Today’s Business News in Minutes
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.