Reliance
Top industrial houses including Reliance, Birla, Tata to invest in UP
Mukesh Ambani, Chairman of Reliance Industries Limited, announced an investment of Rs 75,000 crore in UP in the coming four years. About one lakh new jobs are expected to be created by this investment. Speaking at the event, Ambani said that the state would become a trillion dollar economy within the next five years.
IIHL says it is batting for higher value for stakeholders in Reliance Capital case
The IIHL said there is no bar on multiple rounds of challenge mechanism to arrive at a higher valuation for a company and the the Adjudicating Authority has committed grave error of jurisdiction in interfering with the commercial decision of Committee of Creditors (COC) which has found the offers/resolution plans as sub-optimal.
Massive capex underway in RIL
"We cut FY23/24 consolidated EPS by 3-4 per cent to reflect 3-8 per cent Ebitda cut in JIO (deferment in tariff hike), higher depreciation etc; the 15 per cent pa PAT growth builds in backended ramp up in E&P volumes and gradual pick up in revenue/sq ft in retail with unchanged margins. SoTP works out at Rs 2,861/share; the stock will react positively to news flow on tariff hikes in telecom, demerger of Jio Financial Services, and green energy business," the report said.
Retail business got a boost with more Indians choosing to shop at Reliance Retail stores: Mukesh Ambani
Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited, said, "Our performance during the quarter demonstrates the underlying strengths and efficiencies of our business model that enable us to serve our customers with excellence at all times. We remain steadfast in offering the best shopping experience across all our stores and digital platforms to deepen our bond with our customers and vendor partners."
Consumer business boosts Reliance Industries' consolidated revenues to Rs 2.40 lakh crore in Q3 FY23
Reliance posted quarterly consolidated EBITDA at Rs 38,460 crore ($4.6 billion), up 13.5 per cent YoY led by consumer businesses and upstream. Consolidated net profit for the quarter was Rs 17,806 crore ($2.2 billion), up 0.6 per cent YoY. RIL's capital expenditure for the quarter ended December 31, 2022 was Rs 37,599 crore ($4.5 billion).
Reliance Industrial Infra logs Rs 190.43L net for Q3
The company said it continues to provide infrastructure support services, namely transportation of petroleum products and raw water through pipelines, construction machinery on hire, and other support services to Reliance Industries Group, with a substantial portion provided to Reliance Industries Limited.
'David' Torrent in battle with 'Goliath' hindujas for Rcap buy out
IIHL, a part of Hinduja Group, is the highest bidder with a bid value of Rs 10,000 crore which includes an upfront cash offer of Rs 9,000 crore. In comparison, the value of Torrent's resolution plan is Rs 8,640 crore, which the company bid at the Challenge Mechanism conducted by the COC on December 21, 2022. Hinduja is one of the leading conglomerates with presence in multiple sectors of the economy including finance, automobiles, oil & chemicals, IT, media, power, healthcare, trading etc.
Torrent stalls Reliance Capital Resolution, COC approves 90 days extension to complete resolution process
NCLT Mumbai will resume hearing in the Reliance Capital resolution matter on Monday. In the hearing on Thursday, January 12, senior counsel Kapil Sibal appearing for RCAP's COC informed the court that the bid submitted by Torrent is non-compliant.
Torrent stalls Reliance Capital resolution process
Legal advisors, AZB & Partners for the administrator and Luthra & Luthra for the COC, observed that Torrent and IIHL resolution plans are legally non-compliant with the IBC and other laws. Financial advisors, Deloitte, and KPMG's comparison observed that the upfront cash of Torrent was only Rs 3,750 crore, as against the IIHL's offer of Rs 9,000 crore cash upfront. Torrent's deferred payment of 3 to 5 years is without Torrent Investment's corporate guarantee offered in the first round and at zero interest. Torrent also wants the COC to allow it a charge on the Reliance Capital assets for deferred financing.
Reliance Consumer Products forms JV with 100-yr-old beverage maker Sosyo Hajoori Beverages
The existing promoters, Hajoori family, will continue to own the remaining stake in SHBPL. Sosyo is a heritage Indian brand with around 100 years of legacy in carbonated soft drinks (CSD) and juices. Established in 1923 by Abbas Abdulrahim Hajoori, the company is one of the leading players in the domestic soft drinks market.
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