Billionaire Mukesh Ambani has picked P.M.S. Prasad, Reliance Industries Ltd.’s petroleum division chief, to help the company start telecommunications services, two people with direct knowledge of the matter said.
Mukesh Ambani, the world’s richest energy billionaire, is seeking to increase the share of his group’s revenue from new ventures in telecommunications and retail to as much as 40 percent, said a company official with knowledge of the plan.
Anil Ambani ’s group said it knows the brokers who spread “sensational charges” after a $2.6 billion loss in value Feb. 9. The statement came after analysts predicted flagship Reliance Communications Ltd. may post a sixth straight drop in profit Monday.
India’s power minister Jyotiraditya Scindia said electricity distributors in capital New Delhi should clear overdue payments to state-run NTPC Ltd., after the nation’s biggest generator threatened to cut off supplies.
Anil Ambani ’s group said Indian federal investigators examined some of its officials, hours after reporting it knows the brokers who spread “sensational charges” that caused a $2.6 billion loss in value Feb. 9.
JM Financial Ltd. , Morgan Stanley’s former partner in India, surged as much as 20 percent in Mumbai trading after the Mint newspaper reported that billionaire Mukesh Ambani may buy a controlling stake in its asset management unit. JM Financial denied the report.
Mukesh Ambani ’s Reliance Industries Ltd. and companies controlled by Anil Ambani surged in Mumbai, adding $4 billion in market value, after the brothers moved to end a five-year feud that split India’s second-biggest group.