by admin | May 25, 2021 | News
New Delhi : The Supreme Court on Wednesday directed Reliance Communications to pay Rs 453 crore to Ericsson India within four weeks failing which its chairman will have to undergo a three-month sentence.
A bench of Justice Rohinton Fali Nariman and Justice Vineet Saran directed the court’s Registry to give Ericsson Rs 118 crore that were earlier deposited by RCOM.
The court said that the entire amount that RCOM has to pay to Ericsson is Rs 550 crore plus the interest that was generated.
The court also imposed a fine of Rs 1 crore each on RCOM, Reliance Telecommunication and Reliance Infratel that would be deposited with the Supreme Court Legal Services Committee (SCLSC).
In case of default the Chairman of all three companies would have to undergo sentence of one month each.
The bench ordered this as it did not accept the “unconditional apology” tendered to the court by the RCOM Chairman.
RCOM Chairman Anil Ambani was present in the court when the order was announced.
—IANS
by admin | May 25, 2021 | Corporate, Corporate Buzz
Anil Ambani
New Delhi : Reliance Group Chairman Anil Ambani on Friday welcomed the Supreme Court judgment in the Rafale deal, saying it has conclusively established “complete falsity of the wild, baseless and politically motivated” allegations levelled against Reliance Group and him personally.
In a statement, he said the Reliance Group was committed to India’s national security and to making its contribution towards the Make in India and Skill India policies of the government in defence, including the offset partnership agreement with valued partner Dassault Aviation.
“I welcome the judgment of the Hon’ble Supreme Court today summarily dismissing all PILs filed on the Rafale contracts, and conclusively establishing the complete falsity of the wild, baseless and politically motivated allegations levelled against Reliance Group and me personally.
“We remain committed to India’s national security and to making our humble contribution towards the Make in India and Skill India policies of the Government in the critical area of defence including our offset partnership agreement with our valued partner, Dassault Aviation of France,” Ambani said.
The Supreme Court on Friday dismissed four petitions seeking court-monitored probe into the purchase of 36 Rafale jet fighters in ready-to-fly conditions, holding that the decision making process was not in doubt and it cannot go into the question of pricing and choice of offset Indian partner by the French aircraft manufacturer Dassault.
Referring to their interaction with senior air force officers and the material placed before it, a bench of Chief Justice Ranjan Gogoi, Justice Sanjay Krishan Kaul and Justice K.M. Joseph, said: “We are satisfied there is no occasion to doubt the decision-making process.”
—IANS
by admin | May 25, 2021 | Corporate, Corporate Buzz, Corporate Governance, News, Politics
Mumbai : Reliance Group Chairman Anil Ambani has written to Congress President Rahul Gandhi saying that the party has been “misinformed, misdirected and misled” by malicious vested interests and corporate rivals on the offsets related to the Rafale fighter jet deal.
A Reliance Infrastructure Ltd release said that Ambani wrote a letter to Gandhi last week and expressed “deep anguish over continued personal attacks” on him while terming all allegations as “baseless, ill-informed and unfortunate.”
Clarifying on the role of Reliance in offset exports/ work share, Ambani wrote that Rafale fighter jets are not being manufactured by Reliance or Dassault Reliance Joint Venture.
Ambani said Gandhi’s allegation that Reliance Defence was set up 10 days before the announcement on April 10 , 2015 of government’s decision to purchase 36 French-manufactured Rafale jets links factually incorrect information “and is thus irrelevant and completely false.”
“The Reliance Group announced its decision to enter the defence manufacturing sector in December 2014-January 2015, months before the intention for purchase of Rafale aircraft. In February 2015, we informed the Indian Stock Exchanges of the companies we have incorporated,” Ambani said.
The release said that all the 36 fighter jets are to be 100 per cent manufactured in France and exported from France to India.
Ambani clarified that not a single component worth a single rupee is to be manufactured by Reliance for these 36 Rafale jets.
“The allegations relating to `lack of experience’ are, thus, irrelevant,” the release said and added that there is no contract from the Defence Ministry to any Reliance Group company related to 36 Rafale aircraft.
Ambani said allegations of Reliance benefitting by thousands of crores was a “figment of imagination, promoted by vested interests” and put simply, “no contract exists with the Government of India ”
“Our role is limited to offset exports / export obligations. More than 100 medium, small and micro enterprises (MSMEs) will participate in this along with public sector undertakings like BEL and Defence Research & Development Organization (DRDO). This role strengthens Indian manufacturing capabilities and is in pursuance of the Offsets Policy introduced by the Congress-led UPA Government itself from 2005 onwards,” the release said.
Gandhi has been attacking the Modi government, alleging that the deal had caused a loss of Rs 41,000 crore to the exchequer compared to the price negotiated by the Congress-led UPA government. He has also making allegations about the offsets.
The party also said on Saturday that it will launch a month-long nationwide agitation from next week on what it said was “Rafale scam” of the Modi government and other issues.
—IANS
by admin | May 25, 2021 | Business, Large Enterprise
Mumbai : Reliance Group Chairman Anil Ambani on Tuesday said the company has achieved full resolution of Reliance Communications’ (RCOM) debt reducing it by Rs 25,000 crore, to Rs 6,000 crore.
“We have achieved resolution that involves Reliance Communications exiting strategic debt recast. Clearly and truly this is a historical achievement for any group. RCOM debt will reduce by Rs 25,000 crore, The entire monetisation process to repay debt of lenders will be completed by January-March 2018 in a phased manner,” Ambani told reporters here.
Reliance Communications had close to Rs 45,000 crore debt on its books in October 2017, he had said. The RCOM stock rose sharply on announcment, closing at 30 per cent high at Rs 21.33.
Saying that going forward Reliance Communications will be a buisness-to-business (B2B) company, he added the company achieved this debt restructuring by asset monetisation and selling real estate”
“The new company will have a debt of Rs 6,000 crore,” he said.
The reduction would allow RCOM to provide “zero write-offs to all lenders and bondholders.”
“There will be no conversion of debt to equity as well,” Ambani said.
He said the company had faced a lot of headwinds in the last few months with respect to National Company Law Tribuna”.
“It was challenge…how do you really manage 35 global and Indian banks to come on the same page?” Ambani said.
He said for the new RCOM 50 per cent of revenue will come from outside India.
“Reliance Communications will be now one of the strongest entreprise business of India,” Ambani added.
—IANS
by admin | May 25, 2021 | Business, Corporate, Corporate Buzz, Investing, Large Enterprise
Nagpur : Dassault Aviation, France Chairman Eric Trappier and Reliance Group Chairman Anil Ambani on Friday laid the foundation stone for the Rs 6,500 crore-Dassault Reliance Aerospace Limited (DRAL) manufacturing facility here that will manufacture components of the offset obligation linked to the purchase of 36 Rafale jets from France.
The ceremony was witnessed by French Minister of Armed Forces Florence Parly, Union Minister for Shipping Nitin Gadkari, and Maharashtra Chief Minister Devendra Fadnavis, France’s Ambassador to India Alexandre Ziegler, and Kokilaben Ambani, Tina Anil Ambani and Anmol Anil Ambani.
The DRAL facility, named Dhirubhai Ambani Aerospace Park (DAAP), is located in the Mihan SEZ adjoining Nagpur’s Dr Babasaheb Ambedkar International Airport.
The joint venture also represents the largest single Foreign Direct Investment (FDI) by Dassault Aviation of over 100 million Euros in one location in India.
Under the JV company, DRAL (51% Reliance Aerostructure and 49% Dassault Aviation), the facility will initially manufacture components for the Legacy Falcon 2000 Series of civil jets manufactured by Dassault Aviation and thus will become part of its global supply chain.
These first steps are expected to achieve in the coming years, the possible setting up of final assembly of Rafale and Falcon aircraft.
The DRAL facility will train thousands of skilled workers in aviation assembly and integration, and lead to huge employment generation in Nagpur and its surrounding areas.
It will also attract and house an organic ecosystem of over 200 MSMEs to secure the component and avionics manufacturing needs of Rafale and Falcon jets.
Dassault Aviation Chairman, Trappier, declared that “this Foundation Stone laying demonstrates Dassault’s firm commitment to implementing Prime Minister Narendra Modi’s ‘Make in India’ programme. It gives the 65 year-long strong association of Dassault Aviation in India a new momentum and the will of future manufacturing developments.”
Reliance Group Chairman, Anil D. Ambani, stated that “this facility in MIHAN Nagpur within the Aerospace Park named after my late father Dhirubhai Ambani could not have happened without the strong and consistent support of Gadkari and Fadnavis”.
The Reliance Dassault partnership will bring high levels of Technology Transfer to make India a major supplier in the global aviation supply chain, he added.
“It will be the endeavour of both Dassault and Reliance to fully support Prime Minister Modi’s ‘Make in India’ and ‘Skill India’ policies and to accelerate India’s pursuit of self sufficiency in the aerospace sector,” Ambani assured.
Explaining how the project germinated during the ceremony, Ambani said: “First, owing to the general mindset, Bengaluru, was the choice, then Hyderabad. Eric (Dassault chairman) even suggested going to Gujarat.”
“But I said I wanted to go to Nagpur, which was first suggested by Gadkari or he said he would banish me from the country if I took the project elsewhere,” Ambani said on a lighter note.
“Then Fadnavis assured that everything I need would be done for the project at Mihan,” he said.
He lauded the state government for the ease of doing business, speed of doing the work and clarity in the entire process which finally helped the Reliance-Dassault project see the light of day.
He revealed that the Indian Navy has requested for 57 aircraft for its aircraft carriers, the feasibility for which would be worked out.
—IANS
