With IBDF's current president, K Madhawan, departing after the merger of Disney Star and Viacom18, all eyes are on who will take his place. Industry experts are predicting JioStar, the powerhouse created by the merger of Disney Star and Reliance's media businesses, to be the obvious choice for leading the industry body. JioStar currently holds a dominant position in the industry and its representative taking over as IBDF president would not be a surprise.
The Solar Energy Corporation of India (SECI) has debarred Reliance Power and its subsidiary Reliance NU BESS Limited from participating in future tenders for the next three years due to a fake bank guarantee submitted by the companies in a recent bid for a battery storage project. SECI has also extended the debarment to Reliance Power and its subsidiaries, citing their close relationship and influence on the bidding process. The move is a significant setback for Anil Ambani's business interests.
ACME Solar Holdings, a leading renewable energy company, is set to launch its Initial Public Offering (IPO) with a mix of fresh issue and offer of sale. However, according to a brokerage firm, the company's reliance on government-owned transmission grids and infrastructure, and its growth depending on winning competitive bids pose significant risks. The company's financial performance has been lacklustre in recent years, with low margins and reported losses. Interested investors can subscribe to the IPO from November 6 to 8 for a price band of Rs 275 to Rs 289 per equity share.
Reliance Industries Ltd. (RIL) is preparing for the highly anticipated IPO of its telecommunications subsidiary, Jio Platforms Ltd., with plans for a listing by 2025. The valuation of Jio is currently estimated at over $100 billion, with analysts predicting a potential IPO valuation of $112 billion. The IPO will allow existing investors to exit, while RIL's chairman Mukesh Ambani aims to list Jio as a subsidiary structure rather than demerging it. In 2020, Jio secured investments from several strategic partners, including Meta and Google, and recently announced a partnership with Nvidia to develop AI data centers in India.
According to sources, Mukesh Ambani, the chairman and managing director of Reliance Industries, has set a target to list the group's telecom business, Jio, next year with a valuation of over USD 100 billion. The conglomerate also plans to launch the IPO of its retail unit at a later time. Ambani had previously announced a timeline of five years for Reliance Jio and Reliance Retail to go public, but the company has now firmed up plans to launch the Jio IPO in 2025, indicating confidence in its stable business and revenue stream as India's top telecom player.
Indian billionaire Mukesh Ambani plans to launch the IPO for his telecom business Jio in 2025 with a target valuation of over $100 billion. Ambani, who hasn't updated his IPO timelines since 2019, has successfully raised $25 billion from investors for his digital, telecom, and retail ventures in recent years. However, the IPO for his retail unit is not expected until after 2025 as the company needs to address some internal business and operational challenges.
After raising $25 billion from top investors, Mukesh Ambani's Reliance Jio is planning to go public with an estimated IPO valuation of $112 billion, surpassing Hyundai India's earlier record. The telecom giant, which currently boasts a subscriber count of 479 million, plans to list its retail and telecom units separately. While Jio is expected to go public in 2025, the retail arm's IPO is likely to follow at a later date due to operational challenges. The company is also increasing its competitive edge with partnerships and collaborations in the tech sector.
As the festival of lights approaches, Reliance Industries, led by Mukesh and Nita Ambani, has again made headlines with their generous gesture of gifting specially curated boxes to their employees. The box, adorned with festive decorations and filled with an assortment of dry fruits, symbolizes prosperity and fosters a sense of community within the organization. This Diwali gift is yet another example of Reliance's commitment to valuing and appreciating their hardworking employees, ensuring a positive and inclusive work environment.
Animal rights group PETA is bringing their "Hell on Wheels" truck to Logan, Utah, as part of their nationwide tour to raise awareness about the living conditions and treatment of turkeys on large factory farms. PETA says that these overcrowded and filthy conditions are not only unhealthy for the animals, but also contribute to the spread of diseases like bird flu. The group is urging people to consider alternative options for their Thanksgiving meal, as reliance on animal agriculture only exacerbates the risk of emerging infectious diseases.
During the recent Nvidia AI Summit 2024 in Mumbai, Reliance's Mukesh Ambani and Nvidia's Jensen Huang had a conversation on AI and India's role in it. In the chat, Ambani praised Mark Zuckerberg for making Meta's Llama AI model open source. He also added that this move "will be written in history" and give everyone an opportunity to participate in the AI revolution.