RELIANCE.NS - Reliance Industries Limited

NSE - NSE Real Time Price. Currency in INR
1,278.00
-10.25 (-0.80%)
At close: 3:30PM IST
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Previous Close1,274.75
Open0.00
Bid0.00 x 0
Ask0.00 x 0
Day's Range0.00 - 0.00
52 Week Range
Volume10,044,575
Avg. Volume8,766,824
Market Cap8.101T
Beta (3Y Monthly)1.62
PE Ratio (TTM)18.82
EPS (TTM)67.89
Earnings DateN/A
Forward Dividend & Yield6.50 (0.50%)
Ex-Dividend Date2019-08-02
1y Target Est1,268.86
  • Aramco to Buy Reliance Chemicals Stake
    Bloomberg

    Aramco to Buy Reliance Chemicals Stake

    Aug.13 -- Reliance Industries soared the most in more than two years after Mukesh Ambani revealed a plan to sell a stake to Aramco. Bloomberg Intelligence’s Kunal Agrawal discusses the deal on “Bloomberg Markets: Asia.”

  • Asia’s Richest Man Grooms the Heirs to His $50 Billion Fortune
    Bloomberg

    Asia’s Richest Man Grooms the Heirs to His $50 Billion Fortune

    (Bloomberg) -- Among Mumbai’s glitziest society events over the past year were two weddings in the family of Mukesh Ambani, the Indian tycoon who in 2018 became Asia’s richest person.In December, his 27-year-old daughter Isha got married in a Bollywood-style extravaganza attended by global power brokers and titans of finance. Beyonce sang at the festivities, Hillary Clinton flew in and KKR & Co.’s Henry Kravis made an appearance. In March, her twin brother Akash  wed in a ceremony attended by the likes of Google Chief Executive Officer Sundar Pichai.The lavish events put Ambani’s eldest children in a very public spotlight at a time when they are playing more visible roles at his Reliance Industries Ltd.’s retail and telecommunications businesses.See the list: The Richest Families in the WorldAmbani, 62, has big ambitions in new areas like e-commerce and is enlisting his children to help drive the modernization of his empire. The rise of the twins offers early signs of the efforts the titan is making to groom his heirs. The billionaire on Aug. 12 announced that the world’s biggest crude producer, Saudi Aramco, will buy a 20% stake in the oil and chemicals business of Reliance Industries, allowing the Indian conglomerate to reduce the debt that increased during its expansion spree of recent years. Over the coming decades, billions of dollars in wealth will be handed over to yet another generation in family-controlled businesses across Asia. Such dynastic transfers can come with pitfalls, as Mukesh and his younger brother, Anil, well know. More than a decade ago, the brothers were embroiled in a feud over the family business after their father, Dhirubhai, died without leaving a will.The twins are having a very different beginning to their careers from the patriarch, Dhirubhai. The late industrialist—who started out as a gas-station attendant in Yemen—built up Reliance Industries into a petrochemicals giant at a time when India’s economy was heavily controlled by the government.“They have to show their mettle in entrepreneurship and strategy like their father and grandfather,” said Kavil Ramachandran, a professor and executive director at the Thomas Schmidheiny Centre for Family Enterprise at the Hyderabad-based Indian School of Business.Representatives for the senior Ambani brothers declined to comment, and Isha and Akash were not available for interviews.Appointed in 2014 to the boards of Reliance Jio Infocomm Ltd., the mobile carrier unit, and Reliance Retail Ventures Ltd., the twins have raised their profiles in subsequent years, addressing investors at annual shareholder meetings and introducing new products. The duo also helped bring an open-office culture for top executives at the group’s corporate park in Mumbai’s outskirts.At Reliance Industries’ annual meeting on Aug. 12, they demonstrated a range of applications such as virtual reality and conference calls that come with a new high-speed data network the company is rolling out.Isha, a Yale University graduate and a former McKinsey & Co. consultant, kicked off Reliance’s e-commerce foray into fashion retail in 2016 by starting online shopping portal Ajio. Her husband is Anand Piramal, the son of Indian billionaire Ajay Piramal, whose interests range from pharmaceuticals to real estate.Akash, a Brown University alumnus, has studied economics. He married his childhood sweetheart, Shloka Mehta, the daughter of a Mumbai-based diamond trader and jeweler. The twins have a younger brother, Anant, 24.“Going forward, you will see Anant also taking some key responsibilities,” said Arun Kejriwal, founder at KRIS, an investment advisory firm. The younger generation is getting involved at a time when Reliance is pivoting toward consumer offerings, which Ambani has said will contribute almost as much as the group’s core energy businesses by the end of 2028. Global retailers such as Amazon.com Inc. and Walmart Inc. are also expanding in India, bringing in new competition that the Ambani family must contend with in the coming years.Ambani’s group is attempting to use its mobile carrier and retail units to tap India’s online shopping market, which by Morgan Stanley’s estimates will surge sixfold to $200 billion in about a decade. At the same time, Reliance’s Jio, since its debut in 2016, has shaken up India’s telecommunications industry with free calls and cheap data, forcing a consolidation that whittled down carriers to three from about a dozen four years ago. The senior Ambani has credited his children with helping to nudge him into the internet business.In 2011, while in India on a break from college at Yale, Isha complained about the poor quality of the internet at the family home, which made it more difficult for her to submit her coursework, Ambani has said. Meanwhile, Akash kept reminding his father that digital communications, rather than just phones, were now driving the world.After Dhirubhai’s death in 2002, the brothers’ fight for control went on until their mother intervened in 2005 and brokered a settlement under which they carved up the vast empire. The older one kept the oil refining and petrochemicals businesses, while the younger one got the newer ventures in finance, infrastructure, power and telecom.While the paths of the brothers diverged, so have their fortunes. Mukesh’s worth is about $50 billion, according to the Bloomberg Billionaires Index. He lives a lifestyle to match, with a 27-story, 400,000-square-foot home in Mumbai named Antilia, after a mythical island, that boasts nine elevators, a spa, a 50-seat theater and a helipad.The value of Anil’s holdings in companies, calculated net of pledged shares, is about $75 million, according to data compiled by Bloomberg. That compares with a net worth of at least $31 billion in 2008. Stock prices of Anil’s various businesses have slumped as the units struggle to pay about $13 billion of debt—not counting his phone venture, which this year slipped into bankruptcy.Bloomberg News is currently defending litigation brought by Anil Ambani and his Reliance Communications in connection with previous Bloomberg reporting.Earlier this year, Mukesh stepped in to pay about $78 million of vendor dues owed by one of Anil’s businesses, helping his younger brother avoid a stint in jail.Meanwhile, Mukesh isn’t the only one preparing his offspring for the future.Now working to reduce his debt load by selling the equivalent of more than $3 billion in assets, Anil also has an eye to the future. His son, Jai Anmol, 27, was appointed executive director at Reliance Capital Ltd. in 2016.  \--With assistance from Bhuma Shrivastava and Pei Yi Mak.To contact the author of this story: P R Sanjai in Mumbai at psanjai@bloomberg.netTo contact the editor responsible for this story: Emma O'Brien at eobrien6@bloomberg.net, Sam NagarajanAnjali CordeiroFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Financial Times

    Mukesh Ambani: Asia’s wealthiest man bags a rich prize

    for Saudi Aramco to take a 20 per cent stake in his conglomerate Reliance Industries’ refining and petrochemicals division, valuing it at $75bn. The deal would be the largest in Reliance’s history and one of the biggest foreign investments in India. The irrepressible chairman of the $120bn company announced that “the future of India — and also the future of Reliance — has never looked brighter”.

  • Saudi Aramco Defends Its Hold on Coveted Indian Oil Market With Reliance Tie-Up
    Bloomberg

    Saudi Aramco Defends Its Hold on Coveted Indian Oil Market With Reliance Tie-Up

    (Bloomberg) -- Saudi Aramco’s proposed purchase of part of India’s Reliance Industries Ltd. will allow it to regain its grip on the world’s fastest-growing oil market where suppliers including the U.S. and Russia are making inroads.Aramco’s plan to buy 20% of the oil-to-chemicals business of Reliance -- which includes the world’s biggest refining complex at Jamnagar on India’s west coast -- comes with an assurance to buy half a million barrels a day of the kingdom’s crude on a long-term basis. That’s around 25 million tons a year and will allow Saudi Arabia to easily reclaim the top supplier spot from Iraq.Asia has traditionally bought the bulk of its oil from the Middle East, but that’s changing as the U.S. ramps up shale exports, Russia looks for new customers and Saudi Arabia leads OPEC efforts to curb production to prop up prices. American sanctions on Iran and Venezuela are also taking barrels off the market and providing an opening for new suppliers.“The deal definitely gives Aramco access in a market where they are facing competition from other producers,” said Sushant Gupta, director of refining and chemicals for Asia Pacific at energy consultancy Wood Mackenzie Ltd. in Singapore. “Incremental demand in Asia is being met more by other suppliers, particularly the U.S.”India imports about 85% of its crude requirements and the International Energy Agency forecasts it will be the world’s fastest-growing oil consumer through 2040. The nation’s oil consumption will grow from less than 5 million barrels a day at present to 8.2 million by 2035, according to Wood Mackenzie.In the shorter term, growth in Indian consumption will offset a slowdown elsewhere. The International Energy Agency last week trimmed global forecasts for oil-demand growth this year and next and warned it might cut estimates further due to the U.S.-China trade war. Indian demand-growth will rise to 225,000 barrels a day in 2020, from 170,000 this year, it said.The tie-up will give the kingdom access to “what is widely expected to be the fastest growing refined oil product market over the next 20 years,” Sanford C. Bernstein analysts including Neil Beveridge said in an Aug. 12. note “For Reliance, it provides cash to fund expansion of their digital business and further expansion of downstream capacity with an experienced partner.”The Saudi energy giant has been very active in bolstering its presence in Asia recently. It’s building a refinery in Indonesia with PT Pertamina and is planning a $6 billion expansion at its South Korean refining unit. Aramco has signed a deal to build a $10 billion refining and petrochemicals complex in China’s Liaoning province and a 300,000 barrels per day plant in Malaysia, half owned by the Saudi company, is set to start operations this year.The market share for Saudi crude in Asia has been falling so Aramco has been taking stakes in assets where they can place oil, Wood Mackenzie’s Gupta said.The U.S., which allowed global oil exports from the first time in 2015, shipped 6.4 million tons of oil to India in the financial year ending March 2019, making it the ninth-largest supplier. American oil will likely account for 8% to 9% of Asian imports in five years, Gupta said.Russian exports to India jumped fivefold to 3 million tons in the year ending March 2018 after Rosneft PJSC and partners including Trafigura Group acquired a 400,000-barrel-a-day refinery near the Jamnagar plant. Shipments declined to 2.2 million tons last year.Iran was India’s third-biggest supplier in the last financial year, exporting around 24 million tons. However, imports from Iran have dropped to zero in the last two months after the end of exemptions from U.S. sanctions in May. Venezuelan shipments have been falling for the last four years and are likely to keep dropping as the nation struggles to cope with White House penalties.The Aramco deal will also help Reliance secure crude supplies. “In the current volatile geopolitical world, where we can’t buy from Iran, Venezuela is in trouble,” Reliance Executive Director P.M.S. Prasad told reporters in Mumbai this week. “Here is someone sitting three and half days away, and they offer a bouquet of crude.”(Adds analyst comment in ninth paragraph.)To contact the reporters on this story: Debjit Chakraborty in New Delhi at dchakrabor10@bloomberg.net;Saket Sundria in Singapore at ssundria@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Andrew JanesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    UPDATE 1-PDVSA partners fear reach of latest U.S. sanctions on Venezuela -sources

    Foreign joint venture partners with Venezuelan state-owned oil company PDVSA are concerned the latest set of U.S. sanctions on the South American country could disrupt their operations, three industry sources said. The Trump administration last week froze all Venezuelan government assets in the United States and U.S. officials ratcheted up threats against companies that do business with Venezuela. The White House imposed sanctions on Venezuela's oil industry in January in an effort to oust socialist President Nicolas Maduro, whose re-election in 2018 is viewed by much of the Western Hemisphere as illegitimate.

  • India’s Richest Man Is Turning Cautious. Bad Sign
    Bloomberg

    India’s Richest Man Is Turning Cautious. Bad Sign

    (Bloomberg Opinion) -- Does Mukesh Ambani see dark clouds gathering on the horizon? From his message to shareholders, it doesn’t look like India’s richest tycoon is worried. But his actions may reveal more than his words.At Monday’s annual general meeting, the chairman of Reliance Industries Ltd. was brimming with optimism. Not only did he endorse Prime Minister Narendra Modi’s vision of bumping up annual GDP by 80% in five years to $5 trillion, he even forecast a $10 trillion Indian economy by 2030. It’s not only possible but “inevitable,” he said.Something doesn’t add up. If the outlook is so rosy, why is Ambani hitting the brakes on a seven-year, $100 billion investment spree across refining, petrochemicals, telecom and retail? While a breather after such frenzied activity may be understandable, why does he want Reliance to be a zero-net-debt company in 18 months? What will it mean for the more than 100 banks and financial institutions around the world that provide India’s largest company and its subsidiaries with billions of dollars – and yen, and rupees – in financing and refinancing? Above all, what will Reliance’s deleveraging mean for India?In retrospect, I tackled the last question prematurely in October 2016 when Reliance was shouldering 13% to 14% of the entire investment by India’s top 1,250 listed companies as well as Indian Railways and state-owned electricity boards. My conclusion then was that if Ambani took a yearlong vacation, India’s growth outlook could dim. What I didn’t anticipate was that starting a 4G mobile network with lifetime free voice calls and dirt-cheap data was just the beginning rather than the end of Ambani’s telecom ambitions. The goal of Reliance Jio was to acquire at least half of India’s 1 billion-plus mobile customers, and that required continued spending.Now that he’s reached 340 million subscribers, though, the endgame is probably not more than a few quarters away. And that’s problematic for the economy. The rest of India Inc. is paralyzed by debt and self-doubt; consumers are overstretched; and so is the government. A holiday for Reliance would remove from play the only domestic balance sheet with unspent firepower.The investment cycle for the Jio network is complete, Ambani told shareholders. In other units, too, there’s little left to do. Ambani is selling 20% of the family jewel – Reliance’s refining and petrochemical operations – to Saudi Arabian Oil Co. even though the goal is more strategic than just shedding debt. As my colleague David Fickling wrote, the $75 billion enterprise value at which Aramco is investing is a lot higher than the business is worth. Saudi Arabia wants takers for its surplus oil in a world of electric vehicles, and if Reliance’s refinery can provide a profitable outlet for 500,000 barrels per day of Saudi crude by converting it into jet fuel and polymers, then Ambani is doing the right thing by taking Aramco’s money. A  $22 billion reduction in net debt (to reach zero) will require more than Aramco’s cash. Reliance has shoved some borrowings into an infrastructure trust together with telecom tower and fiber assets. It’s also taken on BP Plc as a partner in Indian fuel retailing and oil exploration. If Ambani finds deep-pocketed partners for general retail, as well as for telecom, reaching his goal will be simple enough. Banks, however, will rue the end of his debt-fueled expansion if loan syndication deals are only for refinancing and not new money.As for shareholders, Ambani is telling them that hitting zero net debt will come with higher dividends, bonus issues and other goodies “at a more accelerated pace than any time in our history.” But investors will struggle to reinvest the cash returned by Reliance. For one thing, India’s slowdown is deepening. For another, the company’s digitization blitz is causing unpredictable disruption. A day after Reliance told shareholders that they could watch movies on their new home broadband the same day as the cinema release, shares of PVR Ltd., India’s biggest theater exhibitor, fell more than 8% intraday. Several Indian business leaders have sounded the alarm on the Indian economy’s increasingly choppy waters. While Ambani may or may not share their concerns, his cautious actions can only serve to bring the storm closer. To contact the author of this story: Andy Mukherjee at amukherjee@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Reliance shares see biggest intraday gain in a decade; rivals hit by disruption fears
    Reuters

    Reliance shares see biggest intraday gain in a decade; rivals hit by disruption fears

    Reliance Industries shares saw their biggest intraday rise in more than a decade on Tuesday, after the company set a target to reach zero net debt in 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues. Reliance led by Mukesh Ambani, Asia's richest man, said on Monday Saudi Aramco was to invest roughly $15 billion for a 20% stake in its oil-to-chemicals business, while also detailing plans to launch cut-price home internet services across India next month. The announcements drove Reliance shares up as much as 12% — its biggest such move since Jan. 14, 2009.

  • Reliance shares see biggest intraday rise in decade; rivals hit by disruption worries
    Reuters

    Reliance shares see biggest intraday rise in decade; rivals hit by disruption worries

    Reliance Industries shares saw their biggest intraday rise in a more than a decade on Tuesday, after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues. The group's billionaire chairman, Mukesh Ambani, also unveiled plans to launch cut-price home internet services across India next month, threatening to disrupt the telco market with offers of free voice calls for life, television and movie streaming, and even TV sets to go with some subscription plans. The announcements drove Reliance shares up as much as 12% - its biggest such move since Jan. 14, 2009.

  • Reuters

    PRESS DIGEST- New York Times business news - Aug 13

    - Saudi Arabia's state-owned oil giant Saudi Aramco is buying 20% of the petroleum-related businesses of Reliance Industries, one of India's biggest companies, Reliance announced on Monday. - South Korea retaliated against Japan on Monday in a diplomatic and trade dispute between the two key American allies, deciding to remove its neighbor from its list of countries entitled to preferential treatment in trade.

  • Reliance Surges Most Since 2017 on Ambani Plan to Slash Debt
    Bloomberg

    Reliance Surges Most Since 2017 on Ambani Plan to Slash Debt

    (Bloomberg) -- Reliance Industries Ltd. soared the most in more than two years after billionaire Mukesh Ambani revealed a plan to sell a stake to Aramco as part of efforts to pare debt.The conglomerate aims to be a zero-net-debt company in 18 months, Asia’s richest man told shareholders Monday. Aiding that would be a proposed sale of 20% of Reliance’s oil-to-chemicals business to Saudi Arabian Oil Co. at an enterprise value of $75 billion. The company will also start preparing to list its retail and telecommunications units within five years, Ambani said.Shares of Reliance jumped as much as 9.3% in Mumbai on Tuesday, their biggest intraday gain since Feb. 22, 2017. Morgan Stanley, Macquarie Group and BOB Capital Markets were among brokerages that upgraded the stock.Aramco Buys Into Reliance Refining Business as Earnings DropThe tycoon is cleaning up the group’s finances following years of spending on his wireless carrier, whose entry in 2016 with free calls and cheap data upended the industry and spurred a consolidation. The $50 billion plowed into the phone venture, mostly in debt, has raised concerns among analysts including at Credit Suisse Group AG that Reliance’s ballooning borrowings could weigh on growth. Ambani sought to allay those fears.“With these initiatives, I have no doubt that your company will have one of the strongest balance sheets in the world,” he said. “We will also evaluate value unlocking options for our real estate and financial investments.” The group spent $76 billion in the last five years, he said.The Aramco deal should be completed by March and is subject to due diligence, definitive agreements and regulatory and other approvals, Ambani said. He didn’t say how the deal would be structured.Saudi Aramco and Reliance Industries have agreed to a non-binding Letter of Intent regarding a proposed investment in the Indian company’s oil-to-chemicals division comprising the refining, petrochemicals and fuels marketing businesses, according to a statement from Reliance on Monday.Signaling an end to the spending cycle at Reliance Jio Infocomm Ltd., Ambani is setting a new growth path for his group, whose bread-and-butter business has been oil refining and petrochemicals. The company is building an e-commerce platform by leveraging its phone network and Reliance Retail Ltd. to eventually take on Amazon.com Inc. and Walmart Inc.“This is a unique business model we are building in partnership with millions of small merchants” and mom-and-pop stores, he said. As part of the plan, Reliance has been forming partnerships and acquiring technology assets. This month, Reliance announced plans for a joint venture with Tiffany & Co. to open stores for the jeweler in India, and in May paid $82 million for the British toy-store chain Hamleys.The Tiny Deals Behind Mukesh Ambani’s Bid to Take on AmazonThe new businesses are likely to contribute 50% of Reliance’s earnings in a few years, from about 32%, Ambani said.What Bloomberg Intelligence Says“Reliance Industries could dominate the Indian telecom and organized-retail segments through aggressive expansion, capitalizing on its energy business. More than $7 billion in annual cash flow from the energy business provides a war chest to win market share in the retail and telecom industries”\--Kunal Agrawal, energy analystWhile the spending on Jio has helped Reliance lure almost 350 million users in the world’s second-biggest mobile market, the growth has come at a price.Not Since 2013Reliance had a net debt of 1.54 trillion rupees ($22 billion) at the end of March 31, according to Ambani. His plan to carry zero debt would mean the borrowings would fall below the company’s cash reserves to a level not seen since 2013.Last week, Credit Suisse cut its recommendation for Reliance’s stock and the price target citing reasons including rising liabilities and finance costs. Shares of the company pared their losses Tuesday after having earlier slumped about 18% from a record reached on May 3. The benchmark S&P BSE Sensex declined 4% in the same period.Reliance’s debt is backed by “extremely valuable assets,” Ambani said, signaling his group isn’t prone to the kind of troubles that have been plaguing many other corporate borrowers in India. The conglomerate controlled by Ambani’s younger brother, Anil, has been struggling to pay creditors while his mobile carrier has slipped into bankruptcy.Apart from the Aramco deal, Reliance also announced a joint venture with BP Plc this month, under which the European oil major would buy 49% of the Indian firm’s petroleum retailing business. Reliance would receive about 70 billion rupees under this deal.The “commitments” from the Aramco and BP deals alone are about 1.1 trillion rupees, Ambani said, adding that Reliance will induct “leading global partners” in telecom and retail units in the next few quarters.Some of the planned offerings revealed by Ambani:A new broadband service called Jiofiber will start commercial services from Sept. 5 and will be available at tariff packs starting as low as 700 rupees a month with a minimum speed of 100 MbpsJio will install across India one of the world’s largest blockchain networks in the next one yearAfter mobile broadband, Jio to start generating revenues from Internet of Things and broadband for home, businesses and smaller enterprises by March 2020Reliance is getting ready to roll out the new commerce platform at a larger scale to capture what Ambani sees as a $700 billion business opportunityReliance Retail aims to be among the world’s top 20 retailers in the next five years(Updates with stock upgrades in third paragraph)\--With assistance from Ari Altstedter.To contact the reporters on this story: P R Sanjai in Mumbai at psanjai@bloomberg.net;Dhwani Pandya in Mumbai at dpandya11@bloomberg.net;Debjit Chakraborty in New Delhi at dchakrabor10@bloomberg.netTo contact the editors responsible for this story: Sam Nagarajan at samnagarajan@bloomberg.net, Bhuma ShrivastavaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Financial Times

    Saudi Aramco digs deep for Reliance Industries investment

    Tim Howarth, head of financial services consulting at KPMG, is the third senior partner to be investigated by the firm this year over claims of misconduct. Until now, Saudi Arabia has been most associated on the dealmaking scene with its close links to Masayoshi Son’s SoftBank.

  • Financial Times

    Saudi Aramco deepens Indian ties with Reliance partnership

    When Saudi Arabia’s powerful crown prince Mohammed bin Salman visited India in February, he was greeted at the airport with a bear hug by Prime Minister Narendra Modi. in the Indian company’s oil refining unit, which values the business at $75bn including debt.

  • Reliance-Microsoft cloud tie-up poses threat to Amazon, Google in India
    Reuters

    Reliance-Microsoft cloud tie-up poses threat to Amazon, Google in India

    MUMBAI/COLOMBO (Reuters) - India's Reliance Industries Ltd on Monday announced a partnership with Microsoft's Azure cloud platform, in a move that deepens the offerings of its Jio telecoms unit while posing a direct challenge to rival cloud services providers such as Amazon.com and Alphabet's Google . As part of the 10-year alliance, Jio will build data centers across India that will be hosted on Microsoft's Azure cloud, Reliance Chairman Mukesh Ambani told shareholders at the company annual shareholders' meeting.

  • WRAPUP 2-Saudi Aramco aims to buy Reliance stake, reports lower earnings
    Reuters

    WRAPUP 2-Saudi Aramco aims to buy Reliance stake, reports lower earnings

    DUBAI/MUMBAI, Aug 12 (Reuters) - Saudi Aramco is planning a multibillion dollar investment in India's Reliance Industries as the energy giant diversifies its oil business, where weaker prices cut its first-half profit by 12%. In preparation for what could be the world's largest initial public offering (IPO), state-run Aramco began publishing its results this year and also started issuing international bonds. Coinciding with the release of first half results, Aramco signed a letter of intent to take a 20% stake in Reliance's oil-to-chemicals business in one of the largest ever foreign investments in India, Reliance said on Monday.

  • India's Reliance bets on tech for growth, announces stake sale to Aramco
    Reuters

    India's Reliance bets on tech for growth, announces stake sale to Aramco

    Reliance Industries said it would launch super-fast internet in India next month, stressing that partnerships would be its path to growth as it announced a tie up with Microsoft and a stake sale in its oil unit to Saudi Aramco. The group's plans to launch fibre broadband is likely to worry rivals who are struggling to keep up with Jio, billionaire Chairman Mukesh Ambani's telco upstart, which has upended the market with its cheap data plans and become India's top mobile operator by subscribers in just three years. The tech push and the planned stake sale comes as Reliance - India's second-biggest company by market value - looks to bolster its consumer businesses and diversify from its core oil and petrochemicals operations.

  • Saudis in Talks to Buy 20% Reliance Oil Refining Stake
    Bloomberg

    Saudis in Talks to Buy 20% Reliance Oil Refining Stake

    (Bloomberg) -- The world’s biggest crude producer will soon own a part of the world’s biggest oil refinery.Saudi Aramco will buy a 20% stake in the oil-to-chemicals business of India’s Reliance Industries Ltd., including the 1.24 million barrels-a-day Jamnagar refining complex on the country’s west coast, Reliance Chairman Mukesh Ambani said at the company’s annual general meeting in Mumbai. Reliance values its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the stake.The move is the latest in a spree of Aramco refinery investments as the company plans to double its processing network to handle as much as 10 million barrels a day by 2030, locking in friendly buyers for the kingdom’s crude. As part of the deal, Reliance will agree to a long-term purchase of 500,000 barrels of crude a day from Aramco, Ambani said.“Saudi Aramco and Reliance have agreed to form a long term partnership in our oils to chemicals division,” Ambani said. “This signifies the perfect synergy between the world’s largest oil producer and world’s biggest integrated refinery and petrochemicals complex.”The deal should be completed by March and is subject to due diligence, definitive agreements and regulatory and other approvals, Ambani said. He didn’t say how the deal would be structured.Saudi Aramco and Reliance Industries have agreed to a non-binding Letter of Intent regarding a proposed investment in the Indian company’s oil-to-chemicals division comprising the refining, petrochemicals and fuels marketing businesses, according to a statement from Reliance.Reliance has been selling assets from mobile-phone towers to oil and gas fields to reduce leverage that’s risen over the past few years as it poured money into new sectors such as telecommunications. The Indian conglomerate’s debt stood at $32 billion at the end of December, data compiled by Bloomberg show.Reliance also said Monday it will receive 70 billion rupees ($990 million) from BP Plc in a deal announced last week that gives the European oil major a 49% stake in the Indian conglomerate’s fuel retail business. The companies last week said they’d agreed to form a new joint venture that will take over 1,400 retail fuel stations run by Reliance along with its aviation fuels operations at more than 30 airports across India.Ambani, Asia’s richest man, met with Saudi Energy Minister Khalid Al-Falih in December to discuss opportunities for joint investments in petrochemical, refining and communications projects, according to a tweet from the latter at the time.Aramco has been targeting refining deals in India since at least last year, when Chief Executive Officer Amin Nasser told reporters that the firm wanted to double capacity to produce gasoline and other fuels.Aramco, the world’s biggest oil company, is planning an initial public offering in 2020 or 2021. The company reported semi-annual results for the first time Monday, showing first-half profit declined 12% on lower oil prices.(Updates with BP deal in eighth paragraph. An earlier version was corrected to remove the valuation in the headline.)\--With assistance from Dan Murtaugh.To contact the reporters on this story: Debjit Chakraborty in New Delhi at dchakrabor10@bloomberg.net;Dhwani Pandya in Mumbai at dpandya11@bloomberg.netTo contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Aaron Clark, Phoebe SedgmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reliance bets on tech for growth, announces stake sale to Aramco
    Reuters

    Reliance bets on tech for growth, announces stake sale to Aramco

    Reliance Industries said it would launch super-fast internet in India next month, stressing that partnerships would be its path to growth as it announced a tie up with Microsoft and a stake sale in its oil unit to Saudi Aramco. The group's plans to launch fibre broadband is likely to worry rivals who are struggling to keep up with Jio, billionaire Chairman Mukesh Ambani's telco upstart, which has upended the market with its cheap data plans and become India's top mobile operator by subscribers in just three years. The tech push and the planned stake sale comes as Reliance - India's second-biggest company by market value - looks to bolster its consumer businesses and diversify from its core oil and petrochemicals operations.

  • India's Reliance Jio inks deal with Microsoft to expand Office 365, Azure to more businesses; unveils broadband, blockchain and IoT platforms
    TechCrunch

    India's Reliance Jio inks deal with Microsoft to expand Office 365, Azure to more businesses; unveils broadband, blockchain and IoT platforms

    India’s Reliance Jio, which has disrupted the local telecom and featuresphone markets in less than three years of existence, is ready to foray intomany more businesses

  • Financial Times

    Saudi Aramco to acquire 20% of Reliance’s oil refining unit

    Saudi Aramco has agreed to take a 20 per cent stake in Reliance Industries’ refining and petrochemicals business, as the world’s largest crude oil exporter deepens its ties with India, the fastest-growing energy consumer. The deal, which values the business at $75bn including debt, would be one of the largest foreign investments in India, according to Mukesh Ambani, Reliance chairman, who disclosed the sale at a company shareholder meeting in Mumbai on Monday. Mr Ambani, Asia’s richest man, said the deal would strengthen links between Saudi Aramco, the world’s largest oil producing company, and Reliance, which owns an enormous refinery and petrochemicals complex in Gujarat on India’s west coast.

  • Reliance to sell 20% stake in oil-to-chemicals arm to Saudi Aramco
    Reuters

    Reliance to sell 20% stake in oil-to-chemicals arm to Saudi Aramco

    Reliance Industries is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco, helping the Indian conglomerate to cut debt and giving Aramco better access to a fast growing market. While terms of the deal are yet to be finalised, Reliance will get roughly $15 billion, including some debt adjustments for the 20% stake, P.M.S. Prasad, Executive Director of Reliance Industries said on Monday, adding the two companies aim to close the deal by March 2020. The deal will see Reliance buy up to 500,000 barrels a day of crude oil from Aramco, Prasad told media after the company's annual general meeting (AGM), noting this would more than double the volumes that Reliance currently purchases from Aramco.

  • Financial Times

    Reliance Industries/Saudi Aramco: good chemistry

    “Growth is energy” was the old slogan of India’s Reliance Industries. A hefty investment by Saudi Aramco in the refining and chemicals business of Reliance will help billionaire owner Mukesh Ambani pursue his mission to build up Jio, his mobile phone company. With net debt more than twice forward ebitda, Reliance needed fresh capital.

  • Rigzone.com

    Aramco Plans to Buy Reliance Refining Stake

    Saudi Aramco plans to buy a stake in the refining and chemicals business of India's Reliance Industries Ltd.

  • Financial Times

    Tiffany heads to India in tie-up with Mukesh Ambani’s Reliance

    Mukesh Ambani’s Reliance Industries is bringing upmarket US jeweller Tiffany to India through a joint venture, as high-end global retail brands vie for a slice of what they hope will become one of their most important markets. The country’s luxury jewellery market is worth roughly $8bn, more than doubling since 2012, and is expected to grow 5 per cent a year through 2023, according to Statista.

  • Reliance Industries set to bring Tiffany stores to India
    Reuters

    Reliance Industries set to bring Tiffany stores to India

    India's Reliance Industries Ltd is partnering with iconic U.S.-based luxury jeweller Tiffany & Co to open a line of stores in the country, adding yet another marquee name to its growing portfolio of brands. Tiffany, popular for its engagement rings and robin's egg blue boxes, plans to open stores in New Delhi and Mumbai in the second half of fiscal years 2019 and 2020 respectively, the company said, adding that India's "growing luxury consumer base presents a unique opportunity". The tie-up comes as Reliance, which is run by Asia's richest man Mukesh Ambani and runs a sprawling conglomerate, bolsters its consumer-focused units such as retail and telecoms to match the strength of its dominant oil and gas business.