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Business Headlines l Mukesh v/s Anil Ambani : What asset have they sold recently?

Ali Azar

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The Ambani brothers – Mukesh and Anil Ambani have sold an asset each in their respective companies, however, for seperate reasons. Brookfiled Asset Management Company has purchased the East West Pipeline Project from Mukesh Ambani led Reliance Industries Ltd. for ₹ 13,000 crores. The pipeline transports natural gas from the east to the west coast, but has been making losses in the recent past. However, the deal is structured in such a way that Reliance Industries has the right to purchase it back after 20 years. Anil Ambani led Reliance Infra has sold its stake in the Delhi Agra Toll Road project for 3,600 crores. The proceeds from this sale will go to reduce its debt, which will be slashed by 25% to 5,000 crores. Interbrand, the world’s leading brand consultancy firm has come out with the list for the most valuable Indian brands for 2019. Tata tops the list with Reliance in second place and Airtel in third place.

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What is Mehul Choksi’s new strategy to avoid extradition after Nirav Modi’s arrest

Ali Azar

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After the recent arrest of his nephew Nirav Modi, Mehul Choksi has moved a new application in PLMA court in Mumbai stating that he has a long list of medical ailments including heart trouble, excruciating pain in the leg and even a clot in the brain and is in no state to travel to India and attend a court hearing. However, the convenient timing of his medical ailments seems to suggest that he is making excuses to avoid being extradited. Bengaluru based education start-up Byju’s has raised $ 31 million at an impressive valuation of $ 5.4 billion. The company has seen massive growth and plans to expand its bouquet of products including venturing into international markets with this latest round of funding. From being the second largest domestic airline for years, Jet Airways has seen a fall from grace and has been overtaken by Spice Jet & Air India and has now fallen to fourth place. Jet had a market share of 16.8% last year but it has now fallen to just 11.4%. Many issues stare the airline in the face such as non payment of salaries to pilots and airline staff to the tune of ₹ 600 crore, grounding of a majority of its fleet of aircrafts and inability to secure timely funding.

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Business Headlines l After Mukesh bailed out Anil Ambani, have they mended their relationship?

Ali Azar

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With just hours left to go before younger brother Anil Ambani went to jail for non-payment of dues to Ericsson, elder brother Mukesh Ambani bailed him out by paying the dues in full. However, the sale of assets of RCom to RJio did not pan out as both companies made a statement to terminate the sale. We analyse the relationship of the two brothers and the fine print of the deal that did not go through and who it benefits. Canadian firm Brookfield Asset Management is betting big on India. Having already made investments worth $ 7 Billion in real estate, road and renewable energy sectors; it has acquired the East West Gas Pipeline from Reliance Industries for ₹ 13,000 crore and hositality brand Hotel Leela Ventures for ₹ 3,950 crores, taking its total bet on India to $ 10 Billion. The Income Tax Department has a tough task ahead of itself as it has just two weeks remaining to fulfill its target of direct tax collection of a total of ₹ 12,00,000 crore. ₹ 9,00,000 crores have been collected so far, leaving ₹ 3,00,000 crores to go.

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Business Headlines: Anil Ambani narrowly avoids a prison sentence

Ali Azar

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Anil Ambani led Reliance Communications owes other telecom equipment manufacturers and service providers a collective of over 1,000 crore ₹. The Supreme Court had directed RCom to pay 453 crores to Swedish telecom equipment maker Ericsson by tomorrow or face a prison term of three months. In a dramatic move, RCom paid its entire dues just hours before the deadline, thereby saving its promoter and two other top executives the prison sentence. The Income Tax Department has slapped a hefty demand notice on Kumar Mangalam Birla led Grasim Industries of ₹ 5,872 crore for non payment of dividend distribution tax on shares received by it in the demerger of Aditya Birla Capital and Nuvo. Bollywood superstar Shah Rukh Khan has been accused under the Benami Properties Act 2016 by the Income Tax Department. After getting temporary interim relief from the Appellate Tribunal, the IT Department has challenged that order and mounted a fresh case with additional evidence against the Bollywood big wig.

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