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Mukesh Ambani rejoins $100 billion club as Reliance stock surges record 2.6%
Livemint
·
1y ago
Medial
Mukesh Ambani, the chairman of Reliance Industries Ltd, has seen an increase of $2.8 billion in his wealth, bringing it to a total of $101.8 billion, making him the richest person in India and Asia. This marks his return to the $100-billion club for the first time since June 2022. Ambani owns 42% of Reliance, a conglomerate with interests in energy, telecommunications, and retail. The company's shares have risen 2.6% to a record high, driven by a jump in quarterly profit and a diversification into technology and renewable energy.
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Reliance Industries files for record $2.4 billion rupee bond sale
Livemint
·
1y ago
Medial
Indian conglomerate Reliance Industries Ltd., led by billionaire Mukesh Ambani, has filed for a record 200 billion rupee ($2.4 billion) bond sale. The company plans to raise 100 billion rupees initially, with an option to retain another 100 billion rupees in subscriptions. The 10-year bonds will be auctioned on Thursday and have received AAA ratings from rating agencies Crisil and CareEdge. This would be Reliance's largest rupee sale to date and its first domestic bond since 2020. The company is involved in various sectors, including petrochemicals, telecommunications, and consumer goods.
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RIL becomes first Indian company to cross Rs 21 lakh crore mcap
Money Control
·
1y ago
Medial
Reliance Industries Ltd, led by chairman Mukesh Ambani, has become the first Indian company to reach a market value of over Rs 21 lakh crore ($282 billion) following a 20% surge in its stock price this year. The stock rise came after subsidiary Reliance Jio announced new unlimited plans, which boosted investor confidence. Brokerages such as Jefferies and Morgan Stanley have also raised their price targets for Reliance, citing strong growth expectations for its telecom business. As of now, 28 out of 35 analysts covering Reliance recommend a "Buy" rating for the stock.
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Reliance's Jio Financial falls 5% in market debut, valued at $19 bln
Reuters
·
1y ago
Medial
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).
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India's Reliance appoints Isha, Akash and Anant Ambani to board
Reuters
·
1y ago
Medial
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.
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Mukesh Ambani's wife Nita Ambani resigns from Reliance Industries board
IndianStartupNews
·
1y ago
Medial
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.
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Disney said to near multibillion-dollar India deal with Reliance
Economic Times
·
1y ago
Medial
Reliance Industries, led by Mukesh Ambani, is reportedly nearing a cash and stock deal to purchase Walt Disney's India operations. Disney may sell a controlling stake in its Disney Star business, valued at around $10 billion, to Reliance. The deal could be announced as early as next month, and it may involve merging some of Reliance's media units into Disney Star. Disney might retain a minority stake in the Indian company. These discussions highlight Ambani's disruption of India's entertainment industry.
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Gautam Adani overtakes Mukesh Ambani to become richest Asian
YourStory
·
1y ago
Medial
Gautam Adani has reclaimed the title of the richest person in Asia, surpassing Mukesh Ambani of Reliance Industries. Adani's net worth of $111 billion now ranks him 11th in the world, while Ambani follows closely at 12th with $109 billion, according to Bloomberg Billionaires Index. The surge in stock prices of Adani Group companies, driven by a optimistic outlook from US brokerage Jefferies, contributed to Adani's recent rise. Adani Group's market capitalization increased by Rs 84,064 crore, pushing Adani ahead of Ambani. Adani's conglomerate had faced setbacks earlier due to allegations of fraud but has since rebounded.
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Reliance, Disney to merge India media assets to create $8.5 billion powerhouse
Reuters
·
1y ago
Medial
Reliance Industries and Walt Disney have announced a merger of their India TV and streaming media assets, creating an $8.5 billion entertainment company. Reliance will invest $1.4 billion in the merged entity, giving it a majority stake of over 63%, while Disney will hold about 37%. The merger aims to help Disney revive its struggling India streaming business and ease its financial strain. The combined entity will be led by Nita Ambani, wife of Reliance Chairman Mukesh Ambani, and former top Disney executive Uday Shankar as the vice chair.
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Reliance Industries rises to 86th spot in Fortune 500 global rankings; check other Indian firms on the list | Mint
Livemint
·
1y ago
Medial
Reliance Industries Limited, led by Mukesh Ambani, has climbed two places to reach the 86th spot on the Fortune 500 companies list in 2024. This makes it the highest-ranked Indian company on the list. Reliance Industries is the largest company in India based on market capitalization, which currently stands at ₹19.585 trillion. The company's revenue for the financial year 2024 grew by 2.6% to ₹10,00,122 crore, with significant contributions from its oil and gas, retail, and digital services businesses.
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Indian billionaire Ambani's Reliance Retail to raise $598 mln from ADIA
Reuters
·
1y ago
Medial
Abu Dhabi Investment Authority (ADIA) is set to invest 49.67 billion rupees ($597.58 million) in Reliance Retail Ventures, the retail unit of Reliance Industries owned by Indian billionaire Mukesh Ambani. The investment will give ADIA a 0.59% stake in the company at a valuation of $100.8 billion. This comes as Reliance Retail has been attracting investments from other entities like KKR & Co and Qatar Investment Authority, as it competes with Amazon and Flipkart.
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