Jio Platforms Limited (JPL), a subsidiary of Reliance Industries Limited, has created a 51:49 satellite broadband joint venture (JV) called Jio Space Technology with SES, a Luxembourgish satellite-based content connectivity solutions provider. Jio Space Technology will be engaged in providing satellite broadband services in India. The joint venture will utilize multi-orbit space networks — a […]
Reliance Industries Limited (RIL) has reported a 37.9% increase in its net profit for the quarter ended 31 December 2021 (3Q FY22) to INR 20,539 crores, compared to INR 14,894 crores in net profit for the same period in the previous fiscal year. In the previous quarter, that is 2Q FY22, the Mukesh Ambani-led group […]
Reliance Industries Limited (RIL) has inked a memorandum of understanding (MoU) with the Gujarat government to invest INR 5.955 lakh crores ($80 billion) in green energy and other projects in the state. The investment has been announced as part of the investment promotion activity for Vibrant Gujarat Summit 2022. According to Reliance Industries, the projects […]
The Mukesh Ambani led Reliance Industries Limited is set to acquire a 73.37% stake in Mandarin Oriental New York, a luxury hotel in New York City for about $98.15 million. The transaction will be carried out by the Indian conglomerate’s fully-owned subsidiary — Reliance Industrial Investments and Holdings Limited (RIIHL). It will be through the […]
Reliance Retail Ventures, the retailing arm of Reliance Industries, has acquired a stake of 25.8% in Bengaluru-based hyperlocal delivery company Dunzo for $200 million. Dunzo is engaged in providing instant delivery of essentials sourced from a network of micro warehouses. Its services are currently available across seven Indian cities. Reliance Retail Ventures will avail Dunzo’s […]
Reliance Industries said that its fully-owned subsidiary Reliance New Energy Solar (RNESL) has signed a £100 million deal to acquire Faradion, a British sodium-ion battery technology company. Additionally, Reliance New Energy Solar will invest £25 million as growth capital in Faradion to accelerate the commercial launch of the latter’s sodium-ion battery solutions. Faradion, which is […]
Reliance Industries Ltd (RIL) announced that it will withdraw its application to obtain the requisite approvals from the National Company Law Tribunal (NCLT) regarding the spinning off of its oil-to-chemicals (O2C) business into an independent entity. The Indian conglomerate said that the reason for the move is the evolving nature of the oil-to-chemical business. The application currently […]
Reliance Industries Limited said that its subsidiary — Reliance Retail Ventures Limited (RRVL) has acquired the amanté lingerie brand from MAS Brands for an undisclosed price. The Indian conglomerate said that the acquisition of the retail lingerie businesses is part of its journey to provide superior design led products and a compelling value proposition for […]
Reliance Industries Limited said that its fully-owned step-down subsidiary — Reliance Eagleford Upstream Holding has signed agreements to sell its stake in certain upstream assets in the Eagleford shale play in Texas to Ensign Operating III. With the deal, Reliance Industries Limited has sold all its shale gas assets and will exit from the shale […]
Reliance Industries Limited (RIL) has reported a 46% increase in its profit after tax for the quarter ended 30 September 2021 (2Q FY22) to INR 15,479 crores ($2.1 billion), compared to INR 10,602 crores ($1.41 billion) in net profit for the same period in the previous fiscal year. The earnings per share (EPS) of the […]