Latest News

Reliance Group Chairman Anil Ambani on Tuesday said his group has paid Rs 35,000 crore in the 14 months from April 1, 2018 till May 31, this year to lenders. These payments comprise principal repayments of Rs 24,800 crore and interest payments of Rs 10,600 crore. The group raised funds by selling assets, he said. Ambani said this amount included debt servicing payments by Reliance Capital, Reliance Power and Reliance Infrastructure, and their respective affiliates. "These payments have been made in the face of insurmountable odds and the most challenging financial environment witnessed in the country in decades,” Ambani said in a conference call. He regretted the continuing total apathy and lack of any support whatsoever from the financial system, which he said will ultimately hurt the interests of lenders themselves as well as all other stakeholders. Ambani said the group was fully committed to meeting all future debt servicing obligations in a timely manner, through furth...

Alibaba buys back less than 1% stake held by Reliance Cap in the e-commerce company for $41 million China’s top e-commerce player and lead investor in  Paytm , Alibaba, has bought a marginal stake held by Reliance Capital for $41 million. While the deal has meant a 27-fold return for the Anil Ambani-led firm, it has lifted the valuation of One97 Communications, the parent company of Paytm, to an estimated $5 billion at a time when the e-commerce universe is facing severe markdowns.     Reliance Capital had acquired less than one per cent stake in One97 Communications for $1.51 million in 2009.   With this, the Paytm group has risen to the second position in the e-commerce valuation pecking order, if only companies with Indian founders are counted. Flipkart, whose valuation had risen to more than $15 billion a year ago, has gone through several markdowns. The latest markdown by Morgan Stanl...