Reliance Communication Ltd (RCom) has agreed to lease out its intra-city fibre network to Reliance Jio Infocomm Ltd for the roll out of its 4G services.
Anil Ambani-led RCom will earn an estimated amount of Rs 5,000 crore from leasing out its fibre optic network to the telecom arm of Mukesh Ambani-led Reliance Industries Ltd (RIL).
The two companies said in a statement that they had signed a master services agreement based on arm's length pricing at prevailing market prices.
Reliance Industries Ltd (RIL) Chairman Mukesh Ambani is betting big on 4G broadband with a hope that his huge investments in the field would transform the way people use mobile devices for activities ranging from watching a video to do online banking. But, many analysts are of the view that the company would have to face several serious technology challenges on the path.
Reliance Industries Ltd (RIL) on Friday announced that it along with its partner BP Plc made a huge natural gas discovery in their flagging Krishna Godavari D6 (KG-D6) block in Andhra Pradesh.
The site of newly discovery gas is just around 2 kilometers below the company’s existing D1 and D3 wells.
RIL is now planning to seek the government’s approval to dig appraisal wells so that it would be able to determine the total potential of the new gas reserve.
Advance taxes collections from Mumbai-headquartered corporate houses increased by a mere 10 per cent, raising concerns that the tax collection target set by the government for the full fiscal year could become difficult to achieve.
In the previous two quarters, advance taxes paid by top 100 corporate houses of the Mumbai region jumped by 18 per cent and 19 per cent respectively.
The fall in the growth of advance taxes collections indicates that the global economic slowdown has dented the profitability of the Indian corporate houses.
Business tycoon Mukesh Ambani's Reliance Industries Ltd. (RIL) may launch a fast food chain in India within the next six months, a senior company official familiar with the matter informed.
On the condition of anonymity, the RIL official said that the company had already hired fast food business Rishi Negi to drive the potential business.
The official also claimed that Negi had started drawing detailed plan for the new business.
Mukesh Ambani, Chairman of Reliance Industries Ltd. (RIL) has been appointed as an annual director at the U. S. bank, Bank of America Corp. (BAC) for which he will receive fees of Rs 10 million in cash and shares valued 1.1 million rupees ($24,700), reported by the Indian Express.
When spokesman for Reliance Industries, Manoj Warrier was contacted today, he declined to comment on this issue.
The billionaire industrialist on joining the US banking giant’s board last month has received shares worth around Rs. 11 lakh from Bank of America (BofA) as part of annual retainer fees.
India's largest petrochemical company, Mukesh Ambani owned Reliance Industries Ltd. has been searching for inorganic ways to grow business in the recent times. The company was in news recently for the rift with RNRL. The company's management is now planning to alter the global image of the conglomerate.
According to the sources, AT Kearney and Booz & Co have already been appointed for the consultations. No confirmation however has been received on official grounds, it has reportedly finalized an investment plan of a $5 billion (R22, 500 crore) which can begin even in the next fiscal year.
Mukesh Ambani's Reliance Industries (RIL) has said that it is finally going to sign contract with the oil and natural gas company, Essar Oil. The pact is for supplying natural gas and Essar's eastern offshore KG-D6 fields are involved in it.
Said an Oil Ministry official, "They (RIL) have told us that they will sign the Gas Sale and Purchase Agreement (GSPA) soon".
RIL has already sent a draft GSPA to Essar Oil saying that the deal may be finalized in a few days
No comments were made from either of the parties.
Mukesh Ambani owned Reliance Industries Ltd, which is planning to roll out its broadband services in the country through a firm called Infotel Broadband Services Pvt. Ltd, might choose the WiMax technology instead of LTE as the main technology.
The Indian telecom operators are now choosing either worldwide interoperability for microwave access (WiMax) or long-term evolution (LTE) standard for offering their broadband services after the government recently concluded auctions for 3G and Broadband spectrum.
According to reports received on Tuesday, RIL well pay in the tune of Rs. 6,200 crore ($1.35 billion) to establish itself in the US shale gas industry. This amount is for holding a stake in a field controlled by Pioneer Natural Resources. RIL is supposed to be holding 45% stake in the Eagle Ford shale gas field in South Texas. This is the second time in this
Year, RIL got involved in this kind of deal.