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Ambani brothers to sign spectrum pact

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New Delhi: Reliance communication and Reliance Jio, led by Anil Ambani and Mukesh Ambani, have announced pact for trading and sharing of scarce airwaves, or radio frequency spectrum, in the 800 MHz band, virtually covering the entire nation. A roaming agreement has also been signed.

The pact for trading involves a change in spectrum allotment from the Anil Ambani-led Reliance Communications to Mukesh Ambani-led Reliance Jio over nine circles and that for sharing between the two companies covers 17 circles, the two entities said.

“The spectrum arrangements between Reliance Jio Infocom and Reliance Communications will result in network synergies, enhanced network capacity and will optimise spectrum utilisation and capex (capital expenditure) efficiencies,” the companies said in separate statements.

“Both operators anticipate considerable savings in operating costs and future investment in networks.”(IANS)(Image-Ibtimes)

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Reliance Communications (RCOM) forms Agreement with Veecon Media, Sells Reliance Big TV

Reliance Communications formed a MOU with Veecon Media and Television Ltd to sell off its subsidiary Reliance BIG TV Ltd (RBTV) and its entire shareholdings

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Reliance Communications
Reliance Communications sold off its subsidiary RBTV to Veecon Media. Wikimedia.

New Delhi, Nov 6: Reliance Communications (RCOM) on Monday entered into a binding Memorandum of Understanding with Veecon Media and Television Limited, for sale of its subsidiary Reliance BIG TV Limited (RBTV), engaged in the business of Direct to Home (DTH) services across India, a company statement said here.

Pursuant to the transaction, the buyer will acquire the entire shareholding of RBTV with business on “as-is where-is” basis, along with all existing trade liabilities and contingent liabilities, the statement said.

The existing DTH licence of BIG TV shall be renewed with the submission of the required bank guarantees with the Ministry of Information and Broadcasting by the buyer.

Reliance Communications
Reliance Communications (RCOM) forms Agreement with Veecon Media. IANS.

The transaction ensures that all existing 1.2 million customers of RBTV shall continue to enjoy uninterrupted services. It also ensures the continuity of employment for approximately 500 employees of RBTV.

The transaction will help reduce the liability of unsecured creditors, benefitting all stakeholders including lenders and shareholders of Reliance Communications. The transaction is in consonance with the Reliance Communication’s stated objective to focus on B2B businesses of new Reliance Communications, the statement said.

The culmination of the transaction is subject to the requisite approvals from licensors, regulatory authorities and lenders of Reliance Communications. (IANS)

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Mamata cares for Mukesh Ambani, not for those dying from dengue: Vijayvargiya

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Mamta banerjee
Mamata cares for Mukesh Ambani, not for those dying from dengue: Vijayvargiya

Canning (West Bengal): BJP national General Secretary Kailash Vijayvargiya on Thursday slammed West Bengal Chief Minister Mamata Banerjee for meeting industrialist Mukesh Ambani in Mumbai at a time when her state is in the grip of dengue.

“You are in Mumbai to meet Mukesh Ambani. A 21-year-old youth died in Kolkata’s alleys due to lack of treatment. You don’t care for him but you care for Mukesh Ambani because he is a crorepati and he will give you funds for elections.

“Thousands of people are dying in the state from dengue. But shameless government and shameless CM is saying it’s not dengue but something else… ,” he said here.

Banerjee on Tuesday met Reliance Industries chairman Mukesh Ambani and requested him to invest in her state.

The Chief Minister had a one and half hour meeting with Ambani soon after reaching the country’s financial capital where she is scheduled to attend a business conclave on Wednesday.

Banerjee later told reporters that Ambani would attend the Bengal Global Business Summit organised by her government in January 16-17 in Kolkata.

Vijayvargiya also took potshots at the higher education system in the state.

“Calcutta University is at the 800th position among 1000 varsities. You are downgrading the level of education in the state. It’s has gone down so much that now CU is giving D.Litt to Mamata. Where one time CU had given D.Litt to Nobel Laureate Rabindranath Tagore, now it’s Mamata. Where is Raja Bhoj, where is Gangu Teli?” he mocked.(IANS)

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Mukesh Ambani tops Forbes’ 2017 list of India’s 100 richest tycoons

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Forbes
Ambani. Source-conclave.intoday.in

New Delhi, November 2,2017: With a net worth of $38 billion, Reliance Industries Ltd (RIL) chairman Mukesh Ambani has topped Forbes annual list of Indias 100 richest tycoons of 2017, a statement said here on Thursday.

“Reliance Industries Ltd chairman Mukesh Ambani has topped Forbes’s annual list of India’s 100 richest tycoons, with a net worth of $38 billion. To put it in context, this is equal to the entire GDP of the former Soviet republic of Azerbaijan, as per World Bank Data 2016 estimates,” the statement said.

Forbes India, will release the 2017 India Rich List by way of a special issue that hits the stands on November 3, 2017. The richest newcomer in the list is Wadia Group of companies Chairman Nusli Wadia (No. 25, $5.6 billion).

At $19 billion, the net worth of Wipro’s Azim Premji – who jumped two places up over last year to become the second richest Indian on the list – is almost equal to Afghanistan’s GDP of $19.4 billion, the statement said.

The Hinduja family maintained the third position ($18.4 billion) in the list. Last year’s second richest Indian, Dilip Shanghvi of Sun Pharmaceuticals (No. 9, $12.1 billion) is the biggest dollar loser on the list as his net worth fell by $4.8 billion.

“The Indian economy is still grappling with the impact of demonetisation and GST. This makes The Forbes India Rich List 2017 edition special since it features those who have faced the challenges head on and continued to deliver phenomenal results. The list has come to stand as a testament to brand India and also puts many emerging successful entrepreneurs on the global map,” said Joy Chakraborthy, CEO, Forbes India.

According to the list, the total wealth of India’s top 100 billionaires, which stands at a whopping $479 billion, is more than the country’s foreign exchange reserves estimated at $402.5 billion in September 2017.

The entry point to the list is at its highest ever, at $1.46 billion. Last year, the minimum amount required to make the list was $1.25 billion, 17 percent lower than this year.

The aggregate wealth of the top 100 has risen 26 percent over last year.(IANS)