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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Two years on, Reliance calls off a deal for its O2C business and two out of three private telecoms players finally increase tariffs.
Editor's note: Furquan here. Gautam Adani is now the richest Indian, and not Mukesh Ambani. It's still an open race as these two billionaires bet on new sectors to drive growth in the coming years. Ambani is surely not betting on his oil-to-chemicals business, as reflected in the deal with Aramco being called off. Equally interesting was the tariff hike by telecom companies. It's good news, not just for them but for banks and investors too. Read on. Reliance-Aramco deal was long dead When Mukesh Ambani – on 24 June 2021 – made public his plans to go carbon neutral by 2035, the fate of the long overdue stake sale in the oil-to-chemical (O2C) business to Saudi Aramco was effectively sealed. Within months of the announcement, the deal was called off. Aramco had signed a non-binding letter of intent in August 2019 for a potential 20% stake in Reliance Industries’s O2C unit, valued at about $15 billion. The deal would have fetched Reliance somewhere around Rs 1 lakh crore (approximately $1.3 billion) – taking care of a sizable chunk of its then …
Reliance Consumer Products is relying on aggressive pricing in the hope that its staples brand will become a household name. But such tactics can go only so far.
While the filing for an IPO by its telecom and digital business was the highlight, Reliance laid out plans for its new energy and retail businesses, setting them up for eventual listings.
FY26 numbers show that Airtel is stealing a march on its larger rival on most counts and is unrelenting in its ambition, casting a cloud on Jio’s valuation.
