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RCom arm Reliance Realty gets nod to develop DAKC into Fintech Centre
Posted on 11th February 2019
Debt-ridden telecom operator Reliance Communications (RCom)'s subsidiary Reliance Realty will develop the Maharashtra’s first and largest Smart Fintech Centre in Navi Mumbai, RCom announced on Monday. The Department of Information Technology, Government of Maharashtra and the Maharashtra Industrial Development Corporation (MIDC) granted approval to Reliance Realty to develop the Smart Fintech Centre at its Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai, under the Government of Maharashtra’s new Fintech Policy.

The company will develop 132 acres of land in DAKC with a total saleable area of 30 million square feet. Last year, at the 14th annual general meeting (AGM), RCom chairman Anil Ambani bid adieu to the telecom business, owing to intense slugfest in the sector. He unveiled a new source of redemption through development plans for the 133-acre Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai.

Last week, The company said that not all of its 37 lenders were able to come to a consensus despite 12 months of discussion and more than 45 meetings on clearing the sale of assets to Reliance Jio unanimously as required under the RBI rule, which has been challenged in the Supreme Court. The company is now seeking relaxation of the 100 per cent consensus rule, as in case of the IBC, a minimum of 66 per cent of the members endorsing a proposal is enough to give the resolution proposal a clearance. So far 95-97 per cent of the creditors already voted for the sale of the RCom telecom assets.

Company executives said while there was consensus on the sale of the telecom assets to enable RCom to repay a substantial part of the Rs 38,000 crore of debt, there was no consensus on how the cash would be distributed among banks with varying exposures. Further, its plea would not be followed by any bidding process for the assets and floating an expression of interest, as in an insolvency case.

Related Companies: Reliance Communications (RCOM)   

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Posted on 20th March 2019
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The plant is located in Karsada at Varanasi, Uttar Pradesh (UP).”Karsada plant has been able to achieve full load generation. Set up with an installed capacity of 200 kW, the thermal gasification-based pilot scale 24 tonne per day waste to energy plant has achieved full generation capacity,” NTPC said in a statement.


RCom shares continue to gain, rally 10 per cent
Posted on 20th March 2019
New Delhi: Shares of Reliance Communications further zoomed 10 per cent to hit the highest trading permissible limit for the second day in a row on Wednesday after the company cleared dues of Swedish service provider Ericsson.

The scrip rose sharply by 10 per cent to Rs 4.84 -- its upper circuit limit -- on the BSE.


Vodafone Idea sets terms for USD 3.6 billion worth rights issue
Posted on 20th March 2019
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Sensex, Nifty rise on sustained foreign fund inflow
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The Centibillionaires: Bill Gates joins Jeff Bezos as the only two members of the $100 billion club
Posted on 20th March 2019
Bloomberg tracks the fortunes of some 2,800 billionaires. Of those, 145 are worth at least $10 billion, making them decabillionaires. Now, the world contains two centibillionaires simultaneously.

Microsoft Corp. co-founder Bill Gates, once the world’s richest person, has again eclipsed the $100 billion threshold, joining Amazon.com Inc.’s Jeff Bezos in the exclusive club, according to the Bloomberg Billionaires Index.


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