance did not respond to Reuters' email seeking comments. There was also no reply to an emailed request for comment from Occidental sent outside of US business hours. Opportunities for Indian refiners to import more US crude increased after the discount for West Texas Intermediate, the benchmark for US crude, to global benchmark Brent stretched to its widest since 2015 during September. State-run Indian refiners have bought a total 7.85 million barrels of oil from the United States so far. India's imports of US oil follows Indian Prime Minister Narendra Modi's visit to Washington in June when President Donald Trump said his country looked forward to exporting more energy products to India. On Monday, Indian Oil, the country's top refiner, received its parcel of the US crude at the eastern port of Paradip, the company said in a statement. Including the US as a source for crude imports for refiners will go a long way in mitigating the risk arising from geopolitical disruptions, Sanjay Sudhir, the joint secretary for international cooperation at the oil ministry, said in the Indian Oil statement. US crude oil shipments to India have the potential to boost bilateral trade by up to $2 billion, the US embassy in India said in a statement on Monday.

Reliance, state-run oil cos buy US crude for first time

Reliance has cancelled the pre-bookings of its latest launch 4G VoLTE feature phone.

The company suspended the pre bookings of the &quot;effectively free&quot; phone due to overbooking of orders. The already booked orders are expected to be delivered by September.

Reliance&nbsp;has suspended the booking for some time and will notify its users&nbsp;after it gets back to taking up further orders.

The company website said &ldquo;Millions have pre-booked the JioPhone. We will inform you when pre-booking resumes,&rdquo;

However, the company has still not clarified if it had stopped pre-bookings on all retailers and stores. &nbsp;

In his latest annual general meeting, Reliance Industries Chairman Mukesh Ambani had said that the company expects to sell five&nbsp;million JioPhones every week.&nbsp;

The pre-bookings of the effectively zero priced phone had started on August 24 after the initial deposit of Rs 500, which was later to be refunded by the company. In addition to this, the customer had to pay an additional deposit of Rs 1000 after the handsets&#39;&nbsp;delivery in September, which was again refundable.&nbsp;

The amount of the JioPhone will be refunded after three years on the return of the handset. The phone provides free voicecall and an unlimited SMS and half a GB of data per day on payment of &nbsp;Rs 153 a month. Besides these, the handset will provide access to various Jio apps on music and movies.&nbsp;

&nbsp;

Reliance?has suspended the booking for some time and will notify its users after it gets back to taking up further orders

Reliance has cancelled the pre-bookings of its latest launch 4G VoLTE feature phone. The company suspended the pre bookings of the "effectively free" phone due to overbooking of orders. The already booked orders are expected to be delivered by September. Reliance has suspended the booking for some time and will notify its users after it gets back to taking up further orders. The company website said “Millions have pre-booked the JioPhone. We will inform you when pre-booking resumes,” However, the company has still not clarified if it had stopped pre-bookings on all retailers and stores. In his latest annual general meeting, Reliance Industries Chairman Mukesh Ambani had said that the company expects to sell five million JioPhones every week. The pre-bookings of the effectively zero priced phone had started on August 24 after the initial deposit of Rs 500, which was later to be refunded by the company. In addition to this, the customer had to pay an additional deposit of Rs 1000 after the handsets' delivery in September, which was again refundable. The amount of the JioPhone will be refunded after three years on the return of the handset. The phone provides free voicecall and an unlimited SMS and half a GB of data per day on payment of Rs 153 a month. Besides these, the handset will provide access to various Jio apps on music and movies.

Reliance Jio cancels pre-bookings of JioPhone after overbooking

&nbsp;India&#39;s disruptive new telecom entrant Reliance Jio, backed by the country&#39;s richest man Mukesh Ambani, unveiled a low-cost 4G-enabled phone&nbsp;to woo tens of millions of new clients, further destabilising legacy telecom players.

Jio has enjoyed a meteoric rise since its launch a year ago, with its months of free services and sharply discounted plans battering the fortunes of incumbent telecom players in India such as Bharti Airtel and Idea Cellular, who have seen revenues and profits shrink dramatically.

Despite Jio&#39;s rapid rise, funded by mega profits churned out of parent Reliance Industries&#39; core refining and petrochemicals operations, it has been unable to tap over 500 million non-smartphone users in India, who still rely on old feature phones to make calls and send text messages, as its network only supports 4G-enabled phones.

Reliance sees the new handset, named JioPhone, allowing it to target India&#39;s entire telecom user base.

The new phone will &quot;effectively cost zero&quot; as buyers will be able to get the device for a one-time refundable security deposit of 1,500 rupees ($23.3), said Ambani, chairman of Reliance Industries, announcing the launch at the conglomerate&#39;s annual shareholders&#39; meeting.

The announcement, which was greeted by applause from shareholders in a packed auditorium in south Mumbai, sent shares in rivals Airtel and Idea down 2.0 per cent and 3.3 per cent, respectively.

Jio&#39;s disruptive pricing of the new phone and its online content partnerships could further weigh on the sector&#39;s already dismal earnings and put pressure on lenders&#39; loanbooks.

Earlier this year, the Reserve Bank of India (RBI) said the telecom sector&#39;s earnings had deteriorated to the point that it was untenable for telecoms players to even cover the interest costs tied to loans.

&quot;They are getting people hooked to the data with the content,&quot; said Varun Khandelwal, managing director, Bullero Capital. &quot;Airtel, Vodafone do not have such bandwidth to give free phones or the kind of content that Jio has.&quot;

Reliance shares closed up 3.7 per cent after touching a nearly nine-and-a-half-year high in trading following the meeting, where the company also announced a one-for-one bonus share issue.

Ambani said the new device will begin to hit store shelves from August 15. Voice calling will be free on the JioPhone, while unlimited data packs will cost 153 rupees ($2.38) a month.

&quot;The offer is quite compelling, as the phone has a lot of compelling features,&quot; said Nitin Soni, who covers the telecoms sector for Fitch Ratings.

Jio already boasts more than 125 million users, making it the world&#39;s fastest growing tech firm, and has added customers quicker than even the likes of free services like Facebook and its popular messaging service WhatsApp, said Ambani.

It has propelled India to become the No. 1 data consumer worldwide surpassing both the United States and China, he said.

&quot;My sense is that they are looking at between 150 million and 200 million subscribers within the next 12 months,&quot; said Fitch&#39;s Soni.

Jio has enjoyed a meteoric rise since its launch a year ago, with its months of free services and sharply discounted plans battering the fortunes of incumbent telecom players in India such as Bharti Airtel and Idea Cellular, who have seen revenues and profits shrink dramatically.

India's disruptive new telecom entrant Reliance Jio, backed by the country's richest man Mukesh Ambani, unveiled a low-cost 4G-enabled phone to woo tens of millions of new clients, further destabilising legacy telecom players. Jio has enjoyed a meteoric rise since its launch a year ago, with its months of free services and sharply discounted plans battering the fortunes of incumbent telecom players in India such as Bharti Airtel and Idea Cellular, who have seen revenues and profits shrink dramatically. Despite Jio's rapid rise, funded by mega profits churned out of parent Reliance Industries' core refining and petrochemicals operations, it has been unable to tap over 500 million non-smartphone users in India, who still rely on old feature phones to make calls and send text messages, as its network only supports 4G-enabled phones. Reliance sees the new handset, named JioPhone, allowing it to target India's entire telecom user base. The new phone will "effectively cost zero" as buyers will be able to get the device for a one-time refundable security deposit of 1,500 rupees ($23.3), said Ambani, chairman of Reliance Industries, announcing the launch at the conglomerate's annual shareholders' meeting. The announcement, which was greeted by applause from shareholders in a packed auditorium in south Mumbai, sent shares in rivals Airtel and Idea down 2.0 per cent and 3.3 per cent, respectively. Jio's disruptive pricing of the new phone and its online content partnerships could further weigh on the sector's already dismal earnings and put pressure on lenders' loanbooks. Earlier this year, the Reserve Bank of India (RBI) said the telecom sector's earnings had deteriorated to the point that it was untenable for telecoms players to even cover the interest costs tied to loans. "They are getting people hooked to the data with the content," said Varun Khandelwal, managing director, Bullero Capital. "Airtel, Vodafone do not have such bandwidth to give free phones or the kind of content that Jio has." Reliance shares closed up 3.7 per cent after touching a nearly nine-and-a-half-year high in trading following the meeting, where the company also announced a one-for-one bonus share issue. Ambani said the new device will begin to hit store shelves from August 15. Voice calling will be free on the JioPhone, while unlimited data packs will cost 153 rupees ($2.38) a month. "The offer is quite compelling, as the phone has a lot of compelling features," said Nitin Soni, who covers the telecoms sector for Fitch Ratings. Jio already boasts more than 125 million users, making it the world's fastest growing tech firm, and has added customers quicker than even the likes of free services like Facebook and its popular messaging service WhatsApp, said Ambani. It has propelled India to become the No. 1 data consumer worldwide surpassing both the United States and China, he said. "My sense is that they are looking at between 150 million and 200 million subscribers within the next 12 months," said Fitch's Soni.

Reliance rattles Indian telcos again by unveiling 'free' 4G phone

Indian shares rose on Friday to post a third consecutive weekly gain, with Reliance Industries hitting it highest in over 9-1/2 years after posting strong quarterly results and announcing the launch of a low-cost, 4G-enabled phone.

The broader NSE Nifty closed up 0.42 per cent at 9,915.25, while the benchmark BSE&nbsp;Sensex finished 0.39 per cent higher at 32,028.89.

The Nifty gained 0.29 per cent this week, while the&nbsp;Sensex&nbsp;inched up 0.03 per cent.

Reliance gained 3.7 per cent, but its telecom rivals slumped, with Bharti Airtel&nbsp;ending down 2 per cent and Idea Cellular&nbsp;falling 3.3 per cent.

Indian shares rose on Friday to post a third consecutive weekly gain, with Reliance Industries hitting it highest in over 9-1/2 years after posting strong quarterly results and announcing the launch of a low-cost, 4G-enabled phone

Indian shares rose on Friday to post a third consecutive weekly gain, with Reliance Industries hitting it highest in over 9-1/2 years after posting strong quarterly results and announcing the launch of a low-cost, 4G-enabled phone. The broader NSE Nifty closed up 0.42 per cent at 9,915.25, while the benchmark BSE Sensex finished 0.39 per cent higher at 32,028.89. The Nifty gained 0.29 per cent this week, while the Sensex inched up 0.03 per cent. Reliance gained 3.7 per cent, but its telecom rivals slumped, with Bharti Airtel ending down 2 per cent and Idea Cellular falling 3.3 per cent.

Sensex ends higher; Reliance Industries leads after JioPhone launch

The government&#39;s demand for an additional share in the profits and royalty from the contractors of Panna Mukta and Tapti oil and gas fields is &quot;premature&quot;, Reliance said.

Reliance and Royal Dutch Shell own 30 per cent interest each in the fields, off India&#39;s west coast, while Oil and Natural Gas Corporation (ONGC) holds the remaining 40 per cent.

India sought $3 billion from the companies after an international tribunal upheld the government&#39;s view that profit from the fields be taxed at the current rate of 33 per&nbsp;cent and not the earlier 50 per cent, the Economic Times newspaper reported.&nbsp;

The government has sought the additional payments in line with the arbitration tribunal&#39;s final partial award dated October 12, Reliance said.

&quot;The quantification of liabilities (if any) of the parties arising out of the Partial Award have to be determined by the Arbitration Tribunal after the Parties have made their respective submissions on quantification,&quot; the company added.

The arbitration tribunal is yet to schedule the timeline for the quantification phase, Reliance said, adding the company had already responded to the government&#39;s demand notice.

Reliance and Royal Dutch Shell own 30 per cent interest each in the fields, off India's west coast, while Oil and Natural Gas holds the remaining 40 per cent

The government's demand for an additional share in the profits and royalty from the contractors of Panna Mukta and Tapti oil and gas fields is "premature", Reliance said. Reliance and Royal Dutch Shell own 30 per cent interest each in the fields, off India's west coast, while Oil and Natural Gas Corporation (ONGC) holds the remaining 40 per cent. India sought $3 billion from the companies after an international tribunal upheld the government's view that profit from the fields be taxed at the current rate of 33 per cent and not the earlier 50 per cent, the Economic Times newspaper reported. The government has sought the additional payments in line with the arbitration tribunal's final partial award dated October 12, Reliance said. "The quantification of liabilities (if any) of the parties arising out of the Partial Award have to be determined by the Arbitration Tribunal after the Parties have made their respective submissions on quantification," the company added. The arbitration tribunal is yet to schedule the timeline for the quantification phase, Reliance said, adding the company had already responded to the government's demand notice.

Reliance Industries calls government's $3 billion demand premature

Reliance said it was investigating claims that personal data of over 100 million of its customers had leaked onto a website, in what may be the first-ever large-scale data breach at an Indian telecom operator.

Jio, India&#39;s newest telecoms entrant, said that the data on the website, &#39;Magicapk.com&#39;, appeared to be &quot;unauthentic&quot;&nbsp;and that its subscriber data was safe and maintained with the highest security.

But people complained on Twitter about personal information of Jio users being publicly available on Magicapk.com, and some Indian media said that their checks had led them to believe the leak was real.

Jio declined to comment on the newspaper reports.

&#39;We have informed law enforcement agencies about the claims of the website and will follow through to ensure strict action is taken,&#39; a Jio spokeswoman said.

A media outlet said it was able to cross-verify details on a number of Jio customers known to them.

&#39;Indianexpress.com checked with some Jio numbers and found that details of numbers bought as late as last week are up on the site. However, it was not clear if all the numbers are available on the site, as a lot of queries were throwing a blank,&#39; the newspaper reported.

Magicapk.com is showing as &quot;suspended&quot;&nbsp;since late on Sunday.

Many users had been registered for Reliance Jio services by using the 12-digit Unique Identification Authority of India (UIDAI) provided a number, commonly known as the &#39;Adhaar&#39; number. The Indian government has begun mandating the use of Adhaar for everything from opening a bank account to filing tax returns.

The &#39;Adhaar&#39; number, which works on similar lines as Social Security numbers in the US is unique to every Indian citizen and it stores biometric data of users in a centralised database.

Local tech website MediaNama said that Adhaar information on the website had been redacted. It also said it had independently verified data on the website for multiple Jio numbers, and that the data was accurate for those numbers.

Jio, run by Reliance Industries launched last September and has already added over 100 million subscribers.

If the claims of the data breach are true, it would be a big setback for the Indian telecom entrant&#39;s aggressive push led by Reliance Chairman Mukesh Ambani.

Ambani, India&#39;s richest man, through months of free and cut-price deals has propelled Jio into the nation&#39;s fastest growing wireless operator. It added 3.9 million subscribers to its network in April.

&nbsp;

This is the first ever large-scale data breach at an Indian telecom operator

Reliance said it was investigating claims that personal data of over 100 million of its customers had leaked onto a website, in what may be the first-ever large-scale data breach at an Indian telecom operator. Jio, India's newest telecoms entrant, said that the data on the website, 'Magicapk.com', appeared to be "unauthentic" and that its subscriber data was safe and maintained with the highest security. But people complained on Twitter about personal information of Jio users being publicly available on Magicapk.com, and some Indian media said that their checks had led them to believe the leak was real. Jio declined to comment on the newspaper reports. 'We have informed law enforcement agencies about the claims of the website and will follow through to ensure strict action is taken,' a Jio spokeswoman said. A media outlet said it was able to cross-verify details on a number of Jio customers known to them. 'Indianexpress.com checked with some Jio numbers and found that details of numbers bought as late as last week are up on the site. However, it was not clear if all the numbers are available on the site, as a lot of queries were throwing a blank,' the newspaper reported. Magicapk.com is showing as "suspended" since late on Sunday. Many users had been registered for Reliance Jio services by using the 12-digit Unique Identification Authority of India (UIDAI) provided a number, commonly known as the 'Adhaar' number. The Indian government has begun mandating the use of Adhaar for everything from opening a bank account to filing tax returns. The 'Adhaar' number, which works on similar lines as Social Security numbers in the US is unique to every Indian citizen and it stores biometric data of users in a centralised database. Local tech website MediaNama said that Adhaar information on the website had been redacted. It also said it had independently verified data on the website for multiple Jio numbers, and that the data was accurate for those numbers. Jio, run by Reliance Industries launched last September and has already added over 100 million subscribers. If the claims of the data breach are true, it would be a big setback for the Indian telecom entrant's aggressive push led by Reliance Chairman Mukesh Ambani. Ambani, India's richest man, through months of free and cut-price deals has propelled Jio into the nation's fastest growing wireless operator. It added 3.9 million subscribers to its network in April.

Reliance Jio probes alleged data breach of over 100 million customers

According to a report by The Economic Times, Reliance is expected to introduce a 4G feature phone on 21 July in the Reliance Industries&#39; Annual meet. The price of the phone is speculated to fall within the 1000 segment. The analysts at HSBC , however, have pegged the device price at around Rs 500.

HSBC Director and Telecom analyst, &nbsp;Rajiv Sharma, has suggested that the Reliance Jio 4G VoLTE phone will be priced at Rs 500 (sub-$8) to lure 2G subscribers to directly switch to 4G. He further added that Jio will be subsidising each handset by as much as $10-15 (Rs 650-975).

The &#39;4G feature phone&#39; will be a new addition to the slew of Reliance smartphones under its LYF brand, as there aren&#39;t many players in the 4G feature phones segment as yet. While the Indian market is still maturing and the shift to smartphones is gradual, a large amount of the feature phone market remains untapped. The entry of a Jio-backed 4G feature phone can give Reliance an edge over rival telecom operators.

Most feature phones in India only support 2G network. 4G feature is a new introduction to the Indian market. Lava and Micromax had recently launched feature phones with 4G capabilities priced above the Rs 3000 range, giving customers the option of resorting to smartphones within the same range.&nbsp;

Though not officially announced, the phone is expected to enter the market by July end. Some reports are also hinting at an August 15 launch. Reliance has placed orders for 18-20 million of the 4G VoLTE feature phones.

The new 4G feature phone will help Reliance tackle the subscriber addition that has slowed down since January 2017. The company added only 3.9 million subscribers in the month of April as opposed to 19.6 million subscribers added in October after its commercial launch in September last year.

Being a budget-oriented phone, the phone might not have many features, except for the 4G functionality. Along with the budget phone, Reliance Jio is also expected to announce new tariff plans at the general meeting. The Jio Dhan Dhana Dhan and other offers announced at the beginning of the financial year are now coming to an end and new offers are awaited from the 4G service provider.&nbsp;

Reliance Jio recently unveiled offers for new Reliance JioFi and new SIM card buyers with Jio Prime membership. The device is priced at Rs 1,999 and the Prime membership comes for Rs 99 for a year. The plans between Rs 149 per month to Rs 990 for 2 cycles offers anywhere between 2GB 4G data monthly to 2GB data per day. There are also plans offering data without FUP.

The entry of Reliance Jio disrupted the telecom market and lead to data warms, further leading to a consolidation of the Indian operators. The launch of a new feature device could fuel the war further, with Reliance Jio making inroads in the 2G markets of the country which are yet not affected by the data war. The rural markets are Jio&rsquo;s target as suggested by analysts.

&nbsp;

Reliance is expected to introduce a 4G feature phone VoLTE on 21 July in the Reliance Industries' Annual meet

According to a report by The Economic Times, Reliance is expected to introduce a 4G feature phone on 21 July in the Reliance Industries' Annual meet. The price of the phone is speculated to fall within the 1000 segment. The analysts at HSBC , however, have pegged the device price at around Rs 500. HSBC Director and Telecom analyst, Rajiv Sharma, has suggested that the Reliance Jio 4G VoLTE phone will be priced at Rs 500 (sub-$8) to lure 2G subscribers to directly switch to 4G. He further added that Jio will be subsidising each handset by as much as $10-15 (Rs 650-975). The '4G feature phone' will be a new addition to the slew of Reliance smartphones under its LYF brand, as there aren't many players in the 4G feature phones segment as yet. While the Indian market is still maturing and the shift to smartphones is gradual, a large amount of the feature phone market remains untapped. The entry of a Jio-backed 4G feature phone can give Reliance an edge over rival telecom operators. Most feature phones in India only support 2G network. 4G feature is a new introduction to the Indian market. Lava and Micromax had recently launched feature phones with 4G capabilities priced above the Rs 3000 range, giving customers the option of resorting to smartphones within the same range. Though not officially announced, the phone is expected to enter the market by July end. Some reports are also hinting at an August 15 launch. Reliance has placed orders for 18-20 million of the 4G VoLTE feature phones. The new 4G feature phone will help Reliance tackle the subscriber addition that has slowed down since January 2017. The company added only 3.9 million subscribers in the month of April as opposed to 19.6 million subscribers added in October after its commercial launch in September last year. Being a budget-oriented phone, the phone might not have many features, except for the 4G functionality. Along with the budget phone, Reliance Jio is also expected to announce new tariff plans at the general meeting. The Jio Dhan Dhana Dhan and other offers announced at the beginning of the financial year are now coming to an end and new offers are awaited from the 4G service provider. Reliance Jio recently unveiled offers for new Reliance JioFi and new SIM card buyers with Jio Prime membership. The device is priced at Rs 1,999 and the Prime membership comes for Rs 99 for a year. The plans between Rs 149 per month to Rs 990 for 2 cycles offers anywhere between 2GB 4G data monthly to 2GB data per day. There are also plans offering data without FUP. The entry of Reliance Jio disrupted the telecom market and lead to data warms, further leading to a consolidation of the Indian operators. The launch of a new feature device could fuel the war further, with Reliance Jio making inroads in the 2G markets of the country which are yet not affected by the data war. The rural markets are Jio’s target as suggested by analysts.

Reliance to introduce 4G feature phone for Rs 500

India&#39;s state-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 1 ahead of a nationwide roll out of the scheme, industry sources said.

To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said.

State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets.

State refiners - Indian Oil Corp,&nbsp;Bharat Petroleum Corp&nbsp;and Hindustan Petroleum Corp&nbsp;- operate 90 per cent of the retail outlets in the country.

The three have upto 200 fuel stations in the five cities, the sources said.

The roll out of &quot;daily dynamic pricing&quot; in five cities will help them identify the problems ahead of a nationwide roll out of the scheme later this year, the sources, who did not wish to be identified because of the sensitivity of the matter, said.

No immediate comment was available from the state refiners.

Indian private fuel retailers - Reliance Industries&nbsp;and Essar Oil - are expected to follow their state peers, the sources added.

(Reuters)

State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets

India's state-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 1 ahead of a nationwide roll out of the scheme, industry sources said. To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said. State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets. State refiners - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp - operate 90 per cent of the retail outlets in the country. The three have upto 200 fuel stations in the five cities, the sources said. The roll out of "daily dynamic pricing" in five cities will help them identify the problems ahead of a nationwide roll out of the scheme later this year, the sources, who did not wish to be identified because of the sensitivity of the matter, said. No immediate comment was available from the state refiners. Indian private fuel retailers - Reliance Industries and Essar Oil - are expected to follow their state peers, the sources added. (Reuters)

Indian state refiners to revise fuel price in 5 cities daily from May 1, sources say

The announcement by&nbsp;Mukesh Ambani, on Tuesday, that Reliance Jio will stop offering free data services from April has raised the question if it will end telecom industry&#39;s suffering.

Analysts say it will take at least one or two years before the industry gets back on track.&nbsp;

Free voice and data services offered by Jio since last year had thrown the financials of its rival companies like&nbsp;Bharti Airtel, Vodafone, Idea Cellular and others under stress.

&quot;With the commercial launch of Jio&#39;s services, I foresee that in a year or so, things overall will have a more stable and financial outlook will be sound. Telecom industry will be going through a period of pain but at the end of it, there will be some good coming out of it,&quot; Ambani said.

G Krishna Kumar, Bengaluru-based telecom analyst, expects the upheaval in the sector to continue as competition to grab data market will intensify.

He said that Reliance Jio may find it tough to retain its current user base after its data services become paid.

Krishna Kumar predicted that 50-60 per cent&nbsp;of the users will withdraw from Jio post commercial launch on April 1.

&quot;In the Indian context, most users are prepaid users and the average revenue per user (Arpu) in this segment is around Rs 100-130 (about $1.50-$2.00 US). If you compare that with Rs 300 ($4.50 US) that Reliance is offering, how many people will be able to afford that? Today, people are on Jio network because it is free. I believe 50-60 per cent&nbsp;of the users will pull off,&quot; he said

Today 96 per cent&nbsp;of mobile users in India were prepaid subscribers.

&quot;Jio is trying to attract prepaid subscribers through the Rs 303 ($4.50 US) per month plan but may not be able to convert the prepaid subscribers There may also not be many takers for mobile porting as the quality of voice call on Jio network is very poor,&quot; he said.

According to him, Jio may be able to attract customers in the post-paid segment, which is only 4 per cent&nbsp;of the users and where the Arpu is about Rs 490 ($7.30 US) per subscriber.

&quot;Jio could attract customers in this (postpaid) segment. Considering that the Jio&#39;s voice quality is not good, the subscribers may go with incumbent connection for voice and Jio for data,&quot; he said. Another analyst, who did not want to be named, said since Jio&#39;s mobile data usage was comparatively higher than rivals, it will earn better Arpu even if its rates are lower by few percentage.

&quot;While the incumbent&#39;s data usage is less than 1 GB per subscribers and Jio&#39;s running in excess of 3-4 GB per subscriber, it went to 6 GB last month. So I would expect that Jio users being used to 6 GB data usage, even when they (Jio) start paying a price for that which is lower than the price of others, the 6 GB wouldn&#39;t go down much. It will definitely be 50 per cent&nbsp;or 40 per cent&nbsp;of that because once you get used to it becomes an additive. And so, even at 20 per cent&nbsp;lower price, he (Ambani) can still get better ARPU&nbsp;[average revenue per user]&nbsp;than others. That seems to be the commercial strategy behind it,&quot; said the telecom expert.

(This report first appeared on DNA)

But they add that its average revenue per user (Arpu) may be higher than bigger rivals

The announcement by Mukesh Ambani, on Tuesday, that Reliance Jio will stop offering free data services from April has raised the question if it will end telecom industry's suffering. Analysts say it will take at least one or two years before the industry gets back on track. Free voice and data services offered by Jio since last year had thrown the financials of its rival companies like Bharti Airtel, Vodafone, Idea Cellular and others under stress. "With the commercial launch of Jio's services, I foresee that in a year or so, things overall will have a more stable and financial outlook will be sound. Telecom industry will be going through a period of pain but at the end of it, there will be some good coming out of it," Ambani said. G Krishna Kumar, Bengaluru-based telecom analyst, expects the upheaval in the sector to continue as competition to grab data market will intensify. He said that Reliance Jio may find it tough to retain its current user base after its data services become paid. Krishna Kumar predicted that 50-60 per cent of the users will withdraw from Jio post commercial launch on April 1. "In the Indian context, most users are prepaid users and the average revenue per user (Arpu) in this segment is around Rs 100-130 (about $1.50-$2.00 US). If you compare that with Rs 300 ($4.50 US) that Reliance is offering, how many people will be able to afford that? Today, people are on Jio network because it is free. I believe 50-60 per cent of the users will pull off," he said Today 96 per cent of mobile users in India were prepaid subscribers. "Jio is trying to attract prepaid subscribers through the Rs 303 ($4.50 US) per month plan but may not be able to convert the prepaid subscribers There may also not be many takers for mobile porting as the quality of voice call on Jio network is very poor," he said. According to him, Jio may be able to attract customers in the post-paid segment, which is only 4 per cent of the users and where the Arpu is about Rs 490 ($7.30 US) per subscriber. "Jio could attract customers in this (postpaid) segment. Considering that the Jio's voice quality is not good, the subscribers may go with incumbent connection for voice and Jio for data," he said. Another analyst, who did not want to be named, said since Jio's mobile data usage was comparatively higher than rivals, it will earn better Arpu even if its rates are lower by few percentage. "While the incumbent's data usage is less than 1 GB per subscribers and Jio's running in excess of 3-4 GB per subscriber, it went to 6 GB last month. So I would expect that Jio users being used to 6 GB data usage, even when they (Jio) start paying a price for that which is lower than the price of others, the 6 GB wouldn't go down much. It will definitely be 50 per cent or 40 per cent of that because once you get used to it becomes an additive. And so, even at 20 per cent lower price, he (Ambani) can still get better ARPU [average revenue per user] than others. That seems to be the commercial strategy behind it," said the telecom expert. (This report first appeared on DNA)

Half of Reliance Jio users may drop out after service goes paid: Analysts

Reliance Industries&#39; Jio telecoms unit will start charging customers from April 1, but will offer sharply discounted prices for a year to those who sign up by the end of March, Chairman Mukesh Ambani said on Tuesday.

Customers who sign up by March 31 will be able to use unlimited data and voice services for a year at 303 rupees ($4.52) a month under a special offer, Ambani said. Enrollment to the plan would cost a one-time fee of 99 rupees.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Jio Prime Members can get this tremendous value 
at an introductory price of only Rs 303/month, effectively just Rs 10/day <a href="https://twitter.com/hashtag/100MillionOnJio?src=hash">#100MillionOnJio</a>
&mdash; Reliance Jio (@reliancejio) <a href="https://twitter.com/reliancejio/status/833959902473252864">February 21, 2017</a></blockquote>
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Jio Prime Members can continue enjoying the unlimited benefits of JIO NEW YEAR OFFER until 31st March, 2018. <a href="https://twitter.com/hashtag/100MillionOnJio?src=hash">#100MillionOnJio</a>
&mdash; Reliance Jio (@reliancejio) <a href="https://twitter.com/reliancejio/status/833959475421802497">February 21, 2017</a></blockquote>
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In a speech broadcast live on Reliance Industries&#39; social media accounts, Ambani - India&#39;s richest man - said the Jio unit has added more than 100 million customers since launching its services last year. The network is expected to cover most of the country&#39;s population by end of 2017.

Jio users consumed more than 100 crore GB of data per month on the Jio network, which comes to 3.3 crore GB a day.

Reliance Jio Infocomm, launched in September 2016, has roiled India&#39;s telecoms market by offering free voice and cut-price data plans that are slated to run through March 2017, forcing rivals such as Bharti Airtel to respond with price cuts of their own.

While there have been concerns over whether Jio will be able to retain customers once it starts charging for services, with analysts pointing out that many use Jio as a second connection to take advantage of the free data, the firm said it expects to add subscribers by offering them more bang for their buck.

The price war resulting from Jio&#39;s entry has also spurred consolidation in the sector with Idea and Vodafone Plc&#39;s Indian unit, the market&#39;s No.2 player, beginning talks for a merger of their operations.
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(WION With inputs from Agencies)

&nbsp;

Jio has added more than 100 million customers since launching its services last year

Reliance Industries' Jio telecoms unit will start charging customers from April 1, but will offer sharply discounted prices for a year to those who sign up by the end of March, Chairman Mukesh Ambani said on Tuesday. Customers who sign up by March 31 will be able to use unlimited data and voice services for a year at 303 rupees ($4.52) a month under a special offer, Ambani said. Enrollment to the plan would cost a one-time fee of 99 rupees. Jio Prime Members can get this tremendous value at an introductory price of only Rs 303/month, effectively just Rs 10/day #100MillionOnJio — Reliance Jio (@reliancejio) February 21, 2017 × Jio Prime Members can continue enjoying the unlimited benefits of JIO NEW YEAR OFFER until 31st March, 2018. #100MillionOnJio — Reliance Jio (@reliancejio) February 21, 2017 × In a speech broadcast live on Reliance Industries' social media accounts, Ambani - India's richest man - said the Jio unit has added more than 100 million customers since launching its services last year. The network is expected to cover most of the country's population by end of 2017. Jio users consumed more than 100 crore GB of data per month on the Jio network, which comes to 3.3 crore GB a day. Reliance Jio Infocomm, launched in September 2016, has roiled India's telecoms market by offering free voice and cut-price data plans that are slated to run through March 2017, forcing rivals such as Bharti Airtel to respond with price cuts of their own. While there have been concerns over whether Jio will be able to retain customers once it starts charging for services, with analysts pointing out that many use Jio as a second connection to take advantage of the free data, the firm said it expects to add subscribers by offering them more bang for their buck. The price war resulting from Jio's entry has also spurred consolidation in the sector with Idea and Vodafone Plc's Indian unit, the market's No.2 player, beginning talks for a merger of their operations. (WION With inputs from Agencies)

Reliance Jio's free services will not be available from April 1

Reliance Industries Ltd (RIL), India&#39;s second-most valuable company, said on Friday that it took exception to media reports which suggested the company&#39;s top officials had armtwisted politicians for business gain.&nbsp; 
 
The media reports are based on phone taps allegedly made by another Indian company &ndash; the Essar Group. The taps were recorded over a six-year period by a former Essar employee and now make up a 29-page complaint submitted to the Indian Prime Minister Narendra Modi by a Supreme Court lawyer, Suren Uppal, who says he represents the former Essar employee. 
 
&ldquo;We are shocked at reports which suggest that we have been victims of unauthorised and illegal tapping of our telephones. Conversations attributed to us are false and appear to have been doctored by someone who seeks to defame us,&rdquo; said a statement released by the RIL spokesperson. 
 
The media reports allege the tapped conversations reveal businessmen soliciting favours from politicians, the widespread peddling of influence in the corridors of power, &ldquo;corruption in the business milieu&rdquo;, and the blurring of lines between business and government. 
 
The list of people tapped is a lit who&#39;s who and include current Indian railway minister Suresh Prabhu, current Indian minister of state for power with independent charge Piyush Goel, former national security adviser Brajesh Mishra, prominent politician Mulayam Singh Yadav, film actor Amitabh Bachchan, bureaucrats and, of course, RIL chief Mukesh Ambani and his brother Anil Ambani. 
 
The statement released by the company said that it had, at all times, abided by the law of the land &ndash; in letter and in spirit &ndash; &ldquo;in all our actions and business activities and any suggestion of any wrongdoing was plainly false&rdquo;.&nbsp; 
 
The company demanded that action be taken against these &ldquo;malicious falsehoods&rdquo; and that the alleged violation of their privacy be taken seriously. It added that it would cooperate fully with the authorities in the matter. 
&nbsp; 
The main Indian opposition party the Congress meanwhile demanded that the tapes be made public, and that the people would be the &ldquo;best judge&rdquo; of their veracity. &ldquo;The allegations are serious and multifaceted implications, but most importantly if those tapes exist, they need to be made public because the people need to know as to what is going on,&rdquo; Congress leader Manish Tewari told ANI. 
(WION)

Reliance Industries LImited added that it would cooperate with authorities to get to the bottom of the matter

Reliance Industries Ltd (RIL), India's second-most valuable company, said on Friday that it took exception to media reports which suggested the company's top officials had armtwisted politicians for business gain. The media reports are based on phone taps allegedly made by another Indian company – the Essar Group. The taps were recorded over a six-year period by a former Essar employee and now make up a 29-page complaint submitted to the Indian Prime Minister Narendra Modi by a Supreme Court lawyer, Suren Uppal, who says he represents the former Essar employee. “We are shocked at reports which suggest that we have been victims of unauthorised and illegal tapping of our telephones. Conversations attributed to us are false and appear to have been doctored by someone who seeks to defame us,” said a statement released by the RIL spokesperson. The media reports allege the tapped conversations reveal businessmen soliciting favours from politicians, the widespread peddling of influence in the corridors of power, “corruption in the business milieu”, and the blurring of lines between business and government. The list of people tapped is a lit who's who and include current Indian railway minister Suresh Prabhu, current Indian minister of state for power with independent charge Piyush Goel, former national security adviser Brajesh Mishra, prominent politician Mulayam Singh Yadav, film actor Amitabh Bachchan, bureaucrats and, of course, RIL chief Mukesh Ambani and his brother Anil Ambani. The statement released by the company said that it had, at all times, abided by the law of the land – in letter and in spirit – “in all our actions and business activities and any suggestion of any wrongdoing was plainly false”. The company demanded that action be taken against these “malicious falsehoods” and that the alleged violation of their privacy be taken seriously. It added that it would cooperate fully with the authorities in the matter. The main Indian opposition party the Congress meanwhile demanded that the tapes be made public, and that the people would be the “best judge” of their veracity. “The allegations are serious and multifaceted implications, but most importantly if those tapes exist, they need to be made public because the people need to know as to what is going on,” Congress leader Manish Tewari told ANI. (WION)

India's 2nd richest company says it takes exception to news reports that its officials armtwisted politicians

One of the largest Indian information technology companies, Tata Consultancy Services (TCS), has become the third conglomerate to invest large cash holdings in government bonds, a trend that could boost the young debt market but also stir volatility. 
 
TCS ploughed $3 billion into the market from January to March, its annual balance sheet showed last month, shifting funds that totalled 80 per cent of its surplus cash position. Previously the company had largely invested in mutual funds. 
 
TCS is the third company to have meaningful investment in government securities after Reliance Industries and construction firm Larsen &amp; Toubro, which traders say, is diversifying a $665-billion market dominated by banks and could portend a new investment trend for the country&#39;s conglomerates. 
 
&quot;I expect more cash-rich companies to invest in government bonds as these are more liquid and carry a much better credit risk,&quot; said Anindya Das Gupta, head of local markets trading at Barclays in India. 
 
However, this trend could create new risks, namely the volatility that a conglomerate selling a large amount of government bonds at once could create. 
 
When contacted by Reuters, TCS declined comment. 
 
While many banks have larger holdings, the Reserve Bank of India (RBI) regulates both banks and the bond market and thus can ensure that banks sell their holdings in a way that does not disrupt the market. The central bank has no sway over conglomerates as it does not regulate them. 
 
The RBI is happy for the investor base in government bonds to diversify, a senior policymaker said, and will monitor the market for any instances of manipulation or volatility tied to these investments. 
 
&quot;There is nothing as of now which raises any alarm from such large purchases but we will monitor these entities closely as they are not 
the regular investors in this market,&quot; said the policymaker, who declined to be identified as he is not authorised to speak to the media. 
 
Indian companies could become bigger players in the government securities market as they confront the problem of what to do with growing cash stockpiles. 
 
The country&#39;s top six cash-rich companies have amassed around 1.7 trillion rupees ($25.5 billion) worth of cash holdings, according to Reuters calculations, at a time when private capital spending is weak and bad loans are on the rise. 
 
As with TCS, most companies put their money in mutual funds, corporate bonds and bank deposits, which are losing their appeal versus government bonds in terms of both returns and safety. 
 
Investing via mutual funds entails an average fee of about 100 basis points of assets under management, according to debt fund 
managers and bankers. 
 
One-year bank deposits, at the country&#39;s largest lender State Bank of India which holds the largest amount of corporate deposits, yields 7.25-7.50 percent compared with nearly 7.5 percent for benchmark 10-year governments bonds. 
 
Das Gupta of Barclays said the narrower spread between bank deposits and 10-year bonds could be one reason companies buy &quot;liquid and safe&quot; government bonds. 
 
&quot;On a risk-adjusted basis, the total return from a sovereign security has been much better than any other asset class like fixed deposits, mutual funds,&quot; said Ashish Vaidya, executive director and head of trading at DBS Bank in Mumbai. 
 
Government bonds have rallied in the past year as the RBI has cut interest rates by 150 basis points to a five-year low of 6.50 per cent. 
 
Further gains, however, may now be capped given that the RBI is expected to cut the repo rate only once more this year and inflationary risks have risen. 
 
Reliance Industries, India&#39;s biggest energy firm, has outstanding government bond investments worth 79.21 billion rupees ($1.19 billion) as of March 2015, according to its 2014/15 annual report. 
 
Larsen &amp; Toubro held 14.7 billion rupees ($220 million) of government bonds as of March 2015. It has yet to publish its annual report for 2015/16. 
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Buying of the bonds by companies -- which was earlier dominated by banks -- will diversify $665 bn govt debt market

One of the largest Indian information technology companies, Tata Consultancy Services (TCS), has become the third conglomerate to invest large cash holdings in government bonds, a trend that could boost the young debt market but also stir volatility. TCS ploughed $3 billion into the market from January to March, its annual balance sheet showed last month, shifting funds that totalled 80 per cent of its surplus cash position. Previously the company had largely invested in mutual funds. TCS is the third company to have meaningful investment in government securities after Reliance Industries and construction firm Larsen & Toubro, which traders say, is diversifying a $665-billion market dominated by banks and could portend a new investment trend for the country's conglomerates. "I expect more cash-rich companies to invest in government bonds as these are more liquid and carry a much better credit risk," said Anindya Das Gupta, head of local markets trading at Barclays in India. However, this trend could create new risks, namely the volatility that a conglomerate selling a large amount of government bonds at once could create. When contacted by Reuters, TCS declined comment. While many banks have larger holdings, the Reserve Bank of India (RBI) regulates both banks and the bond market and thus can ensure that banks sell their holdings in a way that does not disrupt the market. The central bank has no sway over conglomerates as it does not regulate them. The RBI is happy for the investor base in government bonds to diversify, a senior policymaker said, and will monitor the market for any instances of manipulation or volatility tied to these investments. "There is nothing as of now which raises any alarm from such large purchases but we will monitor these entities closely as they are not the regular investors in this market," said the policymaker, who declined to be identified as he is not authorised to speak to the media. Indian companies could become bigger players in the government securities market as they confront the problem of what to do with growing cash stockpiles. The country's top six cash-rich companies have amassed around 1.7 trillion rupees ($25.5 billion) worth of cash holdings, according to Reuters calculations, at a time when private capital spending is weak and bad loans are on the rise. As with TCS, most companies put their money in mutual funds, corporate bonds and bank deposits, which are losing their appeal versus government bonds in terms of both returns and safety. Investing via mutual funds entails an average fee of about 100 basis points of assets under management, according to debt fund managers and bankers. One-year bank deposits, at the country's largest lender State Bank of India which holds the largest amount of corporate deposits, yields 7.25-7.50 percent compared with nearly 7.5 percent for benchmark 10-year governments bonds. Das Gupta of Barclays said the narrower spread between bank deposits and 10-year bonds could be one reason companies buy "liquid and safe" government bonds. "On a risk-adjusted basis, the total return from a sovereign security has been much better than any other asset class like fixed deposits, mutual funds," said Ashish Vaidya, executive director and head of trading at DBS Bank in Mumbai. Government bonds have rallied in the past year as the RBI has cut interest rates by 150 basis points to a five-year low of 6.50 per cent. Further gains, however, may now be capped given that the RBI is expected to cut the repo rate only once more this year and inflationary risks have risen. Reliance Industries, India's biggest energy firm, has outstanding government bond investments worth 79.21 billion rupees ($1.19 billion) as of March 2015, according to its 2014/15 annual report. Larsen & Toubro held 14.7 billion rupees ($220 million) of government bonds as of March 2015. It has yet to publish its annual report for 2015/16.

India's cash-rich firms may deepen govt bond market but spur volatility

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