Reliance Industries Limited and Jio Platforms Limited announced that Vista Equity Partners will invest ₹ 11,367 crore into Jio Platforms. This investment values Jio Platforms at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore. The investment will make Vista the largest investor in Jio Platforms behind…
Mukesh Ambani’s Reliance Industries is in advanced discussions to acquire a majority stake in online pharmacy Netmeds as part of its broader play in commerce, said three sources familiar with the development to the TOI. Netmeds is a fully licensed e-pharma portal that offers authenticated prescription and Over the Counter (OTC) medicine along with other…
Reliance Industries Limited and Jio Platforms Limited announced that Silver Lake will invest ₹ 5,655.75 crore into Jio Platforms. “In the wake of the severe economic disruptions caused by the COVID-19 pandemic, globally and especially within India, this partnership with one of the most renowned tech-investors globally, Silver Lake, has special significance. Comprehensive digitisation will…
Reliance Industries has announced that the company will reduce the salaries of its employees by 10%. The reduction will be for the employees in the oil and gas division, an internal memo said. “The COVID-19 pandemic has posed unprecedented challenges for India and the world. All societies, industries and businesses are impacted and Reliance is…
Days after Reliance and Facebook signed the $5.7 billion deal, Mukesh Ambani’s ambitious project JioMart has gone live on WhatsApp. Currently in its pilot phase, the service is live only in some areas of Mumbai including Navi Mumbai, Thane and Kalyan. The company plans to roll out the service in other parts of the country…
Reliance Industries Ltd, Jio Platforms Ltd and Facebook, Inc. announced the signing of binding agreements for an investment of ₹ 43,574 crore by Facebook, acquiring 9.9% equity share in Jio Platforms. This investment by Facebook values Jio Platforms at ₹ 4.62 lakh crore pre-money enterprise value. “This is the largest investment for a minority stake…
Prime Minister Narendra Modi on Monday, met top industry leaders including Mukesh Ambani, Ratan Tata, and Gautum Adani, ahead of the Union Budget 2020-21. The Union Budget which will be presented in the parliament on February 1, 2020, will be extremely crucial in sending a positive message to revive business sentiment amidst an economic slowdown.…
Reliance Industries Ltd, the Indian multinational conglomerate, has finally crossed the market capitalization of Rs 10 lakh crore and has become the first Indian company to pull off this feat. Tata Consultancy Services, the second most valued firm, has a market cap of Rs 7.81 lakh crore. In October, RIL had hit the Rs 9…
Reliance Industrial Investments and Holdings Limited, a wholly owned subsidiary of Reliance Industries Limited, on Wednesday announced that it has successfully acquired 12.7% shareholding in SkyTran Inc. Founded in 2011, SkyTran, Inc. is a venture capital and private office funded high technology company focused on advanced transportation solutions. “Reliance has made a strategic investment into…
Srinivasan Swamy, Chairman of the R K Swamy Hansa Group, has been unanimously elected as the Chairman and World President of the International Advertising Association (IAA), the first Indian ever to do so. Swamy will take over the reins from legendary advertising professional Felix Tataru in Bucharest, Romania and he will stay in this post for…
Reliance Industries will kick off its online retail foray starting with grocery. Mukesh Ambani’s plan to move a part of Reliance Industries’ retail division into the e-commerce space has been known for a long time. The company plans to offer express deliveries of fresh fruit and vegetables to homes in Mumbai, making it the first…