Anil Ambani is back. Is it for real?
'When elephants go on a procession, the dogs keep barking, but the elephants keep going.' This was Anil Ambani invoking his legendary father Dhirubhai Ambani in 2008, the year Reliance Power IPO, the biggest ever then, was being launched. Standing atop a market capitalisation of a whopping INR4 lakh crore for businesses that ranged from telecom to mutual funds, the elephant analogy did not sound misplaced back then. Cut to today. Many of the
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India.com
17 hours ago
- India.com
‘A proud moment…': This is what Amitabh Bachchan says for Mukesh Ambani's brother Anil Ambani as Reliance Infrastructure to make business jets with…
'A proud moment…': This is what Amitabh Bachchan says for Mukesh Ambani's brother Anil Ambani as Reliance Infrastructure to make business jets with… Anil Ambani's company Reliance Infrastructure recently announced a partnership between French aircraft manufacturer Dassault Aviation and Reliance Aerostructure Limited to manufacture Falcon 2000 business jets in India. This development has made Bollywood veteran actor Amitabh Bachchan happy. He took to Instagram and showered praises on the company. What Did Amitabh Bachchan Say On The Partnership? Actor Amitabh Bachchan celebrated the partnership between Reliance Infrastructure and France's Dassault Aviation. As per the agreement, both the companies will manufacture Falcon 2000 business jets in Nagpur. Bachchan took to his Instagram page and wrote, 'A proud moment.. Congratulations… Jai Hind.' Falcon 2000 Jets Will Be Manufactured In India Dassault is going to set up the final assembly line of Falcon 2000 jets in Nagpur. Notably, this is the first time these business jets will be manufactured outside France. The company is planning to deliver the first Made in India Falcon to the corporate and military sectors by 2028. With this major development, India has joined the group of countries along with the US, France, Canada and Brazil that produce business jets for global markets. Final assembly line will be set up in Nagpur The announcement was made at the Paris Air Show along with Dassault Reliance Aerospace Limited's (DRAL) plan to set up a final assembly line in Nagpur. The facility will become a global centre of excellence for the Falcon series, including the assembly programmes for the future Falcon 6X and Falcon 8X jets. Commitment to 'Make in India' and 'Atmanirbhar Bharat' Reliance Group Founder Chairman Anil Ambani and Dassault Aviation Chairman and CEO Eric Trappier said that this agreement reflects the French company's 'Make in India' commitments. Ambani said that this partnership is a strong testimony to Prime Minister Narendra Modi's 'Atmanirbhar Bharat' and 'Make in India for the World' vision. Advanced Production Process And Increased Employment The fuselage of the aircraft, such as Falcon 8X and Falcon 6X front, including the assembly of the Falcon 2000 fuselage, wings, and front section, transferred to DRAL. DRAL is a joint venture formed in 2017, has manufactured more than 100 Falcon 2000 sub-sections so far from its facility in Nagpur. The new assembly line will increase its capacity and recruit several hundred engineers and technicians in the next 10 years. Reliance Defence's New Deal Reliance Defence and Diehl Defence have partnered in a ₹100 billion agreement to manufacture Vulcano 155mm precision-guided munitions in India. This advanced artillery system is capable of long-range, highly accurate strikes.
India.com
2 days ago
- India.com
Big move by Gautam Adani, acquires this former company of Anil Ambani, its name is…
Adani Power Ltd has moved forward in the process of acquiring the bankrupt Vidarbha Industries Power Ltd. It is a former subsidiary of Anil Ambani led Reliance Power Ltd. The National Company Law Tribunal on 18 June approved Adani Power's Rs 4,000 crore resolution plan to acquire VIPL. A majority nod was given by secured creditors in February. Adani Power will pay Rs 4,000 crore to acquire the company. Vidarbha Industries owns a 600-megawatt thermal power plant in Nagpur. The resolution plan received 100% voting share. The tribunal also found this plan suitable for revival. Vidarbha Industries Power Current Situation The company has admitted liabilities of Rs 6,753 crore, and the successful resolution plan has proposed to pay Rs 4,000 crore to acquire the company. 'We find that the Resolution Plan has been approved with 100% voting share. As per the CoC, the plan meets the requirement of being viable and feasible for the revival of the Corporate Debtor,' said the division bench of judicial member Nilesh Sharma and a technical member, Sameer Kakar, in its 75-page order. 'We also observe that none of the stakeholders in the process of CIRP have come forward before this Tribunal with an application objecting to the approval of this Resolution Plan,' added the tribunal. The tribunal also observed that the resolution plan is binding on the Corporate Debtor (VIPL), its employees, members, creditors, guarantors and other stakeholders. VIPL Anil Ambani Connection VIPL was earlier a subsidiary of Anil Ambani-owned Reliance Power. It declard insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). Reliance Power had announced last year that VIPL was no longer its subsidiary. Bimal Kumar Agarwal was appointed by the bench for the interim resolution professional (IRP) to look after the insolvency process. This also includes managing VIPL's assets and inviting resolution plans.
Time of India
2 days ago
- Time of India
Adani Power's proposal to acquire Vidarbha Industries Power's approved by NCLT
The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday approved Adani Power Ltd 's acquisition of Vidarbha Industries Power Ltd. Before the tribunal's nod, the secured creditors of the company approved the plan in February 2024. The company has admitted liabilities of Rs 6,753 crore, and the successful resolution plan has proposed to pay Rs 4,000 crore to acquire the company. Vidarbha Industries (VIPL) owns and operates a 600-megawatt (MW) thermal power plant, with two 300-MW units each in Nagpur in Maharashtra state. 'We find that the Resolution Plan has been approved with 100% voting share. As per the CoC, the plan meets the requirement of being viable and feasible for the revival of the Corporate Debtor,' said the division bench of judicial member Nilesh Sharma and a technical member, Sameer Kakar, in its 75-page order. 'We also observe that none of the stakeholders in the process of CIRP have come forward before this Tribunal with an application objecting to the approval of this Resolution Plan,' noted the tribunal. The tribunal also observed that the resolution plan is binding on the Corporate Debtor (VIPL), its employees, members, creditors, guarantors and other stakeholders. Last year in September, the tribunal had admitted CFM Asset Reconstruction's application to admit the company under the Corporate Insolvency Resolution Process (CIRP). On February 24, Adani Power in its stock exchange filing had said that the lenders have approved its revival plan for the company and the 'implementation of the resolution plan' is subject to the 'LOI terms as well as requisite approvals from the NCLT and other regulatory approvals'. VIPL was formerly a subsidiary of Anil Ambani-owned Reliance Power . It entered insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). Reliance Power had announced last year that VIPL was no longer its subsidiary. Admitting the petition, the bench appointed Bimal Kumar Agarwal as the interim resolution professional (IRP) to oversee the insolvency process, including managing VIPL's assets and inviting resolution plans. VIPL, a special-purpose vehicle, was set up by Reliance Power for building a coal-based thermal power plant comprising two units of 300 MW each at Butibori at Nagpur in Maharashtra. The project was awarded after an international bidding process run by the Maharashtra Industrial Development Corporation, and it was eventually converted into an independent power project. The Butibori project has a long-term power purchase agreement (PPA) with Maharashtra for 3085 MW, with potential for expansion. The company defaulted on loans totalling Rs. 3,872 crore to Axis Bank and State Bank of India (SBI), leading to the classification of its account as a non-performing asset in 2019. Both lenders later sold their debts to CFM ARC in 2023, as reported by ET in October 2023.
