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Mukesh Ambani to set up Alphabet-like Rs 1.08-trillion digital company
Posted on 28th October 2019
Reliance Industries, controlled by Asia’s richest man Mukesh Ambani, will set up a holding company on the lines of Alibaba Group Holdings and Alphabet that will create digital services and allow for a strategic or financial investor.

Reliance Industries, controlled by Asia’s richest man Mukesh Ambani, will set up a holding company on the lines of Alibaba Group Holdings and Alphabet that will create digital services and allow for a strategic or financial investor.

Following the equity infusion, Reliance Jio will transfer liabilities worth Rs 1.08 trillion to a subsidiary of the parent, turning Jio almost debt free by March 31, 2020, excluding airwave-related liabilities.

After spending almost $50 billion on a 4G wireless network that started services in 2016, Ambani is now cleaning up the balance sheets of his companies with the goal of making Reliance Industries a zero-net-debt company in less than two years. Jio’s debt stood at about Rs 840 billion as on Sept. 30, Chief Financial Officer V. Srikanth said earlier this month.

Ambani may also be preparing Jio for an initial public offering. In the three years since its debut, Jio has vaulted to the No. 1 position in the world’s second-biggest wireless market as it lured more than 350 million users with free calls and cheap data. Ambani said in August that Reliance will start preparing to list its telecommunications and retail businesses within five years.

Reliance Jio posted a stand-alone profit of Rs 9.9 billion for the quarter ended Sept. 30 on revenue of Rs 123.54 billion.

Related Companies: Reliance Industries Limited (RIL)   

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Get FDA license or face shutdown: Goa govt warns high-end restaurants
Posted on 29th February 2020

The Goa government on Saturday warned all high-end restaurants operating along the coastal belt in the state to obtain the Food and Drugs Administration (FDA) licence within a month or face shutdown.

The warning comes amid concerns over rising food adulteration and use of carcinogenic chemicals in fruits and vegetables by traders.


AGR dues: Bharti Airtel pays ₹3,004 crore as full and final settlement
Posted on 29th February 2020

Bharti Airtel said it has paid an amount of ₹3,004 crore towards the full and final settlement of its adjusted gross revenues (AGR) dues in addition to ₹10,000 crore already paid on February 17, 2020 on behalf of the Bharti Group of Companies.

The company added that it has also deposited an additional amount of ₹5,000 crore as an ad-hoc payment (subject to subsequent refund or adjustment) to cover differences, if any, arising from the reconciliation exercise with the Department of Telecommunication (DoT).


'Pakistan Army Epicenter Of International Terrorism': Pak minorities protest during UN human rights meet in Geneva
Posted on 29th February 2020

A poster was displayed before the Broken Chair monument in Switzerland's Geneva on Sunday, which condemned Pakistan for being the 'epicenter' of global terrorism. The poster was put up by Pakistan's minorities, to protest against the Pakistan Army's actions, during the ongoing 43rd session of the United Nations Human Rights Council.

The minorities in Pakistan demanded that the United Nations take strict action against Islamabad for its covert support and funding to terror outfits.


US, Taliban set to sign historic peace deal today; Indian envoy to attend
Posted on 29th February 2020

The much-anticipated peace deal between the United States and Afghanistan's Taliban is set to be signed in Qatar's Doha on Saturday. Envoys of more than 30 countries, including India, are expected to attend, news agencies reported.

US-Taliban peace deal is set to be signed today evening in Doha (Qatar), Indian envoy is among 30 countries invited to witness the event, ANI reported quoting sources.


FB, Twitter, Google threaten to shut services in Pak over new internet law
Posted on 29th February 2020

A coalition comprising digital media giants Facebook, Google and Twitter (among others) have spoken out against the new regulations approved by the Pakistani government for social media, threatening to suspend services in the country if the rules were not revised, it was reported.

In a letter to Prime Minster Imran Khan earlier this month, the Asia Internet Coalition (AIC) called on his government to revise the new sets of rules and regulations for social media, The News International reported on Friday.


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