RELIANCE INDUSTRIES LIMITED

jack-ma-replaces-mukesh-ambani-to-become-richest-asian

Jack Ma replaces Mukesh Ambani to become richest Asian

The badge that Indian business tycoon Mukesh Ambani has been donning with pride of being the richest man in Asia has been snatched away by Jack Ma once again and the reason being oil prices collapsed along with global stocks.

The rout erased $5.8 billion from Indian businessman’s net worth bringing him to No 2 spot on the list of Asia’s richest people. Alibaba Group founder Ma slided from No 1 ranking in mid-2018, is back on top with a $44.5 billion fortune about $2.6 billion more than Ambani.

Coronavirus has harmed some of Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps. On the contrary Reliance Industries has no such cushion. The Indian company’s shares plunged 12 per cent on March 9, the most since 2009, extending this year’s decline to 26 per cent. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Oil prices plunged the most in 29 years as Saudi Arabia and Russia vowed to pump more in a struggle for market share just as coronavirus is spurring the first decline in demand in more than a decade. 

11 Mar 2020
former-sbi-chairman-joins-reliance-as-independent-director

Former SBI Chairman joins Reliance as independent director

After former CVC joining reliance now former chairman of State Bank of India Arundhati Bhattacharya has joined Reliance Industries as additional director designated as independent director. The appointment will be for five years commencing October 17, 2018, which of course is subject to approval of shareholders. In another development Reliance Industrial Investments and Holdings has bought 12.7% in SkyTran Inc., which develops technology in the field of Personal Rapid Transit Systems.

24 Oct 2019
jack-ma-replaces-mukesh-ambani-to-become-richest-asian

Jack Ma replaces Mukesh Ambani to become richest Asian

By IndianMandarins 11 Mar 2020

The badge that Indian business tycoon Mukesh Ambani has been donning with pride of being the richest man in Asia has been snatched away by Jack Ma once again and the reason being oil prices collapsed along with global stocks.

The rout erased $5.8 billion from Indian businessman’s net worth bringing him to No 2 spot on the list of Asia’s richest people. Alibaba Group founder Ma slided from No 1 ranking in mid-2018, is back on top with a $44.5 billion fortune about $2.6 billion more than Ambani.

Coronavirus has harmed some of Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps. On the contrary Reliance Industries has no such cushion. The Indian company’s shares plunged 12 per cent on March 9, the most since 2009, extending this year’s decline to 26 per cent. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Oil prices plunged the most in 29 years as Saudi Arabia and Russia vowed to pump more in a struggle for market share just as coronavirus is spurring the first decline in demand in more than a decade. 

former-sbi-chairman-joins-reliance-as-independent-director

Former SBI Chairman joins Reliance as independent director

By IndianMandarins 24 Oct 2019

After former CVC joining reliance now former chairman of State Bank of India Arundhati Bhattacharya has joined Reliance Industries as additional director designated as independent director. The appointment will be for five years commencing October 17, 2018, which of course is subject to approval of shareholders. In another development Reliance Industrial Investments and Holdings has bought 12.7% in SkyTran Inc., which develops technology in the field of Personal Rapid Transit Systems.

former-head-of-anti-corruption-body-joins-reliance-board

Former head of anti-corruption body (CVC) joins Reliance board

By IndianMandarins 19 Oct 2019

Former Chief Vigilance Commissioner and the first CBDT Chairman under the Modi Govt K V Chowdary (Retd IRS IT:1978) has joined the board of India's most valuable company Reliance Industries Limited (RIL) as an independent director.

Chowdary was in August 2014 appointed as CBDT Chairman. Following his retirement he was appointed advisor to the Department of Revenue on issues relating to black money, before being made the Central Vigilance Commissioner (CVC) in June 2015.

It may be mentioned that he was elected as a Member of the Executive Committee of International Association of Anti-Corruption Agencies. He is also a Member on the Advisory Board of CAG of India. Chowdary also holds directorship in CCL Products (India) Ltd, a listed company.

former-sbi-chairman-joins-reliance-industries-board

Former SBI Chairman joins Reliance Industries Board

By IndianMandarins 18 Oct 2018

Arundhati Bhattacharya, former chairman of State Bank of India, joined Mukesh Ambani’s company as Additional Director (designated as Independent Director) on the board of Reliance Industries Limited for a period of five years beginning 17 October 2018.

 

It may be underlined that Ms Bhattacharya is the first woman from outside the Ambani family to be appointed to the board of Rs 07.28 lakh crore company. Until now, Nita Ambani was the only woman director on RIL’s board. Bhattacharya was also the first woman to be appointed as SBI chairman. She joined SBI in 1977 and in the same year Dhirubhai Ambani had laid the foundation of Reliance Group.

 

Reliance Jio and SBI had, in the first week of August 2018, signed a MoU further deepening their partnership to bring enriched digital banking experience to their users. It may also be mentioned that Jio Payment Bank was registered immediately after the announcement of demonetisation of Indian currency in November 2016.

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