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With a net worth of 109 billion dollars, Ambani is the 11th richest person in the world

Reliance Chairman & billionaire Mukesh Ambani takes zero salary: Here's why

With a net worth of 109 billion dollars, Ambani is the 11th richest person in the world

Imagine being Asia's richest man and choosing to take zero salary. That's Mukesh Ambani for you, doing it for the fourth year in a row!
At 67, Ambani continues to forgo his salary, allowances, and benefits for the fiscal year 2023-24 while leading Reliance Industries, India&rsquo;s most valuable company. His last salary was capped at 15 crore rupees annually from 2008 to 2020.
The decision to forgo his salary began in 2020 as a response to the COVID-19 pandemic, showing support for the company and its employees during challenging times.
His children, however, receive a sitting fee and commission for their roles on the board. Ambani, who has been on the board of Reliance since 1977 and was elevated as chairman of the company after the death of his father and group patriarch Dhiburhai Ambani in July 2002, was just last year re-appointed as the head of Reliance for another five-year term till April 2029 - a period during which he opted to draw nil salary.
Mukesh Ambani has also opted out of all allowances, benefits, and stock options, setting an example of moderation in executive compensation.
With a net worth of 109 billion dollars, Ambani is the 11th richest person in the world.

In the early trade today, the stock increased by 1.5 percent, reaching a record high of 3,129 rupees per share

Reliance Industries surpasses Rs 21 Lakh crore market value

In the early trade today, the stock increased by 1.5 percent, reaching a record high of 3,129 rupees per share

Reliance Industries Ltd has become the first Indian company to achieve a market value exceeding 21 lakh crore rupees. This milestone follows a more than 20 percent surge in its stock price this year. In the early trade today, the stock increased by 1.5 percent, reaching a record high of 3,129 rupees per share. The rise came after Reliance Jio Infocomm Ltd announced new unlimited plans effective from July 3. Also read/watch - <a title="Ola's grocery delivery venture; to enter sector via ONDC, captures 30% of food orders on network" href="https://www.editorji.com/business-news/economy/ola-s-grocery-delivery-venture-to-enter-sector-via-ondc-captures-30-of-food-orders-on-network-1719560055372">Ola's grocery delivery venture; to enter sector via ONDC, captures 30% of food orders on network</a> Reliance and Airtel hike recharge prices&nbsp; Reliance Jio has updated its mobile tariffs, introducing a range of new unlimited plans effective from July 3, 2024. The plans start from 189 rupees for 2 GB per month and go up to 3,599 rupees for an annual plan offering 2.5 GB per day. Bharti Airtel, India's second-largest telecom operator, announced a 10-21 percent hike in mobile service tariffs, effective July 3, 2024. Bharti Airtel stated that the price hike will result in an increase of less than 70 paise per day on entry-level plans. The company emphasized that the Average Revenue per User or ARPU must exceed 300 rupees to ensure the financial sustainability of the telecom sector in India.

Going forward, the company will expand the app services to include loan solutions beginning with loans on mutual funds and later home loans

Jio Financial services launches beta version of 'JioFinance' app

Going forward, the company will expand the app services to include loan solutions beginning with loans on mutual funds and later home loans

Jio Financial services has unveiled its Jio Finance app in beta mode. As per its press release, this app will provide a seamless integration of digital banking services such as UPI transactions, bill payments, and insurance advisory services, all accessible through a single interface. Key features include opening a digital account with Jio payments bank. In a stock exchange filing, the subsidiary of Reliance Industries said the app is &ldquo;a cutting-edge platform revolutionising daily finances and digital banking&rdquo;.
Also read/watch - <a title="Full budget for FY25 may be presented by July 15: Report" href="https://www.editorji.com/business-news/economy/full-budget-for-fy25-may-be-presented-by-july-15-report-1717135295923">Full budget for FY25 may be presented by July 15: Report</a> &nbsp; Going forward, the company will expand the app services to include loan solutions beginning with loans on mutual funds and later home loans.
To ensure customer satisfaction, 'JioFinance' will launch in beta, inviting user input for refinement. "Our end goal is to simplify everything related to finance in a single platform for any user across all demographics, with a comprehensive suite of offerings like lending, investment, insurance, payments &amp; transactions and make financial services more transparent, affordable and intuitive," a company spokesperson said.
Jio Financial Services, carved out from Reliance Industries Ltd, is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services.&nbsp;

Reliance Industries and Rosneft sign a one-year deal for 3 million barrels of oil monthly, paid in roubles, with discounted prices. India, now the largest consumer of seaborne Russian crude, continues diversifying payment methods amid Western sanctions

Reliance signs contract with Russia's Rosneft to buy oil in Roubles

<h2>Reliance Industries and Rosneft sign a one-year deal for 3 million barrels of oil monthly, paid in roubles, with discounted prices. India, now the largest consumer of seaborne Russian crude, continues diversifying payment methods amid Western sanctions</h2>

Reliance Industries has signed a one year contract with Russia's Rosneft to buy at least 3 million barrels of oil a month in roubles, reported Reuters. Reliance Industries operates the world's biggest refining complex.
"India is a strategic partner for Rosneft oil company," the Russian company said in an emailed response to questions from Reuters, adding that it does not comment on confidential agreements with partners. "Cooperation with Indian companies includes projects in the field of production, oil refining and trading of oil and petroleum products."
<h3>Reliance-Rosneft deal</h3>
With this deal, Rosneft will also help Reliance to secure oil at discounted rates. This comes at a time when the OPEC+ group of oil producers is expected to extend voluntary supply cuts beyond June.
Under the terms of deal, Reliance will buy two cargoes of about one million barrels of Urals crude with an option to buy four more each month at a discount of $3 a barrel to the Middle East Dubai benchmark. The refiner will also purchase one to two cargoes a month of low-sulphur crude oil, mainly ESPO Blend exported from Russia's Pacific port of Kozmino, at a premium of $1 a barrel to Dubai quotes.
Rosneft has reportedly said that commercial approaches to determining the value of sold crude are the same for all companies, regardless of whether they are private or state-controlled.
As per Bloomberg, the shift to rouble payments follows Russian President Vladimir Putin's push for Moscow and its trading partners to find alternatives to the Western financial system to facilitate trade despite U.S. and European sanctions.
<h3>Russian crude import</h3>
The OPEC+ countries along with Russia are due to discuss the output cuts in an online meeting on June 2.
Since the sanctions imposed on Russia by the West, India has become the biggest consumer of the seaborne Russian crude. India has also paid for Russian crude in rupees, dirhams and Chinese yuan. Meanwhile, as per a Reuters report, state-owned Indian refiners, have been tapping spot markets for Russian oil because they were unable to finalise term supplies for this year
Also watch: <a href="https://www.editorji.com/business-news/india-s-crude-oil-imports-from-russia-plummet-to-12-month-low-1706845616240">India's crude oil imports from Russia plummet to 12-month low</a>


Currently, Blinkit leads the quick commerce sector with a 40-45% market share 





Reliance Industries prepares to enter quick commerce market: Report

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Currently, Blinkit leads the quick commerce sector with a 40-45% market share&nbsp;
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Reliance Industries, led by Mukesh Ambani, is set to enter the quick commerce market to compete with Zomato's Blinkit, Tata Group's BigBasket, Swiggy's Instamart, and Zepto.
According to media reports, Reliance Retail's JioMart could launch the service as early as next month.
The report further added that initially, JioMart will deliver groceries in 7-8 cities, with plans to expand to over 1,000 cities.
Also read/watch - <a title="Sam Altman promises to donate over half of his wealth for philanthropic causes via 'Giving Pledge'" href="https://www.editorji.com/business-news/sam-altman-promises-to-donate-over-half-of-his-wealth-for-philanthropic-causes-via-giving-pledge-1716961385726">Sam Altman promises to donate over half of his wealth for philanthropic causes via 'Giving Pledge'</a>
This move comes a little over a year after the company ended its 90-minute grocery delivery service, JioMart Express. The new plan aims to complete deliveries in under 30 minutes. Goldman Sachs estimates the size of online grocery market in terms of gross order value to be about $11 billion as of FY24 of which, quick commerce already makes up about 50% or $5 billion in GOV.
Analysts also say that instant deliveries may well be eating into the share of kirana store purchases. Currently, Blinkit leads the quick commerce sector with a 40-45% market share.&nbsp;

The stake sale talks as reported by Bloomberg is still in early talks and may not finalize into a deal the report claimed. 

Paramount in talks to sell Viacom18 stake to Reliance Industries: Report

The stake sale talks as reported by Bloomberg is still in early talks and may not finalize into a deal the report claimed.&nbsp;

Paramount is reportedly in talks to sell its stake in Viamcom18 media group to Reliance Industries, both companies are a part of Mukesh Amabni-run empire.&nbsp;
As per a Bloomberg report the stake sale could translate to $550 million that Paramount could use toward debt reduction. Paramount currently holds a 13% stake in Viacom18 The report indicates that the talks are still in the final stage and may not finalize soon.
This after Reliance and Disney agreed to a $8.5 billion merger earlier. The merger will result in an entity that is supposed to dominate more than 50% of the Movies, shows, etc consumer base in India. Media reports suggest that Disney's India business when merged with Reliance's Jio Cinema and other Reliance platforms could pose a serious threat to major players like Netflix and Amazon Prime.&nbsp;
Reliance and its affiliated companies will hold 63% ownership in the newly established $8.5 billion media entity, while Disney will retain the remaining stake. Due to this, Paramount's share, facilitated through Viacom18, will shrink as a result of the revised agreement, reported Bloomberg.
Also Watch: <a href="https://www.editorji.com/business-news/reliance-disney-merged-entity-to-capture-more-than-50-of-market-share-report-1709633891462">Reliance-Disney merged entity to capture more than 50% of market share: Report</a>
&nbsp;

 Additionally, Reliance's JioCinema and JioTV together garnered a substantial audience of 129 million users

Reliance-Disney merged entity to capture more than 50% of market share: Report 

Additionally, Reliance's JioCinema and JioTV together garnered a substantial audience of 129 million users

The recently merged Reliance-Disney entity is set to capture around 50% of the streaming market share domestically and is expected to pose a serious challenge for streaming giants like Netflix and Amazon Prime Video, reported Blomberg based on Comscore data.
The data indicated that nearly half of the consumers of movies, shows etc of online streaming were consuming the content provided by Reliance or Disney OTT platforms.&nbsp;
The merged entity created by Reliance acquiring Disney's India business for &nbsp;$8.5 billion is expected to provide a wide range of entertainment to domestic consumers.&nbsp;
According to the report, three platforms, Disney's Hotstar, Reliance's JioCinema, and JioTV, accounted for 46.6% of the Indian market share, attracting a total of 243.5 million users. Hotstar alone amassed more than 144 million unique visitors, with JioCinema and JioTV collectively receiving over 129 million visitors.
The report also indicated that both streaming platforms have heavily benefitted from streaming cricket matches on their platforms. While Jio Cinema streamed the IPL matches for free on its platform, Disney plus Hotstar also streamed the ICC Men's Cricket World Cup on its platform.&nbsp;
Reliance and Walt Disney signed binding definitive agreements to form a JV to combine the business of Viacom18 and Star India, the company announced last month. Mukesh Ambani will invest ₹11,500 crore or $1.4 billion into the JV for its growth strategy. The JV has been valued at ₹70,352 crore or $8.5 billion on a post-money basis, excluding synergies, as per BT report.

Reliance Industries and Walt Disney announce joint venture, RIL to invest Rs 11,500 crore

Reliance-Disney Merger: Reliance and Disney Form 8.5 Billion Joint Venture in India in Landmark Deal

<h2>The company further said that Nita Ambani will serve as the Chairperson of the joint venture, with Uday Shankar appointed as Vice Chairperson</h2>

Mukesh Ambani-led Reliance Industries and Walt Disney have announced the signing of binding definitive agreements to establish a joint venture that will integrate the operations of Viacom18 and Star India.
Reliance Industries has committed to investing 11,500 crore rupees in the joint venture to fuel its growth. Under the terms of the agreement, the media division of Viacom18 will be amalgamated into Star India Pvt Ltd through a court-approved scheme of arrangement.
Reliance and its affiliates will hold 63.16 per cent in the combined entity while Disney will hold the remaining 36.84 per cent, the companies said in a statement.
The company further said that Nita Ambani will serve as the Chairperson of the joint venture, with Uday Shankar appointed as Vice Chairperson. The transaction values the JV at Rs 70,352 crore ($8.5 billion) on a post-money basis, excluding synergies. Post completion of the above steps, the JV will be controlled by RIL and owned 16.34% by RIL, 46.82% by Viacom18 and 36.84% by Disney. Mukesh D Ambani, Chairman &amp; Managing Director of Reliance Industries, said: &ldquo;This is a landmark agreement that heralds a new era in the Indian entertainment industry. We have always respected Disney as the best media group globally and are very excited at forming this strategic joint venture that will help us pool our extensive resources, creative prowess, and market insights to deliver unparalleled content at affordable prices to audiences across the nation. We welcome Disney as a key partner of Reliance group.&rdquo;
The joint venture will be exclusively authorized to distribute Disney films and productions in India, along with access to over 30,000 Disney content assets. This will offer a comprehensive range of entertainment choices for Indian consumers.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/no-impact-on-merchants-trust-on-paytm-even-after-rbi-s-action-survey-1709126660574">No impact on merchants' trust on Paytm even after RBI's action: Survey</a>

Reliance is likely to have a 51%-54% stake, a deal that will value Disney's Indian operations at just $3.5 billion while Disney will have 40% stake and Bodhi Tree to take a stake of around 9% in the merged entity

Nita Ambani in Line for Chair of Reliance-Disney Entity

Nita Ambani likely to be chair of the board of merged Reliance-Disney entity: Report

<h2>Reliance is likely to have a 51%-54% stake, a deal that will value Disney's Indian operations at just $3.5 billion while Disney will have 40% stake and Bodhi Tree to take a stake of around 9% in the merged entity</h2>

Mukesh Ambani's wife and chairperson of Reliance Foundation, Nita Ambani is likely to be appointed chair of the board of the new entity that is formed post the merger of Reliance and Disney's Indian media assets, reported Reuters quoting sources. This comes, two months after Nita Ambani quit the board of Reliance Industries to focus more on charity work.
<h3>Reliance-Disney deal</h3>
As per Reuters, Reliance and Disney are closing in on signing their India media merger deal which has been in the works for months. Reliance and Disney have a streaming service as well as 120 TV channels between them. This merger deal is expected to make Reliance's hold over India's $28 billion media and entertainment market.
Also Read: <a href="https://www.editorji.com/business-news/disney-reliance-multibillion-dollar-deal-to-finalise-report-1698066842383">Disney-Reliance multibillion dollar deal to finalise: Report</a>
Reuters had previously reported that Reliance is likely to have a 51%-54% stake in the merged entity, a deal that will value Disney's Indian operations at just $3.5 billion, sharply lower than the $15-$16 billion estimated in 2019.
The report further mentioned that Bodhi Tree, a joint venture between James Murdoch and former top Disney executive, Uday Shankar, is also set to take a stake of around 9% in the new merged entity while Disney will hold around 40%.
&nbsp;

Reliance Jio calls for India's 2G, 3G closure, advocating swift migration to 4G, 5G, emphasizing digital transformation and government subsidies for 5G adoption.

Reliance Jio pushes for 2G and 3G network shutdown in India for this reason 

Reliance Jio calls for India's 2G, 3G closure, advocating swift migration to 4G, 5G, emphasizing digital transformation and government subsidies for 5G adoption.

Reliance Jio, led by billionaire Mukesh Ambani, has called upon the government to shut down 2G and 3G networks across the nation. This appeal from the telecom giant aims to minimize unnecessary costs and facilitate the seamless migration of all users to more advanced 4G and 5G networks. The request was articulated in response to the Telecom Regulatory Authority of India's consultation paper titled 'Digital Transformation through 5G Ecosystem.'
Jio emphasized the importance of formulating a clear policy and pathway for the complete closure of 2G and 3G networks. The company asserted that such a move would not only prevent unnecessary expenditure but also stimulate the development of a robust ecosystem for 5G use cases.
"The Government should come out with a policy and glidepath for closing down the 2G and 3G networks completely so that unnecessary network costs should be avoided, and all customers can be migrated to 4G and 5G services. This will also give great impetus to developing an ecosystem for 5G use cases," stated Jio.
Highlighting the transformative potential of 5G, Jio outlined its role in driving digital evolution across various industries. The company emphasized that 5G's faster data speeds, increased bandwidth, and lower latency would empower businesses and innovators, fostering the realization of their aspirations.
Vodafone Idea also weighed in on the matter in its response to TRAI, underscoring the challenge of 5G penetration in low-income groups due to the prevalence of 2G/3G-enabled smartphones and the high costs associated with 5G devices. To address this issue, Jio proposed that the government introduce subsidies to incentivize users to transition from feature phones to 5G-enabled smartphones, thereby bridging the digital divide and ensuring broader access to advanced digital services.

The company's market capitalisation (mcap) soared to Rs 19,56,771.59 crore during the later afternoon trade

Reliance Industries shares jump over 7%; mcap climbs over ₹19 lakh crore mark

<h2>The company's market capitalisation (mcap) soared to Rs 19,56,771.59 crore during the later afternoon trade</h2>

Shares of Reliance Industries were in heavy demand, climbing over 7 per cent in late afternoon trade on Monday, with its market valuation crossing Rs 19.56 lakh crore mark.
Rallying for the third day running, the blue-chip stock zoomed 6.81 per cent to reach an all-time peak of Rs 2,895.10 apiece on the BSE.
On the NSE, it jumped 7.16 per cent to reach a record high of Rs 2,900 per share.
In three days, shares of the country's most valued company by market valuation zoomed over 9 per cent.
The company's market capitalisation (mcap) soared to Rs 19,56,771.59 crore during the later afternoon trade.
The sharp rally in the heavyweight stock also fuelled a rally in the equity market. The 30-share BSE Sensex jumped 1,203.90 points to 71,904.57, and the Nifty climbed 375.40 points to 21,715.60.

Reliance Industries (RIL) is carefully observing the Sony-Zee merger and has developed two valuation scenarios for Disney Star. In one scenario, the valuation considers the ICC TV rights obligations, while in the other, it does not.

Disney Star's $2 billion risk: Fallout from Sony-Zee merger dispute

Reliance Industries (RIL) is carefully observing the Sony-Zee merger and has developed two valuation scenarios for Disney Star. In one scenario, the valuation considers the ICC TV rights obligations, while in the other, it does not.

Amid the recent fallout of the proposed Sony-Zee merger, Disney Star is facing potential valuation woes that could result in a staggering $2 billion hit, according to sources reported by The Economic Times.
The controversy stems from Zee Entertainment Enterprises (ZEEL) disputing a $1.5-billion sub-licensing deal for the International Cricket Council (ICC). ZEEL contends that its obligations to honor the ICC deal with Disney Star were tied to the successful completion of the Zee-Sony merger, a claim that Disney Star vehemently disputes.
Reliance Industries (RIL), closely monitoring the Sony-Zee merger, has prepared two valuation scenarios for Disney Star. One scenario factors in the ICC TV rights obligations, and the other does not. The potential downgrade of up to $2 billion hangs in the balance, contingent on Disney Star servicing the ICC TV deal alongside digital rights.
Despite uncertainties, Disney Star has confirmed its coverage of the ICC U19 Men's Cricket World Cup 2024 on Star Sports and Disney+ Hotstar. The company has incorporated the ICC television rights deal into its tariffs, raising the bouquet price by approximately 10%, even after losing the Board of Control for Cricket in India (BCCI) media rights.
In the aftermath of the Sony-Zee fallout, reports suggest that Reliance and Walt Disney have signed a non-binding term sheet to merge Viacom18 and Disney Star. If the deal materializes, it could create a media powerhouse with combined revenues of around ₹25,000 crore.
The Zee stock witnessed a significant 33% decline on the BSE after Sony Corp decided to call off the proposed merger with Zee. Industry insiders speculate that Disney Star could incur losses exceeding $1.5 billion from the ICC deal, considering the substantial gap between winning bids and rival offers.
As the situation unfolds, the media industry closely watches the interplay of mergers and contractual disputes, shaping the future of Disney Star's valuation in the dynamic Indian media landscape. Also Watch: <a href="https://www.editorji.com/business-news/markets/zee-shares-tank-more-than-25-as-sony-terminates-10-billion-merger-over-unmet-conditions-1705995954952">Zee shares tank more than 25% as Sony terminates $10 billion merger over unmet conditions</a>

Don't miss out! Reliance announces nationwide GET 2024! Entry-level opportunities for fresh engineering graduates across India. Apply by Jan 19th! 

Engineering graduates, your chance to join Reliance is here: GET 2024 launches!

Reliance launches nationwide GET 2024: Entry-level recruitment drive for engineering graduates

<h2>Candidates must attain a minimum 60% or a 6 CGPA in 10th, 12th, and Diploma (if applicable). Furthermore, a sustained aggregate of 60% or above is mandatory in engineering up to the 7th semester or graduation for eligibility.</h2>

Reliance Industries, India's leading conglomerate, has unveiled the Graduate Engineer Trainee (GET) 2024 programme, signalling a massive recruitment drive aimed at tapping into the nation's young engineering talent. The initiative aims to bridge geographical gaps by inviting applications from engineering graduates across the country, with a vision to democratize access to career opportunities within the company.
Emphasizing their commitment to providing equal opportunities, Reliance Industries has opened the online application process for B.Tech and B.E. graduates from the 2024 batch of AICTE-approved institutes. The recruitment drive spans a multitude of technical roles in key business verticals, including chemical, electrical, mechanical, and instrumentation engineering.
To be eligible for consideration, candidates must have achieved a minimum of 60% or a 6 Cumulative Grade Point Average (CGPA) in their 10th, 12th, and Diploma (if applicable). Additionally, a consistent aggregate of 60% or higher is required in engineering up to the 7th semester or graduation.
The application window is set from January 11 to January 19, with shortlisted candidates scheduled for an online assessment (cognitive test plus subject matter) between February 5 and 8. Personal interviews for the selected individuals are slated to take place from February 23 to March 1, concluding the final hiring process by March-end.
Reliance Industries is keen on recruiting engineers across various sectors, including the oil-to-chemicals industry, oil and gas exploration and production, project management groups, petrochemicals procurement and contracting, and emerging new energy fields. The company encourages aspiring professionals to seize this opportunity to contribute to their remarkable growth story and make a meaningful impact on the lives of millions of Indians.
As the application process unfolds, Reliance Industries aims to identify and nurture the next generation of engineering talent, fostering innovation and excellence across diverse business domains. Also Watch: <a href="https://www.editorji.com/business-news/markets/mukesh-ambani-re-joins-100-billion-club-after-surge-in-reliance-stock-1705043025539">Ambani Back in the Big League: Billionaire Reclaims $100 Billion club after surge in Reliance stock</a>

Mukesh Ambani received a menacing email, the third in a series of threats, demanding a hefty ₹400 crore ransom. The sender warned of an impending attack, emphasizing their ability to bypass security

Reliance Chairman Mukesh Ambani receives 3rd death threat, ransom demand of ₹400 crore

<h2>Mukesh Ambani received a menacing email, the third in a series of threats, demanding a hefty ₹400 crore ransom. The sender warned of an impending attack, emphasizing their ability to bypass security</h2>

Reliance Industries chairman Mukesh Ambani has received a chilling death threat for the third time in a week, this time demanding a staggering ₹400 crore as ransom. The threat came via email, warning Ambani that no amount of security could protect him from a determined attacker.
The Mumbai Police are actively investigating the authenticity of the threat, examining whether the email was sent from a legitimate source or a fake address. Authorities are also in contact with the email provider to trace the origins of the menacing message.
This marks the third consecutive threat Ambani has received from the same email address over the past four days. Each message has been accompanied by a ransom demand, according to officials familiar with the case.
Just last week, Ambani received an email insisting he pay ₹20 crore ($2.7 &nbsp;or face assassination. The sender claimed to have access to the best sharpshooters in India. Mumbai's Gamdevi Police Station swiftly registered a case against the unknown assailant under relevant sections of the Indian Penal Code, acting upon Ambani's security team's complaint.
A day later, another threatening email arrived, this time demanding ₹200 crore under the same ominous ultimatum. Authorities are treating the threats with utmost seriousness, ensuring Ambani's safety while actively pursuing the culprits behind these sinister messages.
As the investigation unfolds, Mukesh Ambani, with a net worth of approximately $86.3 billion, remains the world's wealthiest Indian, as per the Bloomberg Billionaires Index.&nbsp; Also Watch: <a href="https://www.editorji.com/business-news/mukesh-ambani-s-children-akash-isha-anant-get-shareholder-approval-to-join-reliance-board-1698401441359">Mukesh Ambani's children, Akash, Isha, Anant get shareholder approval to join Reliance Board</a>

Proxy advisory firms ISS and IIAS oppose Anant Ambani's Reliance board seat, raising concerns about his experience and age alignment. Reliance defends the appointment, emphasizing his grooming and similar experiences to his siblings

Mukesh Ambani's son Anant Ambani faces pushback for appointment to Reliance Board

<h2>Proxy advisory firms ISS and IIAS oppose Anant Ambani's Reliance board seat, raising concerns about his experience and age alignment. Reliance defends the appointment, emphasizing his grooming and similar experiences to his siblings</h2>

International proxy advisory firm Institutional Shareholder Services Inc. (ISS) has advised shareholders to vote against the appointment of Anant Ambani, the youngest son of billionaire Mukesh Ambani, to the board of Reliance Industries Ltd.
ISS expressed concerns about Anant Ambani&rsquo;s limited leadership experience, raising doubts about his potential contribution to the board. Th ISS recommendation echoes the sentiments of Institutional Investor Advisory Services (IIAS), which also opposed Anant&rsquo;s appointment, citing his age as a factor misaligned with their voting guidelines.
Reliance Industries responded to these objections, affirming Anant's suitability for the position, emphasizing his relevant experience and grooming received from senior leadership within the conglomerate. The dissenting voices from ISS and IIAS stand in contrast to Glass Lewis, another proxy firm, which supports Anant&rsquo;s appointment, highlighting the similarity in professional experiences between him and his elder siblings, Isha and Akash Ambani.
The controversy surrounding Anant Ambani&rsquo;s potential board seat underscores the evolving expectations of investors, particularly as Reliance Industries diversifies its portfolio with major investments from companies like Google and Meta Platforms Inc.
With the founders owning a significant portion of the company&rsquo;s shares, the three resolutions related to board appointments require a majority vote to pass. Both local and foreign institutions, which often follow proxy firms&rsquo; recommendations, collectively own nearly 40% of Reliance, making their stance crucial in the upcoming vote.
The succession issue is pivotal for Mukesh Ambani, especially as Reliance transforms from a fossil fuel giant to a consumer and technology powerhouse with substantial green energy ambitions. Ambani, who addressed shareholders in August, expressed his intention to lead the company for five more years as he prepares his children for leadership roles.
While Anant focuses on expanding energy and materials businesses, particularly in the green energy sector, his appointment remains a subject of intense scrutiny, highlighting the ongoing scrutiny faced by the next generation of leaders in the $190 billion conglomerate. The outcome of the shareholder vote, closing on October 26, will undoubtedly shape the future trajectory of Reliance Industries Ltd. Also Watch: <a href="https://www.editorji.com/business-news/reliance-agm-2023-7-key-takeaways-jioairfiber-ai-and-more-1693234057509">Reliance AGM 2023: 7 key takeaways &ndash; JioAirFiber, AI, and more</a>

Reliance Jio & Airtel to invest ₹75,000 crore in FY24, focusing on 5G rollout & network enhancement. JM Financials report indicates Airtel's capex drop post-FY25

Reliance Jio and Airtel to invest ₹75,000 cr in 5G network boost: Report

Reliance Jio &amp; Airtel to invest ₹75,000 crore in FY24, focusing on 5G rollout &amp; network enhancement. JM Financials report indicates Airtel's capex drop post-FY25

In a bid to bolster their networks and enhance services, Reliance Jio and Bharti Airtel, two prominent telecom giants in India, are slated to invest ₹75,000 crore in the fiscal year 2024, according to a report by JM Financials.
Reliance Jio is anticipated to channel approximately ₹42,000 crore into strengthening its infrastructure, while Bharti Airtel plans to invest around ₹33,000 crore during the fiscal year. However, the report indicates that these investments will gradually decrease once their respective 5G network rollout targets are achieved, in line with their public announcements.
The report elaborates on Bharti Airtel's capex guidance, suggesting a decline in its India business capital expenditure to about ₹20,000 crore from FY25 onwards, down from ₹28,000 crore in FY23.&nbsp;
According to the report, Reliance Jio's capex for FY24 might amount to ₹42,163 crore, expected to decrease to about ₹30,000 crore in FY25. Notably, Reliance Jio aims to achieve a nationwide 5G rollout by December 2023, while Bharti Airtel is on track to accomplish the same feat by March 2024.
Recently, Reliance Jio unveiled Jio AirFiber, a high-speed internet service catering to both households and offices. Offering speed up to 1.5 Gbps, Jio AirFiber is designed for activities such as high-definition video streaming, online gaming, and seamless video conferencing.
The service is poised to tap into an extensive market segment comprising over 200 million Indian households. Jio AirFiber is expected to be competitively priced, with estimates hovering around ₹6,000, possibly slightly higher due to the inclusion of a portable device unit. Also Watch: <a href="https://www.editorji.com/business-news/india-s-5g-network-becomes-second-largest-globally-1690978486410">India's 5G network becomes second largest globally</a>

The board of Reliance met ahead of the company's annual general meeting to approve the appointment of twins Isha and Akash as well as Anant, as the "non-executive directors of the company," the firm said in a stock exchange filing

Mukesh Ambani sets succession plan in motion: Nita steps down, Isha, Akash, Anant join Reliance board

The board of Reliance met ahead of the company's annual general meeting to approve the appointment of twins Isha and Akash as well as Anant, as the "non-executive directors of the company," the firm said in a stock exchange filing

Billionaire Mukesh Ambani's children -- Isha, Akash and Anant, on Monday were appointed on the board of his energy-to-technology conglomerate Reliance Industries, in what is seen as a clear path of succession planning at India's most valuable company.
The Board of Directors also accepted the resignation of Nita Ambani from the Board respecting her decision to devote her energies and time to guide and enable Reliance Foundation to make even greater impact for India. The Board of Directors appreciated Nita Ambani for her leadership of Reliance Foundation as its Founder Chairperson.&nbsp;
The board of Reliance met ahead of the company's annual general meeting to approve the appointment of twins Isha and Akash as well as Anant, as the "non-executive directors of the company," the firm said in a stock exchange filing.
Last year, the 66-year-old tycoon had made way for his first-born Akash Ambani to become the chairman of India's largest mobile firm, Reliance Jio Infocomm.
Akash, however, continued to be the chairman of Jio Platforms, the firm that holds Reliance Jio Infocomm.
Akash's twin sister, Isha, 31, was identified for Reliance's retail arm and the youngest sibling Anant for new energy business.&nbsp;

Both Jio Financial Services and BlackRock will bring an initial investment of $150 million each to bring together the strengths and trusted brands of BlackRock and JFS to deliver tech-enabled access to affordable, innovative investment solutions for investors

Jio Financial ties up with Blackrock to launch asset management company 

Both Jio Financial Services and BlackRock will initially invest $150 million each to bring together the strengths and trusted brands of BlackRock and JFS to deliver tech-enabled access to affordable, innovative investment solutions for investors

Both Jio Financial Services and BlackRock will initially invest $150 million each to bring together the strengths and trusted brands of BlackRock and JFS to deliver tech-enabled access to affordable, innovative investment solutions for investors

Jio Financial Services (JFS) and BlackRock have entered into a partnership to create Jio BlackRock Asset Management Company. This will be a 50:50 venture. BlackRock which is the biggest asset management company in the world and JFS will bring a combined investment of $300 million.&nbsp;
This collaboration paves the way for BlackRock's re-entry in India after it exited in 2018. BlackRock had quit its association with DSP after it felt that being a minority stakeholder with 40% equity was making it difficult for BlackRock to integrate the business onto its operating platform.
Also Read: <a href="https://www.editorji.com/business-news/jio-financial-services-demerger-jfs-to-list-at-rs-261-85-per-share-at-nse-1689846103080">Jio Financial Services Demerger: JFS to list at Rs 261.85 per share at NSE</a>
In Joint statement both JFS and BlackRock said that this joint venture would bring together the strengths and trusted brands of BlackRock and JFS to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India.
Both the partners are planning to invest $150 million each into the venture. JFS' CEO and President Hitesh Sethia has said that this venture would leverage BlackRock's expertise in ivestment and risk mangement along with the technology capability and deep market expertise of JFS.
"This is an exciting partnership between JFS and BlackRock, one of the largest and most respected asset management companies globally. The partnership will leverage BlackRock&rsquo;s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive the digital delivery of products", said Sethia.
Also Read: <a href="https://www.editorji.com/business-news/jio-financial-services-to-trade-as-part-of-nifty-50-sensex-for-3-days-starting-july-20-1689667012408">Jio Financial Services to trade as part of Nifty 50, Sensex for 3 days starting July 20</a>
Meanwhile, Chair &amp; Head of APAC, BlackRock Rachel Lord has said that India offers enormous opportunities and that the digital transformation across industries is reshaping the market in incredible ways.
"India represents an enormously important opportunity. The convergence of rising affluence, favorable demographics, and digital transformation across industries is reshaping the market in incredible ways. We are very excited to be partnering with JFS to revolutionize India's asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India," said Rachel Lord.
Once the regulatory and statutory approvals come, Jio BlackRock will launch its operations and the company will have its own management team.
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The Reliance Industries shares settled at Rs 2,580 per share on the NSE in the pre-open session and closed at Rs 2,841.85 on Wednesday. From this, the share price of Jio Financial Services was arrived at Rs 261.85 per share

Jio Financial Services Demerger: JFS to list at Rs 261.85 per share at NSE

The Reliance Industries shares settled at Rs 2,580 per share on the NSE in the pre-open session and closed at Rs 2,841.85 on Wednesday. From this, the share price of Jio Financial Services was arrived at Rs 261.85 per share

The Demerged entity of Reliance Industries Limited, Jio Financial Services (JFS) has begun trade as part of the NSE and BSE from today. JFS listed on the NSE at 261.85 per share.&nbsp; The price was fixed after the pre-auction call. Reliance's share price settled at Rs 2,580 on the NSE in the pre-open session. On Thursday, Reliance closed at Rs 2,841.85 per share. The difference between the closing price and the price arrived at during the pre-open session gives the price (Rs 273) at which Jio Financial Services would trade on the NSE.
Also Read: <a href="https://www.editorji.com/business-news/jio-financial-services-to-trade-as-part-of-nifty-50-sensex-for-3-days-starting-july-20-1689667012408">Jio Financial Services to trade as part of Nifty 50, Sensex for 3 days starting July 20</a>
Similarly, on BSE, Reliance share price settled down at ₹2,589 per share in special pre-opening session.&nbsp;
Since JFSL will be trading as a part of Nifty50 until the time it gets listed as a separate entity, Nifty will have 51 shares. Meanwhile, Sensex will have 31 shares with JFSL being the latest entrant. The National Stock Exchange had also said that the demerged entity will also be included in the Nifty 100, Nifty 200 and Nifty 500 indices along with other sectoral indices.
&nbsp;

After Mothercare, Ed-a-Mamma will be the new addition to Reliance’s children’s wear portfolio

Alia Bhatt’s childwear brand Ed-a-Mamma set to acquire by Reliance: report

After Mothercare, Ed-a-Mamma will be the new addition to Reliance&rsquo;s children&rsquo;s wear portfolio

Bollywood actress Alia Bhatt&rsquo;s children&rsquo;s wear brand, Ed-a-Mamma is reportedly in talks to be&nbsp; acquired by Reliance Brands, a subsidiary of Reliance Retail.&nbsp;
According to a report by ET, Reliance Retail is looking to buy Ed-a-Mamma in a deal worth INR 300-350 Cr. Ed-a-Mamma is valued at INR 150 Cr reportedly, which primarily sells its products online.
Also read/watch: <a href="https://www.editorji.com/business-news/bain-capital-to-acquire-adani-capital-for-1-500-crore-report-1689579768779">Bain Capital in advance talks to acquire Adani Capital for ₹1,500 crore: Report</a>
The report further added that the deal is in its final stages and Ed-a-Mamma and Bhatt would sign the papers in the next 10 days or so. The deal is said to give Reliance a better foothold in the kidswear market, the executive added.
About Ed-a-Mamma
Founded in 2020, Ed-a-Mamma manufactures and sells children&rsquo;s wear, teens&rsquo; wear and maternity wear. The company operates in an omnichannel model, selling across ecommerce platforms and offline retail chains including Lifestyle and Shoppers&rsquo; Stop. With the deal, Ed-a-Mamma would likely also get access to Reliance&rsquo;s Trends stores, further strengthening its offline presence.
Incidentally, Ed-a-Mamma is only the first in many recent attempts by Reliance Retail to grab a bigger share of the online retail market in India. Earlier this year, it was reported that Reliance has entered an agreement with Chinese fast fashion brand Shein to bring it back to India, having been banned in 2020 after increased border tensions with China.

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