Amazon Takes on Musk s SpaceX with $10B Investment in Internet Satellites
Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), announced on Sunday that it has acquired majority stake in its investee company skyTran Inc for a consideration of $26.76 million.
With this transaction, RSBVL has increased its shareholding to 54.46 per cent on a fully diluted basis, RIL said in a statement.
Mukesh Ambani, Chairman and Managing Director of RIL, said: Our acquiring majority equity stake in skyTran reflects our commitment to invest in building futuristic technologies that would transform the world. We are excited by skyTran s potential to achieve an order of magnitude impact on highspeed intra and inter-city connectivity and its ability to provide a high speed, highly efficient and economical Transportation-As-Service platform for India and the rest of the World.
Reliance acquires majority stake in US-based skyTran Inc - INDIA New England News indianewengland.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indianewengland.com Daily Mail and Mail on Sunday newspapers.
Mukesh Ambani overtakes China s Zhong Shanshan to become richest Asian
Mukesh Ambani overtakes China s Zhong Shanshan to become richest Asian
Reliance Industries Chairman Mukesh Ambani has once again become the wealthiest person in Asia after China s Zhong Shanshan lost $22 billion this week, according to Bloomberg Billionaires Index.
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Reliance Industries Chairman Mukesh Ambani (PTI)
Reliance Industries Chairman Mukesh Ambani has once again become the wealthiest person in Asia after China s Zhong Shanshan lost $22 billion this week, according to Bloomberg Billionaires Index. Zhong Shanshan s bottled-water company tanked a record 20 per cent this week, making Mukesh Ambani the richest person in Asia.
Reliance chief Mukesh Ambani.
Mukesh Ambani led Reliance Industries Limited (RIL) has partnered with technology behemoths Google and Facebook to seek license from the Reserve Bank of India (RBI) for setting up a New Umbrella Entity (NUE), reports
Economic Times.
Google and Facebook will hold a small stake in the proposed NUE which will be jointly promoted by a RIL unit and Infibeam Avenues Limited s subsidiary So Hum Bharat . Also, payments industry veteran Navin Surya, who had founded Itzcash, is said to have been appointed as the managing director and chief executive of the entity.
Setting up the NUE will enable the Reliance-led consortium to create a national payments network to rival the Unified Payment Interface (UPI) of the National Payments Corporation of India (NPCI), which presently dominates the digital payments ecosystem in the nation.
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