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Billionaire Mukesh Ambani sets sight on Africa with new telecom venture

Livemint

Livemint · 1y ago

Billionaire Mukesh Ambani sets sight on Africa with new telecom venture

Reliance Industries, led by Asia's richest man Mukesh Ambani, is venturing into Africa with a telecoms project. Next-Gen InfraCo (NGIC) - a Ghana-based company backed by Reliance Industries' subsidiary Radisys Corp. - aims to provide 5G broadband services to mobile operators and internet service providers in Ghana. NGIC, which will begin operations by the end of the year, has strategic partners such as Nokia, Tech Mahindra, and Microsoft. The project aims to replicate the success of Reliance's Jio Infocomm in India, which disrupted the telecoms market with affordable data services.

Related News

Reliance Jio lobbies against TRAI’s allocation method amid new face-off with Elon Musk | Mint

Livemint

Livemint · 10m ago

Reliance Jio lobbies against TRAI’s allocation method amid new face-off with Elon Musk | Mint

Reliance, the company owned by Indian billionaire Mukesh Ambani, has expressed its disagreement with the telecom regulator's decision to allocate home satellite broadband spectrum through administrative allocation rather than auctioning it. This has led to a confrontation with Elon Musk's Starlink, which supports administrative allocation. Reliance argues that there are no provisions in place for satellite broadband services for individual or home users in India. The telecom regulator, TRAI, is currently conducting a public consultation on the matter, and the recommendations from this consultation will influence the government's decision.

Reliance Jio IPO set for 2025, retail arm to make debut much later

VCCircle

VCCircle · 9m ago

Reliance Jio IPO set for 2025, retail arm to make debut much later

Indian billionaire Mukesh Ambani plans to list his telecom business, Reliance Jio, in 2025, while the IPO for his retail unit will come later, according to sources. Ambani, the chairman of Reliance Industries, had previously stated that both businesses would move towards an IPO within five years. The sources said the company aims to address internal challenges and achieve stability in its retail unit before going public. The Reliance Jio IPO, slated to be India's largest to date, is expected to value the company at around $112bn.

Reliance's Jio Financial falls 5% in market debut, valued at $19 bln

Reuters · 2y ago

Reliance's Jio Financial falls 5% in market debut, valued at $19 bln

Shares of India's Jio Financial Services (JFS) , carved out of billionaire Mukesh Ambani-led Reliance Industries , fell as much as 5% in their trading debut on Monday, valuing the company at 1.58 trillion rupees ($19 billion).

Mukesh Ambani's wife Nita Ambani resigns from Reliance Industries board

IndianStartupNews

IndianStartupNews · 2y ago

Mukesh Ambani's wife Nita Ambani resigns from Reliance Industries board

Nita Ambani, the wife of billionaire Mukesh Ambani, has resigned from the board of Reliance Industries to focus more on the Reliance Foundation. In her place, Isha Ambani, Akash Ambani, and Anant Ambani will be appointed as non-executive directors of the company. Nita Ambani's leadership of Reliance Foundation was acknowledged by the board, and she will continue attending RIL board meetings as a permanent invitee. The Ambani children have been actively involved in and leading various RIL businesses and subsidiaries.

Reliance, Haier, Asia Healthcare, Fortum, Zepto, and Cars24 in news

VCCircle

VCCircle · 4m ago

Reliance, Haier, Asia Healthcare, Fortum, Zepto, and Cars24 in news

Reliance Industries Ltd, led by billionaire Mukesh Ambani, is vying for a substantial stake in the Indian arm of China's Haier against Bharti Group, led by Sunil Mittal. Haier Appliances India is considering selling a stake between 25% and 51%.

Nita Ambani likely to be chair of merged Reliance-Disney media business

VCCircle

VCCircle · 1y ago

Nita Ambani likely to be chair of merged Reliance-Disney media business

Nita Ambani is likely to become the chair of the board for the merged media assets of Reliance Industries and Walt Disney in India, according to sources. The deal, expected to be announced soon, will strengthen Reliance's position in the country's media and entertainment industry. Nita Ambani, wife of Indian billionaire Mukesh Ambani, recently resigned from Reliance Industries' board to focus on charity work. The merger is estimated to value Disney's Indian operations at $3.5bn, significantly lower than previous estimates.

Mukesh Ambani's Reliance Industries to spin off FMCG brands into new arm ahead of mega IPO plans

Economic Times

Economic Times · 1m ago

Mukesh Ambani's Reliance Industries to spin off FMCG brands into new arm ahead of mega IPO plans

Reliance Industries Ltd (RIL), led by Mukesh Ambani, plans to restructure its fast-moving consumer goods (FMCG) brands by consolidating them into a new company, New Reliance Consumer Products Ltd. This move aims to provide specialized focus and attract segment-specific investors ahead of potential IPOs in retail and telecom sectors. The restructuring aligns with RIL's strategy to manage and expand its consumer brands business, which demands significant capital and distinct management from its retail arm.

India's Reliance appoints Isha, Akash and Anant Ambani to board

Reuters · 2y ago

India's Reliance appoints Isha, Akash and Anant Ambani to board

Reliance Industries appointed Mukesh Ambani's children, Isha, Akash, and Anant, as board directors in a move signaling a leadership transition. Mukesh Ambani, Asia's richest person, aims to prepare the next generation for leadership roles. The conglomerate, spanning telecoms, retail, oil, and new energy, has a market value of over $200 billion. The appointments aim to avoid internal discord and ensure unity among the Ambani siblings. Nita Ambani, Mukesh's wife, stepped down from the board to focus on strengthening the company's charity arm. Akash, Isha, and Anant Ambani hold various roles within Reliance's diverse businesses.

Global Investors Meet: Reliance-Brookfield to open Chennai data centre next week

Livemint

Livemint · 1y ago

Global Investors Meet: Reliance-Brookfield to open Chennai data centre next week

Billionaire Mukesh Ambani announced that Reliance Industries, in partnership with Canada's Brookfield, will be launching a data centre in Chennai, marking their entry into the rapidly growing Indian data centre market. Reliance had previously invested in a joint venture with Brookfield and Digital Realty. The Indian data centres market is expected to grow 40% annually and attract $5 billion in investments by 2025. Reliance's move comes amid increasing demand for data centre and compute capacity driven by the localization of personal data and increased adoption of data-intensive technologies.

No salary for Mukesh Ambani's children, only fee for attending board meets

Livemint

Livemint · 1y ago

No salary for Mukesh Ambani's children, only fee for attending board meets

Reliance Industries Ltd (RIL) has announced that the children of billionaire Mukesh Ambani, Akash, Isha, and Anant, will not receive a salary from the company. However, they will be eligible for a fee for attending board and committee meetings. Shareholder approval is being sought for their appointment as board members. While Ambani himself draws no salary, his children will receive a sitting fee and a commission on the company's profits. The resolution also states that they will be reimbursed for meeting-related expenses.

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