Aramco to buy 20% stake in Reliance’s Ottusi business, largest FDI in Reliance
Reliance Industries Chairman, Mukesh Ambani has stated that
Saudi Aramco will acquire a 20% stake in their Oil-to-Chemical (Otusi)
business, which will be the most significant foreign investment ever in
Reliance. The deal will be at a valuation of around 5 lakh crore. As Ambani,
Aramco will supply 5 lakh barrels/day of crude oil for Reliance’s refinery
after the deal.
Committed to the development of Jammu and Kashmir and
Ladakh, will make announcements soon: Ambani
Addressing the company’s 42nd annual general meeting, Mukesh
Ambani, chairman of Reliance Industries, said, “We are committed to the
development of Jammu and Kashmir and Ladakh and to meet the needs of the people
there.” He added, “Reliance will set up a special task force for
developmental activities in Jammu and Kashmir and Ladakh … several
announcements will be made in the coming days.”
‘Jio GigaFiber’ service will start from 5th September, the
plan will start from 700 / month
Reliance Industries Chairman Mukesh Ambani announced the
launch of Reliance Jio’s ‘Jio GigaFiber’ service from 5th September 2019 at the
company’s 42nd Annual General Meeting on Monday. For this, plans of
700-10,000 / month will have to be taken. Meanwhile, Ambani
announced to give HD 4K TV set and 4K setup box free on taking the ‘Forever
Annual Plan’.
Cloud and connectivity to startups will give infra free:
Mukesh Ambani
Mukesh Ambani, chairman, and MD of Reliance Industries said
on Monday that 80% of the investment in startups is spent in cloud and
connectivity. “Jio will reduce this cost by providing cloud and
connectivity infrastructure services to new startups for free,” said Ambani.
According to Ambani, the company will start this service on 1st January 2020.
In 2018, Reliance Retail sold 1 TV every 4 seconds and one
phone every 2 seconds.
Mukesh Ambani told the 42nd Annual General Meeting of
Reliance Industries that in 2018, Reliance Retail sold one TV every 4 seconds
and one phone every 2 seconds. At the same time, he said that Reliance Retail
is the only Indian retailer among the top-100 retailers in the world and aims
to bring it to the top-20 in 5 years.
Video message of Microsoft CEO Nadella played at RIL’s AGM
Reliance Industries (RIL) chairman Mukesh Ambani announced
the partnership with Microsoft at the company’s 42nd Annual General Meeting
(AGM) on Monday. During this, the video message of Microsoft CEO Satya Nadella
was also played. According to Ambani, the partnership is to open new cloud data
centers across the country and accelerate digital transformation.
Finance Minister Sitharaman will visit the country to
understand the cases of tax harassment
Finance Minister Nirmala Sitharaman told in a meeting with
industry body CII that she will visit the country to ‘listen and understand’
the complaints of tax harassment made by businessmen. Additionally, a
technology-based platform will also be developed where cases of tax harassment
can be uploaded without revealing their identity.
Kumar Mangalam Birla to build 100 high-tech gaushalas in
Madhya Pradesh
Madhya Pradesh Chief Minister Kamal Nath has told that
industry husband Kumar Mangalam Birla has agreed to build 100 high-tech
gaushalas in the state during the next 18 months. These gaushalas will be
constructed from the CSR Fund of Aditya Birla Group. Significantly, the
Congress had promised to build new gaushalas in the manifesto of the assembly
elections.
NDTV founder Prannoy Roy and wife barred from going abroad
at Mumbai airport
Founders couple of news television network NDTV, Prannoy Roy
and Radhika Roy were barred from going abroad at Mumbai Airport on Friday.
According to the CBI, a Preventive Lookout Notice was issued against him in the
alleged fraud case involving ICICI Bank in June. At the same time, NDTV has
described the case as fake and baseless.
Income tax department
seized 300 crore bungalow of MP CM Kamal Nath’s nephew
The Income Tax Department has seized a bungalow worth
300 crores and a Foreign Direct Investment fund of around
285 crores of Ratul Puri, nephew of Madhya Pradesh Chief Minister
Kamal Nath under the Benami Act. According to officials, the bungalow is named
after the Moser Baer group, which is owned by Ratul Puri’s father, Deepak Puri.
Zomato responds to delivery boys on strike in protest
against beef and pork delivery
Regarding the delivery boys who went on an indefinite strike
in protest against beef-pork delivery in West Bengal, Zomato said, “It is
not easy to separate vegetarian and non-vegetarian food in a country like India
with variations. When the employees join us, only then they are told the nature
of the job and all the conditions.”
SpiceJet gets a record quarterly profit of 262 crores after
Jet Airways closes
SpiceJet made a profit of 262 crore in the June quarter
due to increased passenger fares and passenger numbers, the highest profit in
any quarter. SpiceJet MD Ajay Singh said, “The results would have been
better if the MAX aircraft had not been grounded.” As for SpiceJet,
passenger fares grew by 11% in the June quarter.
The market capitalization of 7 of the top 10 companies
increased by 87,966 crore
The market capitalization of 7 of the top 10 Sensex
companies increased by 87,966 crores in the previous week. During this period,
the market capitalization of Hindustan Unilever Limited increased by 22,146
crores to 3.98 lakh crore and HDFC Bank’s capitalization increased by
18,265 crores to 6.23 lakh crore. At the same time, the market capitalization
of Reliance Industries, ITC and SBI declined.
Tata Motors stopped production of vehicles at Jamshedpur and
Pune plants
Vehicle maker Tata Motors has halted production at its
Jamshedpur and Pune plants for three days from Thursday due to dwindling demand
for vehicles. It includes stopping production of his luxury car unit
Jaguar-Land Rover. As a company, the number of shift and contract employees has
been reduced to adapt production to actual demand.
Reliance to become a debt-free company in the next 18
months: Mukesh Ambani
“We have a clear goal to be a debt-free company in the
next 18 months,” said Mukesh Ambani, the company’s chairman, and MD, at
the 42nd annual general meeting of Reliance Industries held in Mumbai on
Monday. “When this happens, the company will reward its
shareholders,” he said. The company had a debt of 1,54,478 crore at the
end of FY 2018-19.