Reliance Industries sets up company for real estate development
.jpg)
Mukesh Ambani’s Reliance Industries has set up a company — in Reliance Navi Mumbai Infra (RNMIL) — for real estate development.
It said the company has invested Rs 5 lakh as initial capital in the newly incorporated entity, which is yet to commence its business operations. According to sources, RNMIL will develop properties in the special economic zone to be developed by Reliance Industries in Navi Mumbai.
Though there is a buzz that it is created to buy the 132-acre Dhirubhai Ambani Knolwedge City (DAKC) owned by Anil Ambani’s Reliance Communications (RCom), a company spokesperson denied the rumours. RIL would be forming a new company to bring under one umbrella all of its real estate ventures, reports had said last year.
Last February, RIL bought a 65 per cent stake in a real estate project in Bandra-Kurla Complex for Rs 1,105 crore, taking its total investment in property to $2.6 billion.
RIL had also approved an increased investment limit in Reliance Corporate IT Park, a wholly owned subsidiary from Rs 3,800 crore to Rs 6,000 crore for FY20. RIL owns several offices in Nariman Point, Bandra Kurla Complex in Mumbai among others. It also owns Reliance Corporate Park in Navi Mumbai.
Recently, Reliance Realty, a subsidiary of cash-strapped RCom, received Maharashtra government’s approval to develop DAKC in Navi Mumbai into a Smart Fintech Centre. The prime real estate at DAKC will have a total saleable area of more than 30 million square feet.
Other Latest News
.webp)
Voting in the first phase of the Lok Sabha elections 2024 started early morning on Friday. The first phase will see 102 out of 543 Lok Sabha seats go to polls in 17 states and four Union Territories (UTs).
Social networking service Instagram launched a new feature aimed at encouraging voters to participate in the elections. Upon opening the app, Instagram gives an alert on top which says, "Voting in India’s Lok Sabha elections starts today, April 19."
.webp)
The Supreme Court on Friday asked yoga guru Ramdev to implead the complainants, who have lodged cases against him over his alleged remarks against the use of allopathic medicines during the Covid pandemic, as party in his plea seeking stay of criminal proceedings.
The Patna and Raipur chapters of the Indian Medical Association (IMA) have lodged complaints in 2021 alleging Ramdev's remarks were likely to cause prejudice to Covid control mechanism and may dissuade people from availing proper treatment.
.webp)
Shares of Bharat Petroleum Corporation Ltd (BPCL) were down by 4.2 per cent at Rs 560.20 intraday on Friday.
Similarly, other oil and marketing companies (OMCs) such as Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL) slumped 4.1 per cent each at Rs 162.20 and Rs 457, respectively in intraday deals.
.webp)
Cryptocurrencies fell heavily and bitcoin broke below $60,000 on Friday in a rush out of risky assets following reports of an Israeli missile strike on Iran.
Bitcoin slid more than 5.5 per cent to $59,961 in the Asia session as the US dollar rose broadly. Ether fell by a similar margin, dropping below the $3,000 barrier to $2,895.
.webp)
Israeli missiles targeted a site in Iran in response to a recent drone and missile attack launched by Iran, reportedly in retaliation against an alleged Israeli airstrike on Iranian embassy in Syria, according to a report in ABC News.
ABC News reported on the unfolding situation, amid fears that the clash between Israel and Iran might escalate into a wider regional conflict.
.webp)
.webp)
.webp)
.webp)
.webp)
