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.
Billionaire Mukesh Ambani’s push into retail and digital services may help Reliance Industries Ltd. build on its best profit growth in three years amid an economic slowdown and sliding natural gas output, investors say.
Reliance Retail Ltd., a unit of India’s most valuable company, expects foreign multibrand retailers such as Wal-Mart Stores Inc. may be allowed to enter the country in as soon as six months from now, Chief Executive Officer Bijou Kurien said.
The U.S. Securities and Exchange Commission began an overhaul of rules adopted after the Crash of 1987 designed to shut down the stock market during periods of volatility, proposing that curbs be triggered when the Standard & Poor’s 500 Index falls 7 percent.
Billionaire Adi Godrej said his company, India’s second-largest consumer goods maker by value, will still depend on small retailers for sales 10 years after foreign companies such as Wal-Mart Stores Inc. open outlets.