Debt-laden Future Retail's offshore bondholders were promised 100% payment in the rescue offer from Ambani but Indian lenders were asked to take a haircut of as much as 66%.
Reliance’s decision to back out comes after almost two years of tortuous litigation in various courtrooms across India and Singapore that worsened the financial health of Future Group.
RIL is in the middle of a Rs 6 trillion clean-energy push. So, it makes sense for Ambani to back a technology that’s as cheap as traditional lead-acid batteries.
Launch of affordable 4G JioPhone & hike in mobile tariffs pushed profits during Oct-Dec 2021 quarter. Revenue from refining operations also improved with revived fuel demand.
In October 2020, Future Group had been dragged by Amazon into a legal battle at the Singapore International Arbitration Centre, over a deal with Mukesh Ambani's Reliance Retail
Reliance Capital joins a long list of Indian shadow banks that have keeled over since the sudden collapse of infrastructure financier IL&FS Group in September 2018.
For years, the luxury car market in India was biased towards the entry-level. But today, cars below Rs 40 lakh account for the smallest fraction of sales.
In February 2019, 72,400 SiG 716 rifles of 7.62 x 51mm calibre were contracted from SIG Sauer Inc, USA, under government's 'Buy (Global) category', through fast track procedure.
That temples were destroyed and mosques built is undisputed history. The past can’t be changed, but we can’t deny the wrongs of the past either before we consider reconciliation.