Reliance's market valuation crossed Rs 11 lakh crore in the previous session after Ambani announced that his oil-to-telecom conglomerate had become net debt-free.
After securing a flurry of investments for Jio to make Reliance Industries net-debt free, Ambani's net worth jumped to $64.5 billion, making him the only Asian in the exclusive club.
Ten firms including Facebook, General Atlantic, Silver Lake Partners and KKR & Co. poured a total $15.2 billion into Reliance Jio, pending regulatory clearances.
Mukesh Ambani, who made a pledge to shareholders in August to slash group’s net debt to zero within 18 months, went on a fundraising spree starting April.
A successful deal may draw the battle lines between Amazon and Ambani, who just secured almost $14 billion for his e-commerce venture Jio Platforms Ltd
Jio Platforms, with equity value of about $65 billion, has sold over 22% in stakes to buyers including Facebook Inc., KKR & Co., Silver Lake Partners and General Atlantic.
The last time this matter flared up was when Delhi Chief Minister Rekha Gupta, in a very similar directive in April, called for the relocation of stray dogs in the capital.
Finance ministry says the proposed revamp will focus on structural reforms, rate rationalisation & ease of living, & will be deliberated upon in the coming weeks.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Now that both IAF and PAF have made formal claims of having shot down the other’s aircraft in the 87-hour war in May, we can ask a larger question: do such numbers really matter?
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