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World

Asia’s biggest billionaire snaps controlling stake in Mandarin Oriental 5-star hotel in New York City

Asia’s biggest billionaire, Mukesh Ambani, has snapped up a controlling stake in the Mandarin Oriental in New York City for just over $98 million. Ambani’s conglomerate, Reliance Industries, announced Saturday the acquisition of the hotel’s parent company, a Cayman Islands-based firm controlled by the Investment Corporation of Dubai. That company indirectly holds a 73.4% stake […]

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Business India

Reliance to launch 7-Eleven convenience stores across India

Asia’s richest person is set to launch 7-Eleven convenience stores across India. The retail arm of Mukesh Ambani’s Reliance Industries says it will open its first store in Mumbai on Saturday. The announcement of the franchise agreement comes just days after rival Indian retailer Future Group ended its deal with the US chain. The Texas-based […]

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Business

Reliance Industries to acquire Future Group’s retail, wholesale, logistics and warehousing business for $3.38 billion

Reliance Industries on Saturday said it has agreed to acquire the retail and wholesale business and the logistics and warehousing business of Future Group in a deal valued at $3.38 billion, including debt. Future Group’s business has been hit by a slowing economy and the impact of the coronavirus pandemic. Mukesh Ambani-led Reliance has recently […]

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Business

Equity giant KKR invests ₹11,367 crore in Jio Platforms

Reliance Industries on Friday announced the sale of a 2.32 per cent stake in its digital arm to US private equity giant KKR for Rs 11,367 crore, the fifth deal in four weeks that will inject a combined Rs 78,562 crore in the oil-to-telecom conglomerate to help it pare debt. This is KKR’s largest investment […]

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Business

Silver Lake invests $746.74 million in Jio Platforms

Reliance Industries said on Monday that private equity firm Silver Lake will invest Rs 5,656 crore or $746.74 million in its digital arm, giving it a valuation of Rs 4.90 lakh crore. The transaction is subject to regulatory and other customary approvals. The deal comes days after Facebook announced an investment of Rs 43,574 crore […]

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Business

Reliance Industries profit dropped 39% to ₹6,348 crore in Match quater

Reliance Industries’ net profit dropped 39 per cent to Rs 6,348 crore in March quarter on the back of slump in crude oil prices amid outbreak of COVID-19, the company said in exchange filing on Thursday. The company had reported profit of Rs 10,362 crore in the same quarter last year. Revenue of Mukesh Ambani-led […]

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Business

Facebook acquires 9.99% equity stake in India’s Jio Platforms for $5.7 billion

Facebook Inc has announced a $5.7 billion investment in India’s Reliance Industries Ltd’s telecom unit. The social media giant’s investment will translate to a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis, Jio said in a statement. Facebook on Wednesday said it would focus on collaborating its messaging platform WhatsApp with […]

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Business

Mukesh Ambani not only lost $5.8 billion on Monday but also the tag of Asia’s richest

India’s top industrialist Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks. The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Mr Ambani’s net worth on Monday […]

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Uncategorized

Police personnel accidently shoots himself outside residence of India’s richest man

A 31-year-old CRPF personnel, posted outside the bungalow of Reliance Industries chairman Mukesh Ambani in South Mumbai, died after shooting himself accidentally, officials said on Thursday. The CRPF personnel was identified as Devdan Bakotra who belonged to Junagadh in Gujarat. The incident took place around 7 pm on Wednesday at the Central Reserve Police Force’s […]

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Business

Mukesh Ambani’s JioMart to take on Amazon, Flipkart

Mukesh Ambani led Reliance Industries Limited (RIL) has launched its  e-commerce venture called JioMart. Operated by Reliance Retail, which is the retail arm of RIL. Billionaire Ambani first hinted at the e-commerce venture by calling it “new commerce initiative” last year. The Mumbai-based company is projected to connect three crores offline retailers with over 20 […]

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Business

India’s richest man Mukesh Ambani owned Reliance Industries acquires Hamleys

India’s richest man Mukesh Ambani’s firm Reliance Industries (RIL) acquired the British toy retailer Hamleys. RIL which runs the world’s biggest single-location crude oil refinery in western India is transforming itself into a consumer retail chain and telecom company. Through its Reliance Brands subsidiary, the company signed an agreement to buy Hamleys from Hong Kong-listed […]

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Uncategorized

Mukesh Ambani canvasses for Mumbai South Congress candidate Milind Deora

Reliance Industries chairman Mukesh Ambani endorsed Congress leader Milind Deora, who is contesting from Mumbai South constituency in Maharashtra in the national election, in a video tweeted by Deora. “Milind is the man for South Mumbai… Milind has in-depth knowledge of social, economic and cultural ecosystem of the South Bombay constituency,” Mukesh Ambani says in […]