Latest news with #Ambani
Time of India
2 hours ago
- Business
- Time of India
SC stays Bombay HC order asking MMRDA to deposit full ₹1,169 crore arbitral award to Ambani's metro JV
Advt Advt By , ET Bureau The Supreme Court has stayed a Bombay High Court order directing the Mumbai Metropolitan Region Development Authority ( MMRDA ) to deposit the entire arbitral award of ₹1,169 crore won by Mumbai Metro One Private Ltd (MMOPL), a subsidiary of Anil Ambani 's Reliance Infrastructure, in the apex court said the HC's direction to deposit the full award amount in favour of MMOPL will remain stayed, subject to MMRDA depositing 50 per cent of the awarded amount in the High Court.A bench led by Justice Manoj Mishra sought a response from MMOPL on MMRDA's appeal against the HC's July 10 order, which refused the latter's request for an unconditional stay on the arbitral top court further clarified that the pendency of the proceedings will not preclude the HC from continuing with the hearing of the application filed by MMRDA under the Arbitration and Conciliation Act , 1996. If the HC finally decides the application in the meantime, this interim order will abide by the HC's General Tushar Mehta, appearing for the state entity, argued that the HC's condition to deposit the entire awarded amount at this stage would be unduly harsh. Therefore, it was a fit case to modify the condition imposed by the High Court while granting interim relief to the Ambani in its appeal, submitted that the HC had erred in not granting interim relief, given that the arbitral award was patently illegal and perverse, beyond the scope of the arbitration agreement, in breach of principles of natural justice, and passed without application of mind or any evidentiary basis.A majority decision of the three-member arbitral tribunal in 2023 awarded ₹992 crore plus interest to MMOPL, a special purpose vehicle (SPV) between Reliance Infrastructure (74 per cent stake) and MMRDA (26 per cent stake). The award was passed in 2023 and corrected in 2024. The JV operates Mumbai's first metro line on the Versova-Andheri-Ghatkopar Maharashtra government had in June 2006 awarded the Metro One Project to the consortium of Reliance Infrastructure and Veolia Transport SA (now Transdev Ile-de-France).Multiple disputes arose between the parties over development, design, engineering, financing, procurement, construction, operation, and maintenance of the mass rapid transit system, as well as delays in project completion. The metro rail project was delayed by over two years. MMOPL claimed project costs increased from ₹2,356 crore to ₹4,321 crore, which MMRDA the Ambani firm invoked the arbitration clause under the Concession Agreement.
Time of India
17 hours ago
- Business
- Time of India
SC halts HC's Rs 1,169 crore deposit order in MMRDA–Reliance metro dispute
The Supreme Court has halted a Bombay High Court order that asked Mumbai Metropolitan Region Development Authority (MMRDA) to deposit the entire arbitral award of Rs 1169 crore that Mumbai Metro One Private Ltd ( MMOPL ), a subsidiary of Anil Ambani's Reliance Infrastructure , won in 2023. However, the apex court said that the HC direction to deposit the entire award amount favouring MMOPL will remain stayed subject to MMRDA depositing 50% of the awarded amount in the HC. A Bench led by Justice Manoj Mishra sought response from MMOPL on an MMRDA's appeal against the HC July 10 order that refused the latter's request for unconditional stay on the arbitral award. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo The top court further clarified that the pendency of the proceedings shall not preclude the HC from proceeding further with the hearing of the application filed by MMRDA under of the Arbitration and Conciliation Act, 1996 and if, in the meantime, the HC finally decided the application, one way or the other, this interim order shall abide the order passed by the HC. Solicitor General Tushar Mehta, appearing for the state entity, contended that stay condition of depositing the entire awarded amount, at this stage, would be unduly harsh and therefore, it was a fit case to modify the condition imposed by the High Court while granting interim relief to the Ambani firm. Live Events MMRDA in its appeal submitted that the HC had erred in not granting the interim relief given that the impugned award passed by the tribunal was patently illegal and perverse, beyond the scope of the arbitration agreement , in breach of the principles of natural justice and passed without application of mind and without any basis of evidence. Majority decision of a three-member arbitral tribunal in 2023 had awarded Rs 992 crore with interest to MMOPL, a SPV between Reliance Infrastructure that holds 74% stake and MMRDA that holds 26% stake. The award was passed by the tribunal in 2023, and then corrected in 2024. The JV operates Mumbai's first metro line on Versova -Andheri-Ghatkopar corridor. The Maharashtra government had in June 2006 awarded the Metro One Project to the consortium of Reliance Infrastructure and Veolia Transport SA (now known as Transdev Lle – de - France). Multiple disputes arose between the parties over development, design, engineering, financing, procurement, construction, operation and maintenance of a mass rapid transit system, besides a delay in completion of the project. The metro rail project started with a delay of over two years. MMOPL claimed that the project costs increased from Rs 2,356 crore to Rs 4,321 crores, which the MMRDA has contested. Accordingly, the Ambani firm had invoked the arbitration clause under the Concession Agreement.
Yahoo
19 hours ago
- Business
- Yahoo
Oval Invincibles' investor talks stall £520m cricket windfall
Unresolved talks between India's richest family and the county cricket club which hosts the Oval Invincibles Hundred team are threatening to delay the delivery of a vast windfall for the sport. Sky News has learnt that RISE Worldwide - a subsidiary of the Ambani family's vast conglomerate, Reliance Industries - and Surrey County Cricket Club have yet to agree on several key issues relating to the sale of a 49% stake in one of the competition's most lucrative franchises. Cricket insiders said on Tuesday that the name under which the team would play upon completion of the deal was among the outstanding issues. Money latest: Reliance owns the Indian Premier League's Mumbai Indians, as well as teams in South Africa, the UAE and the US. One source said that talks between RISE Worldwide and Surrey were not at a complete impasse but could still take time to resolve, even as English cricket's governing body is keen to announce that a £520m windfall for the sport had been finalised. The Indian billionaires agreed to pay roughly £60m for a 49% stake in the Oval Invincibles, with Surrey CCC retaining ownership of the remaining 51%. In a statement issued at the time the deal was struck, Akash Ambani said: "We are glad to be part of Oval Invincibles-the most successful team in The Hundred-and welcome them into the Mumbai Indians family. "England, with its rich cricketing culture, has always been special to the game. "To have the iconic Oval, which has witnessed some of cricket's greatest moments, as our home venue is truly special. "We look forward to collaborating with like-minded partners, Surrey CCC, who share our passion and ethos for the sport." On Tuesday, sources indicated that the remaining issues between the Indian investors and Surrey CCC could be resolved imminently. The England and Wales Cricket Board (ECB) has been waiting for investors in the eight Hundred franchises to sign participation agreements for several months following an auction in February which valued the participating teams at just over £975m. The proceeds of its stake sales will be distributed to all of English cricket's professional counties as well as to the grassroots game. The windfalls are being seen as a lifeline for many cash-strapped counties which have been struggling under significant debt piles for many years. Each group of investors in the Hundred - where host counties include Nottinghamshire and Yorkshire - has been asked to sign a venue hire agreement and shareholder agreement with the owner of the venue at which their team plays. Sources said that RISE Worldwide had yet to formally sign these two contracts with Surrey CCC. Oli Slipper, Surrey CCC's chair, said in February: "We said at the outset that we wanted the best partner to ensure that Surrey continue to lead the way in English cricket and in Mumbai Indians that is what we have got. "They share our passion for cricket, they own the biggest and most successful team in the IPL, the Mumbai Indians, and we believe this partnership will bring continued success to both Surrey CCC and our Hundred team. "Beyond cricket, the huge success of RIL's global business will help Surrey to thrive off the field too." The most valuable Hundred sale saw a group of technology tycoons, including executives from Google and Microsoft, paying about £145m for a minority stake in Lord's-based London Spirit. A majority of the new investors in the Hundred have now agreed to revised terms with the ECB, after negotiations which will result in the host venues retaining control of their teams' intellectual property rights. Investors will also hold an effective veto over future expansion of the Hundred, while the ECB will be barred from launching any other short-form professional version of the sport while the Hundred remains operational. Some details relating to future broadcast rights have yet to be completely finalised. Surrey CCC and the ECB declined to comment, while RISE Worldwide could not be reached for comment.
Sky News
19 hours ago
- Business
- Sky News
Oval Invincibles' investor talks stall £520m cricket windfall
Unresolved talks between India's richest family and the county cricket club which hosts the Oval Invincibles Hundred team are threatening to delay the delivery of a vast windfall for the sport. Sky News has learnt that RISE Worldwide - a subsidiary of the Ambani family's vast conglomerate, Reliance Industries - and Surrey County Cricket Club have yet to agree on several key issues relating to the sale of a 49% stake in one of the competition's most lucrative franchises. Cricket insiders said on Tuesday that the name under which the team would play upon completion of the deal was among the outstanding issues. Reliance owns the Indian Premier League's Mumbai Indians, as well as teams in South Africa, the UAE and the US. One source said that talks between RISE Worldwide and Surrey were not at a complete impasse but could still take time to resolve, even as English cricket's governing body is keen to announce that a £520m windfall for the sport had been finalised. The Indian billionaires agreed to pay roughly £60m for a 49% stake in the Oval Invincibles, with Surrey CCC retaining ownership of the remaining 51%. In a statement issued at the time the deal was struck, Akash Ambani said: "We are glad to be part of Oval Invincibles-the most successful team in The Hundred-and welcome them into the Mumbai Indians family. "England, with its rich cricketing culture, has always been special to the game. "To have the iconic Oval, which has witnessed some of cricket's greatest moments, as our home venue is truly special. "We look forward to collaborating with like-minded partners, Surrey CCC, who share our passion and ethos for the sport." On Tuesday, sources indicated that the remaining issues between the Indian investors and Surrey CCC could be resolved imminently. The England and Wales Cricket Board (ECB) has been waiting for investors in the eight Hundred franchises to sign participation agreements for several months following an auction in February which valued the participating teams at just over £975m. The proceeds of its stake sales will be distributed to all of English cricket's professional counties as well as to the grassroots game. The windfalls are being seen as a lifeline for many cash-strapped counties which have been struggling under significant debt piles for many years. Each group of investors in the Hundred - where host counties include Nottinghamshire and Yorkshire - has been asked to sign a venue hire agreement and shareholder agreement with the owner of the venue at which their team plays. Sources said that RISE Worldwide had yet to formally sign these two contracts with Surrey CCC. Oli Slipper, Surrey CCC's chair, said in February: "We said at the outset that we wanted the best partner to ensure that Surrey continue to lead the way in English cricket and in Mumbai Indians that is what we have got. "They share our passion for cricket, they own the biggest and most successful team in the IPL, the Mumbai Indians, and we believe this partnership will bring continued success to both Surrey CCC and our Hundred team. "Beyond cricket, the huge success of RIL's global business will help Surrey to thrive off the field too." The most valuable Hundred sale saw a group of technology tycoons, including executives from Google and Microsoft, paying about £145m for a minority stake in Lords-based London Spirit. A majority of the new investors in the Hundred have now agreed to revised terms with the ECB, after negotiations which will result in the host venues retaining control of their teams' intellectual property rights. Investors will also hold an effective veto over future expansion of the Hundred, while the ECB will be barred from launching any other short-form professional version of the sport while the Hundred remains operational. Some details relating to future broadcast rights have yet to be completely finalised.
India.com
a day ago
- Business
- India.com
Just Dial, Netmeds, Campa Cola: 7 lesser known companies of Mukesh Ambani you should know about, 4th one will surprise you
Mukesh Ambani businesses: We all have heard about Mukesh Ambani who is known as the richest man in India and the fact that he owns the Reliance Industries Limited (RIL), which is one of India's most powerful business empires. However, do you know what are the businesses that billionaire Mukesh Ambani owns stakes in. Readers should note that Mukesh Ambani's Reliance Industries owns stakes in multiple industries including textiles, energy, petrochemicals, telecom, retail, media, and now green energy. It can easily be said that the Ambani led conglomerate influences nearly every sector of the Indian economy and operates through a wide network of subsidiaries. What are key businesses under Mukesh Ambani's RIL? The key businesses under Mukesh Ambani's RIL include Jio Platforms, which transformed India's telecom landscape, and Reliance Retail, the country's largest retail chain. After Reliance Jio debuted in the Indian market in 2008, it transformed the telecom market by offering mobile services, broadband, and digital apps at prices no one could ever imagine. What are the famous ventures of Mukesh Ambani? Another arm of RIL is the Reliance Retail which operates stores across fashion, grocery, electronics, and e-commerce. Also, on a more significant level, RIL also owns stakes in media arms like Network18. Some of the major Reliance Group companies include Reliance Industries Limited (RIL), Jio Financial Services, Network18, Viacom18, Jio Hotstar, Jio Saavn, DEN Networks, Hathway Cable, GTPL Hathway, Netmeds, Just Dial, Alok Industries, Sterling & Wilson Renewable Energy, Urban Ladder. Apart from these brands, Mukesh Ambani's RIL also owns Reliance Retail, JioMart, Ajio, Reliance Trends, Smart Bazaar, Tira Beauty, Reliance Fresh, Campa Cola, Reliance New Energy, Reliance Life Sciences, Reliance Jio Infocomm, Infomedia Press, Reliance Strategic Investments. What is the Net worth of Mukesh Ambani? As per Forbes Mukesh Ambani's net worth is $107.3 billion and he is ranked 16th in the list of the richest people in the world.
