Reliance

Mukesh Ambani becomes Asia’s richest person

Reliance Industries Ltd Chairman Mukesh Ambani has surpassed Alibaba Group’s Jack Ma to become Asia’s richest person. According to Bloomberg Billionaires Index, Ambani’s wealth rose to $44.3 billion while Jack Ma’s wealth stood at $44 billion. He is the 18th wealthiest person in the world, according to Forbes. Reliance is India’s largest payer of GST and Income Tax in the private sector.

India’s first carbon fibre unit

Reliance Industries Ltd. is investing in setting up India’s first carbon fibre manufacturing unit to cater to aerospace and defence needs. It will also make low-cost and high-volume composite products like modular toilets, homes and composites for windmill blades and rotor blades. Carbon fibre is made by heating lengths of rayon to extremely high temperatures in an oxygen-deprived oven.

Jio Payments Bank began operations

The Reserve Bank of India (RBI) said that Jio Payments Bank has commenced its banking services.Reliance Industries Ltd (RIL) was one of the 11 applicants which were issued the in-principle approval for setting up a payments bank in August 2015. Telecom major Bharti Airtel was the first to begin payment bank services in November 2016.

Aircel files for bankruptcy

India‘s sixth-largest telecom operator Aircel filed for bankruptcy at the National Company Law Tribunal (NCLT) claiming that it has a debt of Rs.15,500 crore. This comes after the Ananda Krishnan-owned Malaysian parent Maxis Communications refused to infuse more funds into Aircel. Notably, Aircel‘s proposed merger with Anil Ambani‘s Reliance Communications had failed last year.

Shipping ministry and IIT Madras joins hand

Shipping ministry has set up a centre in a joint initiative with IIT Madras to accelerate indigenous development of technology & patents.It also aims to reduce reliance on costly foreign consultations. The centre, supported by ministry’s flagship Sagarmala Project, will be located at the satellite campus of IIT Madras. It is expected to serve as the technological arm of shipping ministry.

Ambani’s Reliance to buy 5% stake in Eros

22 : Mukesh Ambani-led Reliance Industries said it will buy a 5% stake in NYSE-listed Eros International for $48.75 million (over ?316 crore). Separately, the companies also announced a ?1,000-crore fund to produce and acquire Indian films and digital content. Last year, Reliance had purchased 25% stake in media company Balaji Telefilms for ?413 crore.

RIL plans digitial industrial area in Mah

Reliance Industries along with global firms, is planning to invest more than ?60,000 crore in Maharashtra in the next 10 years for establishing an integrated digital industrial area.Once built, it will be the first integrated digital industrial area in the country. More than 20 global companies including Cisco, HP, Dell, Nokia& Nvidia among others have already agreed to invest in it.

RIL wins Golden Peacock Award for CSR

Reliance Industries has won the Golden Peacock Award 2017 for success of its Corporate Social Responsibility initiatives.One of RIL’s key social projects aims at impacting the livelihood of farmers through water and food security interventions. The award aims to give attention to social & environmental concerns & encourage companies to balance financial profits, value addition & social good

RIL to cross ?6-lakh crore market cap

Reliance Industries became the first Indian company to cross the ?6-lakh crore mark in market capitalisation as its shares touched a 52-week high of ?974.5.RIL shares rose 4.5% to ?971.2 valuing the company at ?6,15,150 crore. RIL is owned 40% by its chairman Mukesh Ambani, making him the richest Indian with personal wealth of $40.7 billion.

Largest refinery off-gas cracker complex

Reliance Industries has commissioned the world’s largest Refinery Off-Gas Cracker complex of 1.5 mtpa capacity.The complex is a core component of RIL’s J3 project at its integrated refinery-petrochemicals complex at Jamnagar. ROGC is the latest addition to RIL’s existing cracker portfolio consisting of cracker facilities at Nagothane in Maharashtra and Hazira, Dahej & Vadodara in Gujarat.