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Reliance Industries Limited (RIL) is headquartered in Mumbai and is taken care by Mukesh Ambani, the elder brother of Anil Ambani and the son of late Dhirubhai Ambani after the division of the family businesses among the two brothers. RIL is a conglomerate holding company in India that has a wide portfolio of businesses ranging over energy, petrochemicals, natural resources, textiles, telecommunications and retail. RIL is the highest taxpayer in the Indian private sector and accounts for over 5% of the Indian Government’s revenues and about 8% of the total merchandise exports from India. Here is a list of <keyword id="7780054" type="UNKNOWN" weightage="20" keywordseo="mukesh-ambani-companies">Mukesh Ambani companies</keyword> under the Reliance Industries Limited. Reliance Retail The retail business segment of the Reliance Industries Group, this is the largest retail store network in India comprising of a number of cutting edge brands including Reliance Fresh, Reliance Time Out, Reliance Wellness, Reliance Autozone, Reliance Footprint, Reliance Mart, Reliance Home Kitchens, Reliance Digital, Reliance Trends, Reliance Super, Reliance iStore, Reliance Market (Cash n Carry) and Reliance Jewel. Reliance Life Sciences This company has its operations around medical, industrial and plant biotechnology domains. The specialty areas of this segment include branding, manufacturing, pharmaceuticals, bio-pharmaceuticals, biofuels, clinical research services, industrial and plant bio-technology, regenerative medicine, novel therapies and others. Reliance Logistics This is a single window company involved in the selling of products in the products related to distribution, warehousing, transportation, logistics, and supply chain. This is an asset based company owning its own infrastructure and fleet. This company offers logistics support to the Reliance Group of Companies and also other third party companies. Reliance Jio Infocomm Limited (RJIL) Earlier known as Infotel Broadband, Reliance Jio Infocomm Limited is a broadband service provider that has obtained 4G licenses for operating across India. This is the sixth largest mobile network operator in the world today with more than 306 million subscribers. Reliance Industrial Infrastructure Limited This is an associate company of RIL that holds about 45.43 percent shares of the RIL. This company is mainly involved in establishing and operating industrial infrastructure. The company is also engaged in connected activities including leasing and providing services related to data processing and computer software. The company has set up a pipeline carrying petroleum products from the Bharat petroleum refinery at Mahul, Maharashtra to Reliance’s petrochemical complex located at Patalganga, Maharashtra. Network 18 Network 18 is a mass media company that has its diversified activities in digital platforms, television, films and mobile apps. This company has acquired the ETV network and has some joint ventures namely Viacom 18 and History TV18. Reliance Solar A subsidiary of Reliance, Reliance Solar produces and sells solar energy systems to remote and rural areas of the country. The company offers a wide portfolio of products including solar lanterns, home lighting solutions, street light systems, water purifying systems, solar air conditioners, refrigeration systems, and many others based on solar energy. Relicord This is a blood banking service under the Reliance Life Sciences. This body has been licensed by the Food and Drug Administration, Government of India.

Here's a look at all the companies that Mukesh Ambani owns

<ul><li> As many as 1.5 lakh of these employees were hired by Reliance Retail, the retail arm of RIL.</li><li>It claims that Reliance Retail is one of the biggest employers in India, with over 361,000 employees in total.</li><li>Reliance spent close to ₹18,775 crore ($2.4 billion) on employee benefits expense in FY2022.</li></ul>The Mukesh Ambani-led oil-to-chemical conglomerate Reliance Industries Limited (RIL) added over 2.1 lakh new employees on its payroll in the fiscal year 2022, the company said in a statement. As many as 1.5 lakh of these employees were hired by Reliance Retail, the retail arm of RIL. The company now claims that Reliance Retail is one of the biggest employers in India, with over 361,000 employees in total. “During the year, Reliance has also been able to generate significant employment opportunities for the people of our country and continues to remain amongst India’s largest private sector employers,” said RIL chairman Mukesh Ambani. “Over the past year, we added over 2.1 lakh new employees across our businesses with our consumer and technology business creating a large part of these new jobs,” he added. Reliance Industries Limited, on a consolidated basis, spent close to ₹18,775 crore or $2.4 billion on employee benefits expense between April 2021 and March 2022. This represents an increase of nearly ₹4,000 crore compared to the same time period in the previous year. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Timeline </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employee benefits expense </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oct-Dec 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,660 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan-Mar 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,278 crore </td></tr></tbody><tbody></tbody></table>Source: Reliance Industries Limited (RIL) Reliance Industries Limited reported gross revenue of ₹792,756 crore (about $105 billion) in gross revenue in the fiscal year 2022. Its net profit stood at ₹67.845 crore in the same time frame. On a quarterly basis, the company reported ₹2.32 lakh crore )$30.7 billion) in revenue. The company reported a net profit of ₹18,021 crore ($2.4 billion) in January-March quarter, which is equivalent to the amount Reliance spent on employee benefits last fiscal year. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/retail/news/reliance-retail-hits-2-lakh-crore-in-revenue-adds-over-2500-stores-in-the-last-one-year/articleshow/91381054.cms">Reliance Retail hits ₹2 lakh crore in revenue, adds over 2,500 stores in the last one year</a> <a href="https://www.businessinsider.in/business/corporates/news/zomatos-deepinder-goyal-donates-stock-option-worth-700-crore-to-zomato-future-foundation/articleshow/91371003.cms" data-type="tilCustomLink">Deepinder Goyal donates his Zomato stock options worth ₹700 crore to offer free education for delivery partners’ children and more</a> <a href="https://www.businessinsider.in/stock-market/news/delhivery-ipo-size-cut-down-by-a-third-due-to-market-volatility-and-lic-ipo-say-analysts/articleshow/91348072.cms">Delhivery IPO size cut down by a third due to market volatility and LIC IPO, say analysts</a>

Reliance adds over 2 lakh new jobs in India in FY22 – every 3 out of 4 new jobs are from retail alone

<ul><li><keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> Limited took over some of the debt liabilities of <keyword id="1543410" type="COMPANY" weightage="20" keywordseo="Reliance-Jio-Infocomm">Reliance Jio Infocomm</keyword> Limited following approval from the Ahmedabad bench of the <keyword id="3778499" type="COMPANY" weightage="20" keywordseo="NATIONAL-COMPANY">National Company</keyword> Law Tribunal. </li><li>There shall be no impact on the consolidated debt of the Company on account of assumption of the Identified Liabilities of RJIL, the filing said. </li><li>The shares of <keyword id="6484187" type="DOMAIN" weightage="20" keywordseo="ril">RIL</keyword> closed at ₹968.85 a unit, down by 3.97% compared to the previous close, at <keyword id="35140" type="COMPANY" weightage="20" keywordseo="BSE">BSE</keyword> on Wednesday. </li></ul>Reliance Industries Limited on Wednesday said it has taken over some of the debt liabilities of Reliance Jio Infocomm Limited following approval from the Ahmedabad bench of the National Company Law Tribunal. "We refer to the disclosure made by Reliance Jio Infocomm Limited ('RJIL'), a wholly owned subsidiary of the Company, dated March 18, 2020 regarding approval of the Scheme of Arrangement amongst RJIL and certain classes of its creditors (the 'Scheme') by the Hon'ble National Company Law Tribunal, Ahmedabad Bench, for transfer of certain identified liabilities to the Company," RIL said in a BSE filing. The company neither disclosed the name of the creditors nor the quantum of liabilities. "Accordingly, the Identified Liabilities of RJIL stand transferred to the Company. There shall be no impact on the consolidated debt of the Company on account of assumption of the Identified Liabilities of RJIL," the filing said. Shares of RIL closed at Rs 968.85 a unit, down by 3.97 per cent compared to the previous close, at BSE on Wednesday.

Mukesh Ambani's Reliance Jio passes on some of its debt to parent company

<keyword id="6487" type="General" weightage="20" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword> on Friday said its subsidiary has acquired majority stake in genomic testing frim <keyword id="12019788" type="General" weightage="20" keywordseo="strand-life-sciences-pvt-ltd" source="Orion">Strand Life Sciences Pvt Ltd</keyword> for ₹393 crore. The acquisition by <keyword id="11939413" type="General" weightage="20" keywordseo="reliance-strategic-business-ventures-ltd" source="Orion">Reliance Strategic Business Ventures Ltd</keyword> (RSBVL) is part of Reliance's digital health intiatives, the firm said in a stock exchange filing. "RSBVL, a wholly owned subsidiary of <keyword id="6355199" type="General" weightage="20" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> Limited (RIL), has acquired 2.28 crore equity shares of ₹10 each of Strand Life Sciences Private Limited for a cash consideration of Rs 393 crore only," it said. A further investment of up to ₹160 crore is expected to be completed by March, 2023. "The total investment will translate into about 80.3 per cent of equity share capital in Strand on a fully diluted basis," it said. Strand was incorporated in India on October 6, 2000. It is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers, including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies. Strand's turnover was ₹88.70 crore, ₹109.84 crore and ₹96.60 crore in FY2021, FY2020 and FY 2019, respectively. It reported a net profit of ₹8.48 crore in FY2021 but had a loss of ₹25.04 crore in the prior fiscal year and ₹21.66 crore in FY2019. "The aforesaid investment is part of group's digital health initiatives, to foster affordable access to world-class technology and innovation-led healthcare ecosystem in India," Reliance said adding no governmental or regulatory approvals were required for the said investment. The investment, it said, does not fall within related party transactions and none of RIL's promoter / promoter group / group companies have any interest in the transaction. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/how-mukesh-ambani-owned-reliance-industries-crossed-the-15-lakh-crore-market-capitalisation/articleshow/85896448.cms">All the things that drove Reliance Industries’ shares to a 11-month high and over the coveted ₹15 lakh crore mark</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/heres-how-to-change-whatsapp-number-without-losing-chats/articleshow/85896267.cms">Here’s how to change WhatsApp number without losing chats</a>

Mukesh Ambani's Reliance acquires majority stake in Strand Life Sciences for ₹393 crore

To strengthen its position in the textile market, <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s Reliance Industries Limited (<keyword id="6484187" type="CITY" weightage="20" keywordseo="RIL">RIL</keyword>) has entered into a strategic partnership with the Chinese company, Shandong Ruyi Science and Technology Group Co Ltd (Ruyi). The companies will form a new joint venture, in which RIL will be the majority stakeholder with 51% equity while Ruyi will have the remaining 49% stake. The company made the announcement in a disclosure to the National Stock Exchange (NSE). 
	 
	 “Our joint venture with Ruyi Group will help Reliance reposition its textile business on a high growth path. Our partner’s deep commitment and global reach in textile business will enable this JV to harness the growth potential of the Indian market and emerge as a global textile player”, said Nikhil R Meswani, executive director of RIL. 
	 
	Sharing a similar sentiment, Qiu Yafu, chairman of Ruyi Group added, “With closer economic relations between China and India and Shandong Ruyi Group’s expanding global presence in the textile sector, we see our joint venture with Reliance as a significant event for the group. To enter the Indian market with Reliance, we truly believe in the bright future of this joint venture business.” 
	 
	Under the agreement, RIL will transfer its existing textile business to the new company. The new company will use the existing distribution network of RIL in the textile industry while the Chinese promoter will contribute technology and its global reach to the JV. 
	 It should be noted that currently RIL is present in the market under the brand <keyword id="180516" type="PERSON" weightage="20" keywordseo="Vimal">Vimal</keyword>, while Ruyi Group has a global presence in markets such as the US, Europe, Australia and Japan apart from its domestic market. The Chinese textile giant has been partnering with players in overseas market in a bid to gain a larger foothold in the international textile market. 
	 
	Image Credit: Official website of Vimal

RIL To Form
JV With Chinese Textile Company, Strengthens Position In The Indian Market

<ul><li>After the 42nd <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> Limited (RIL) Annual General meeting yesterday, the company's stocks at trading at an 11% high today.</li><li>Chairman of RIL, <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, announced the upcoming launch of <keyword id="4056036" type="PERSON" weightage="20" keywordseo="Jio-Fiber">Jio Fiber</keyword> and its many features which has left its competitors in a lurch.</li><li>As a result, companies like Airtel, Tata Communications, PVR cinemas and Vodafone Idea are trading in the red.</li></ul>Reliance Industries Limited (RIL) saw the biggest intraday rise in its share price today driving shares up by 12% and taking the benchmark indices like Sensex and Nifty along with it. Nearly half of all stocks on these indices are in red but heavyweight Reliance alone has managed to keep mood afloat. The spike in RIL's share price has put it back in the race of becoming the highest valued Indian company trailing behind Tata Consultancy Services (TCS) by $1 billion. However, RIL's gains have come at a huge loss for many of its competitors in many different sectors. <a href="https://www.businessinsider.in/highlights-of-mukesh-ambani-speech-at-reliance-industries-agm/articleshow/70638299.cms">Chairman Mukesh Ambani's speech</a> laid out his vision for the company and <a href="https://www.businessinsider.in/reliance-jio-fired-up-as-mukesh-ambani-joins-hands-with-satya-nadellas-microsoft-to-challenge-jeff-bezos-in-india/articleshow/70641754.cms">every plan</a> of his came as a threat to one existing company or the other. Given its size, scale, its pile of cash and Ambani's deep pockets, anyone competing with Reliance Industries is expected to have a tough time. Jio Fibre, the frontier Ambani announced that <a href="https://www.businessinsider.in/reliance-jio-gigafiber-launch-heres-what-it-will-offer-consumers/articleshow/70630655.cms">Jio Fiber</a> will be launching commercially starting 5 September 2019 with plans that start at ₹700 with a minimum speed of 100 Mbps. Jio's competitors, Airtel and Vodafone Idea, are already feeling the pressure with their stocks taking a dip when the markets opened today morning. But both Airtel and Vodafone Idea have more to fear than just Jio Fibre. The Aramco energy Jio's mobile phone services has about 340 million subscribers as of now. Ambani is targeting to take this number to over 500 million over the next few months. That would mean Jio will remain an aggressive player in the market and that's bad news for other players like Airtel and Vodafone Idea. Given that RIL is getting additional cash from Aramco and BP, and if it becomes a zero net debt company by March 2021, the company of its size and scale will only have more money to muscle out other players with its aggressive pricing. Other telcos are already in deep trouble after having fought Jio in the market for nearly three years with higher discounts, funded by higher debt. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Stock </td><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Impact </td></tr><tr><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Airtel </td><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">-5.28% </td></tr><tr><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Vodafone Idea </td><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">-6.54% </td></tr></tbody></table> Movie theaters feel the heat Ambani also announced that the Jio Fiber service will also include a feature called ‘<a href="https://www.businessinsider.in/reliance-jio-fired-up-as-mukesh-ambani-joins-hands-with-satya-nadellas-microsoft-to-challenge-jeff-bezos-in-india/articleshow/70641754.cms">First Day First Show</a>'. Essentially, you'll be able to watch a film at home, the same time as it releases in theaters. <a href="https://twitter.com/INOXMovies/status/1161139021994758145">Inox</a>, responded to Ambani's announcement by stating that multiplex owners have exclusive theatrical window of eight weeks before a movie can be released on any other platform. Something, they point out, that is followed internationally. "We strongly believe that Indian move watchers' love for cinema on giant screen is deep rooted and unshakeable," the company said. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Stock </td><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Impact </td></tr><tr><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">PVR </td><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">-4.10% </td></tr><tr><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Inox Leisure Limited </td><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">-4.11% </td></tr></tbody></table> And, then there's television The Jio Fiber service will come bundled with a 4K LED television and a set top box for premium customers. Ambani also said that he will throw in OTT subscriptions at no additional cost. So, it's your OTT services, cable services and broadband along with new devices — all wrapped into one. That would dwarf the current offerings from companies like Tata Communications, the company behind Tata Sky, and Dish TV. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Stock </td><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Impact </td></tr><tr><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Tata Communications </td><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">-4.3% </td></tr><tr><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Dish TV </td><td style="border-left:solid #cccccc 0.7470705000000001pt;border-right:solid #cccccc 0.7470705000000001pt;border-bottom:solid #cccccc 0.7470705000000001pt;border-top:solid #cccccc 0.7470705000000001pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">-3.21% </td></tr></tbody></table> See also: <a href="https://www.businessinsider.in/The-Indian-rupee-is-falling-fast-and-there-are-both-winners-and-losers/articleshow/70652166.cms" style="">The Indian rupee is falling fast-- and there are both winners and losers</a> <a href="https://www.businessinsider.in/tech/mukesh-ambani-plans-to-connect-a-billion-devices-on-his-iot-platform-and-hes-not-only-talking-about-light-bulbs/articleshow/70643115.cms">Mukesh Ambani plans to connect a billion devices on his IoT platform — and he isn't only talking about light bulbs</a> <a href="https://www.businessinsider.in/highlights-of-mukesh-ambani-speech-at-reliance-industries-agm/articleshow/70638299.cms">Mukesh Ambani's speech at the Reliance Industries AGM had ten big takeaways</a> <a href="https://www.businessinsider.in/reliance-jio-fired-up-as-mukesh-ambani-joins-hands-with-satya-nadellas-microsoft-to-challenge-jeff-bezos-in-india/articleshow/70641754.cms">Reliance Jio fired up as Mukesh Ambani joins hands with Satya Nadella’s Microsoft to challenge Jeff Bezos in India</a>

The best day for Mukesh Ambani's Reliance Industries in a decade was a bad one for its rivals

<ul><li><keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword> decided to 're-evaluate' Saudi Aramco's $15 billion investment in its O2C arm. </li><li> The current application with the NCLT for segregating the O2C business from RIL is being withdrawn.</li><li>RIL shall continue to be Saudi Aramco's preferred partner for investments in the private sector in India </li></ul><keyword id="10926" type="General" weightage="20" keywordseo="reliance" source="Orion">Reliance</keyword> Industries Limited (RIL) and Saudi Aramco have mutually agreed to re-evaluate the proposed investment of the latter in RIL's 'O2C' (Oil to Chemical). Consequently, the current application with the NCLT (National Company Law Tribunal) for segregating the O2C business from RIL is being withdrawn. In August 2019, both the companies had signed a non-binding Letter of Intent for a potential 20 per cent stake acquisition by Saudi Aramco in the O2C business of RIL. "Over the past two years, both the teams made significant efforts in the process of due diligence, despite Covid restrictions. This has been possible due to the mutual respect and long-standing relationship between the two organisations," RIL said in a statement on Friday. "Reliance recently unveiled its plans for the 'New Energy &amp; Materials' businesses by announcing the development of the Dhirubhai Ambani Green Energy Giga Complex at Jamnagar. It will be among the largest integrated renewable energy manufacturing facilities in the world," it added. Jamnagar, which accounts for a major part of the O2C assets, is envisaged to be the centre for Reliance's new businesses of 'Renewable Energy &amp; New Materials', supporting the net-zero commitment. "Due to the evolving nature of Reliance's business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context. Consequently, the current application with NCLT for segregating the O2C business from RIL is being withdrawn," the statement said. "The deep engagement over the last two years has given both Reliance and Saudi Aramco a greater understanding of each other, providing a platform for broader areas of cooperation. Saudi Aramco and Reliance are deeply committed to create a win-win partnership and will make future disclosures as appropriate," it added. According to the statement, RIL shall continue to be Saudi Aramco's preferred partner for investments in the private sector in India and will collaborate with Saudi Aramco &amp; SABIC for investments in Saudi Arabia. "Saudi Aramco and RIL have a very deep, strong and mutually beneficial relationship, which has been developed and nurtured by both the companies over the last 25 years. Both are committed to collaborate and work towards strengthening the relationship further in the years ahead," the statement said. SEE ALSO <a href="https://www.businessinsider.in/thelife/news/tesla-hit-with-new-sexual-harassment-lawsuit-alleging-the-company-operates-like-a-frat-house/articleshow/87808968.cms" data-type="tilCustomLink">Tesla hit with new sexual harassment lawsuit alleging the company operates like a 'frat house'</a> <a href="https://www.businessinsider.in/investment/news/binances-ceo-is-buying-his-1st-home-in-crypto-friendly-dubai-and-confirms-its-us-affiliate-will-close-a-multi-million-dollar-funding-round-soon/articleshow/87807571.cms" data-type="tilCustomLink">Binance's CEO is buying his 1st home in crypto-friendly Dubai and confirms its US affiliate will close a multi-million dollar funding round soon</a> <a href="https://www.businessinsider.in/politics/world/news/kamala-harris-will-become-the-first-woman-to-have-control-over-us-nuclear-weapons-but-only-briefly/articleshow/87806057.cms" data-type="tilCustomLink">Kamala Harris became the first woman to have control over US nuclear weapons, but only briefly</a>

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Here's a look at all the companies that Mukesh Ambani owns

BI India Bureau

Reliance adds over 2 lakh new jobs in India in FY22 – every 3 out of 4 new jobs are from retail alone

Kritti Bhalla

Mukesh Ambani's Reliance Jio passes on some of its debt to parent company

PTI

Mukesh Ambani's Reliance acquires majority stake in Strand Life Sciences for ₹393 crore

PTI

RIL To Form JV With Chinese Textile Company, Strengthens Position In The Indian Market

Purba Das

The best day for Mukesh Ambani's Reliance Industries in a decade was a bad one for its rivals

Prabhjote Gill

Reliance's $15 billion deal with Saudi Aramco has been called off

IANS

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