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 | Economy, Finance, Markets, News
Mumbai : Housing finance company Reliance Home Finance Ltd — part of Anil D Ambani-led Reliance Group — on Friday made its trading debut in NSE at Rs 107.20.
Tina Ambani, wife of Anil Ambani, rang the bell signalling the listing of Reliance Home Finance’s stock.
Speaking at the listing function Anmol Ambani, Executive Director, Reliance Capital Ltd said the company will leverage the growth prospects of the untapped housing market.
Reliance Capital holds 51 per cent in Reliance Home Finance.
“All Shareholders of Reliance Capital Ltd. have already received one free share of Reliance Home Finance Ltd. for every share held in Reliance Capital Ltd. as on Record Date i.e. September 6, 2017,” Reliance Capital had said earlier in a statement.
Reliance Home Finance has assets under management (including securitised portfolio) of Rs 13,022 crore ($2 billion) as of June 30, 2017.
At around 10.25 a.m. Reliance Home shares were changing hands at Rs 109.20 at BSE.
—IANS
by admin | May 25, 2021 | Muslim World
Doha:(IANS) Reliance Group chairman Anil Ambani has evinced keen interest to expand business ties in Qatar and also play a larger role in furthering economic and trade relations between this Gulf nation and India.
According to a statement issued by the India embassy here, Ambani expressed his keenness during his meetings with Qatar Prime Minister Sheikh Abdullah bin Nasser bin Khalifa Al Thani, Finance Minister Ali Shareef Al Emadi, and chief executive of Qatar Investment Authority Sheikh Abdullah bin Mohammed bin Saud Al Thani.
He also met Central Bank Governor Sheikh Abdullah bin Saoud Al Thani, and the president and chief executive of Qatar Petroleum Saad Sherida Al Kaabi.
“Ambani also met with a number of top Qatari businessmen and investors at an interaction hosted by R. Seetharaman, group chief executive of Doha Bank and his team at which Akbar Al Baker, group chief executive of Qatar Airways, was the guest of honour,” the statement said.
The Qatari leadership emphasised that there was vast potential to further expand business collaborations between India and Qatar in mutually identified sectors, and welcomed Reliance Group’s keenness to contribute more significantly to this process.
by admin | May 25, 2021 | Corporate, Corporate finance
Anil Ambani
New Delhi:(IANS) With the recent acquisition of Pipavav Defence, Reliance Group chairman Anil Ambani announced on Thursday that an additional investment of Rs.5,000 crore will be made as part of India’s emphasis on “Make in India” for military hardware and cut imports.
He also underscored the need for larger public-private partnerships in the defence domain, and called for pooling of resources so that India becomes self-reliant in protecting its boundaries and cuts reduces its dependence on the global markets.
Quoting extensively from the experiences he gained from his late father, the legendary industrialist Dhirubhai Ambani, the Reliance Group chairman said his father’s vision was to meet the aspirations of generations with self reliance, adding that the Make in India initiative of Prime Minister Narendra Modi is a major step towards that.
“This initiative of the government redefines the defence ecosystem in India with our Navy in the lead… For a country with one of the longest coastlines in the region and vast expanse of territories over the seas, self reliance in naval capabilities is an ever challenging imperative,” he said.
The Reliance Group chairman said the acquisition of the Pipavav Defence Company in Gujarat with assets worth more than Rs.10,000 crore was his company’s contribution towards self reliance.
“Pipavav has the largest dry dock in the country and the second largest in the world. With more than 30 lakh sq ft of covered area for fabrication and integration alone, this is perhaps the largest single location defence manufacturing facility in India,” he said.
“We will invest an additional Rs.5,000 crore over the next few years as part of our commitment towards indigenisation efforts.”
He said that the Pipavav facility will be capable to deliver “all requirements of the Indian Navy from frigates to aircraft carriers to submarines”.
Russia, meanwhile, has chosen Pipav as a partner to build three updated versions of Talwar-class frigates, likely to be the biggest-ever warship-building project for private sector in India worth around $3-$3.5 crore.
Ambani said self reliance in defence is also needed so that India does not have to compromise on its foreign policy.
“Large part of our Defence inventory have dependency on global relations. This creates limitations and sub-serves our foreign policy. Self-reliance gives us the flexibility to pursue our foreign policy objectives,” he said.
He said since the sole consumer for domestic defence hardware was the government, “specific measures towards ease of doing business will encourage industry participation”. Accordingly, he suggested an advisory committee with chief executives from public and private sectors to meet regulary to “align and converge the understanding and aspirations of all stakeholders”.
“There is need to institutionalise private sector participation not only for indigenisation but the entire spectrum of defence production through groups comprising Private Sector companies and PSUs at MoD to pool resources,” he said also suggesting a separate joint secretary in the defence ministry for the private sector.
“Today, in the ministry of Defence we have joint secretaries responsible for different public sector undertakings. I believe there is a case for a joint secretary exclusively to engage at the business level with the private sector,” he said.
Ambani also expressed hope that the updated defence procurement procedure (DPP) will help “in ease of doing business with MoD… Transparent, fair procedures and processes creates a favourable climate, encourage competitiveness and eventually deliver the best overall value for the country,” he said.
Another suggestion from the industrialist was to introduce courses at IITs, IIMs and other higher learning institution related to the requirements of the defence industry.
