Mumbai: Billionaire Ambani brothers on Friday announced a Rs 12,000-crore deal, wherein Mukesh will use towers owned by a firm run by his younger sibling Anil for launch of his telecom venture. Reliance Industries Ltd's telecom arm will lease up to 45,000 mobile masts from Reliance Communications Ltd in a deal valued at more than Rs 12,000 crore over the lifetime of the contract, the two groups announced on Friday.
The second deal between the brothers in as many months will give an estimated Rs 800 crore per annum additional revenue to Anil's Reliance Communications if the deal tenure is 15 years. "Under the terms of the agreement, Reliance Jio Infocomm will utilise up to 45,000 ground and rooftop based towers across RCom's nationwide network for accelerated roll-out of its state-of-the-art 4G services," the two groups said in separate but identical statements.
Reliance Jio Infocomm is the only company which had in 2010 won a pan-India spectrum for 4G services but is yet to start commercial services. The deal comes two months after the Ambani brothers had struck their first commercial deal when Mukesh agreed to hire Anil's optic fibre network for launch of his telecom venture. The pact was valued at Rs 1,200 crore.
The agreement announced today provides for "joint working arrangements to configure the scope of additional towers to be built at new locations to ensure deep penetration and seamless delivery of next generation services," the statements said. This pact follows the inter-city optic
01:00 PM, Jun 07, 2013
Speaking at RIL's AGM, Mukesh Ambani said the company has finalised partners for its 4G services. ...
06:04 PM, Jun 06, 2013
Reliance Industries has announced that it will invest over Rs 1.5 lakh crore in various ventures in the next three years. At the annual general body meeting, RIL Chairman Mukesh Ambani hinted that the company will focus the bulk of its capital expenditure in its core energy business. Below is the full text of the speech: Investing in India's Future Thirty Ninth Annual General Meeting Thursday, June 6, 2013 3rd...
02:39 PM, Jun 06, 2013
New Delhi: Reliance Industries has announced that it will invest over Rs 1.5 lakh crore in various ventures in the next three years. At the annual general body meeting, RIL Chairman Mukesh Ambani hinted that the company will focus the bulk of its capital expenditure in its core energy business. Ambani said there are several opportunities to participate in oil and gas exploration globally. "Recent gas discovery 2-km below currently...
12:11 PM, Jun 06, 2013
New Delhi: CPI MP Gurudas Dasgupta has asked Prime Minister Manmohan Singh to intervene in a gas deal that he says deliberately favours Mukesh Ambani's Reliance Industries Limited (RIL). Dasgputa also called for Oil Minister Veerappa Moily to step down for favouring RIL. He said if RIL's sale price of gas to the government is accepted, the government's subsidy burden would rise by Rs 36,000 crore. He said the corresponding...
11:23 AM, May 24, 2013
New Delhi: The CRPF, which recently took over the duties of guarding RIL chairman Mukesh Ambani, has raised concerns in ensuring a 'fool proof' Z category security to the business tycoon in the absence of local logistical support to its squad. The para-military force has written to the Union Home ministry alerting it about possible limitations its personnel may face in the event of an attack on Ambani who has...
02:02 PM, May 19, 2013
New Delhi: Reliance Industries' billionaire chief Mukesh Ambani has kept his annual salary capped at Rs 15 crore for the fifth year in a row, while foregoing nearly Rs 24 crore from the remuneration approved for him by shareholders. Ambani has kept his salary at the country's biggest private sector entity, RIL, unchanged at this level since the fiscal 2008-09. "The Chairman and Managing Director's compensation has been set at...
02:00 PM, May 12, 2013
New Delhi: The Supreme Court on Wednesday hauled up the government over the flailing security situation in the capital asking what was the need for providing Z-category security to Reliance Industries Limited chairman and CEO Mukesh Ambani when the common man had none. "Individuals are given security, but what about the security of the common man," the apex court asked. "The 5-year-old child would not have been raped if there...
05:22 PM, May 01, 2013
Washington: Prime Minister Manmohan Singh and Congress President Sonia Gandhi are among 16 Indians who have found a place in the prestigious Foreign Policy magazine's list of the 500 most powerful people on the planet. Apart from them, Finance Minister P Chidambaram, Defence Minister AK Antony and External Affairs Minister Salman Khurshid are also in the list. Indian spiritual leaders Baba Ramdev and Sri Sri Ravishankar are also in the...
04:45 PM, May 01, 2013
New Delhi: Reliance Industries' telecommunications arm will use Bharti Airtel's submarine cable network to provide data connectivity across Asia Pacific, the two Indian companies said on Tuesday. The i2i cable network connects India to Singapore and is wholly owned by Bharti, India's top mobile phone carrier. Bharti and Reliance Jio Infocomm Ltd, unit of Mukesh Ambani-controlled Reliance Industries, will continue to build on this "strategic framework" and consider other mutual...
11:47 AM, Apr 23, 2013
New Delhi: Left parties on Monday lashed out at the government for providing armed commando cover to top corporate leader Mukesh Ambani, saying the common people have been left in the lurch as gruesome incidents of rape keep happening. "It is unprecedented that at a time when such ghastly and gruesome incidents of rape are taking place and people are demanding more security, Z-plus category of security is given to...
04:20 PM, Apr 22, 2013
New Delhi: Reliance Industries Ltd Chairman Mukesh Ambani has said he will be paying for his Z-category security. The DG of CRPF had earlier told CNN-IBN that it would cost Rs 14 lakh a month to provide Mukesh Ambani the security which includes salary, supervision and escort charges. Earlier, Arvind Kejriwal of the Aam Admi Party had protested against the VIP security being provided to Mukesh Ambani. Mukesh Ambani is...
02:59 PM, Apr 22, 2013
New Delhi: Reliance Industries Ltd Chairman Mukesh Ambani is the new entrant to the 'Z' category VIP security club after the Union Home Ministry recently approved an armed commando squad following threat perception to the business tycoon. The Home Ministry has tasked country's lead anti-Naxal operations force CRPF to take the responsibility with immediate effect after the proposal to this effect was cleared by the office of Home Minister Sushil...
05:54 PM, Apr 21, 2013
London: India's leading industrialist brothers, Mukesh and Anil Ambani, have been together listed as 20th richest in the world in the Sunday Times Rich List 2013. The brothers, who have separate industrial empire in India, have been clubbed together under the category of Petrochemicals and they are jointly assessed worth 17 billion pounds as against 19 billion pounds in 2012. The Hinduja brothers, Srichand and Gopichand Hinduja, Chairman and Co-Chairman...
12:59 PM, Apr 21, 2013
Mumbai: Indian conglomerate Reliance Industries Ltd posted a 32 per cent rise in its quarterly profit on Tuesday, as a rebound in margins at its core refining business offset falling oil and gas revenue. Reliance, controlled by India's richest man, Mukesh Ambani, said net profit in its fiscal fourth quarter which ended on March 31 rose 32 per cent from a year earlier to a higher-than-expected 55.89 billion rupees. Revenue,...
07:27 PM, Apr 16, 2013
Mumbai: Mumbai police is mulling over a proposal sent by the office of Reliance Industries Ltd (RIL) Chairman Mukesh Ambani to set up a police chowki at his sprawling residential building 'Antilia' in Altamount Road in Mumbai. The proposal comes in the wake of a letter purportedly by terrorist outfit Indian Mujahideen in February threatening to harm Ambani and damage his residence Antilia for "supporting Gujarat Chief Minister Narendra Modi...
05:44 PM, Apr 13, 2013
Shares in Reliance Communications extended gains on Wednesday, a day after announcing a fiber optic network sharing deal with Reliance Jio Infocomm, a unit of Reliance Industries, which is widely seen as benefiting both companies. ...
10:10 AM, Apr 03, 2013
Amid an intense selling pressure in the stock market, the two Reliance groups headed by Mukesh and Anil Ambani have seen their respective market values skid by about Rs 10,000 crore each in a week's time. ...
03:50 PM, Mar 24, 2013
Nita Ambani, Chairperson of Reliance Foundation and wife of Mukesh Ambani Chairman and Managing Director of Reliance Industries, at the 'Reliance Bij - Bharat India Jodo' campaign at Salarpur village. ...
11:51 AM, Mar 21, 2013
Bank of America Corp said director Mukesh Ambani will step down at the bank's annual shareholder meeting in May in the latest reshaping of the No 2 US bank's board. ...
02:59 AM, Mar 16, 2013
