Latest news with #AnilAmbani
India.com
a day ago
- Business
- 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.
India.com
a day ago
- Business
- India.com
Mukesh Ambani, Anil Ambani once used to live in a one-room chawl? Inside photos of 'Kabootar Khana', it had 1 bathroom for...
The Ambani family is widely recognized for its immense wealth and lavish lifestyle. From Nita Ambani's choice of costly fashion, jewelry, and handbags to grandiose weddings and parties, everything related to them creates buzz on social media platforms. Most notably, Mukesh Ambani lives in one of the most expensive residences on the planet, Antilia. While his brother Anil Ambani lives in his luxurious home, Abode. But life wasn't always this lavish. Earlier, Mukesh and Anil Ambani and their family lived in one of the numerous chawls in Mumbai – a single room for seven family members with only one toilet shared by around a hundred other people. In a chawl housing around 500 people, residents frequently had to stand in long lines just to access water. While many may associate this with what they only know from films, this was the footprint reality that Mukesh and Anil Ambani experienced for many years. Seven members of the Ambani family shared a small single room and used a common toilet with about 100 people. In a chawl with almost 500 residents, they had to wait in line for water and other shared facilities. While such hardship is frequently depicted in Bollywood movies, this was the actual experience of the Ambani brothers for many years. Anil Ambani became emotional while speaking about his childhood memories on Simi Garewal's show Rendezvous with Simi Garewal. Ambani recounted that the year was 1959, the year his father Dhirubhai Ambani left his job at a petrol pump in Yemen and returned to India. The family was resettled from Gujarat to Mumbai and was facing daily struggles to survive. When Dhirubhai no longer had a stable source of income, he maintained a family by selling spices to make a living. The Ambani family used to live in a place in Mumbai called Kabootar Khana, which was an overcrowded place. Within that area, there stood a chawl, called Jai Hind Estate, that housed over 500 people in one building. The Ambani family resided on the 4th floor of the building. The area had been named 'Kabootar Khana' due to the large number of pigeons that gathered in the area. People would feed the pigeons, resulting in flocks of them occupying the area. In that chawl, the Ambani family of seven shared a one-room house that had one kitchen. They did not have a private bath. There was one common toilet, shared by about 100 people, and there was very limited drinking water, and they had limited drinking water. Long lines formed for drinking water, and the family somehow managed to get by in these difficult conditions. In spite of this, the family was able to manage. They had limited clothing as well, and Mukesh and Anil Ambani often had to share the same set of clothing to rotate between. The Jai Hind chawl, where the Ambani family lived, was the largest chawl in that area. Their home had no bathroom. Each floor had reportedly over 100 houses, all sharing just one toilet. Anil Ambani reflected during a later interview that weekends were the most wonderful time of the week at home. The family would eagerly await Sundays, when he and Mukesh had an opportunity to fulfill their passion for football. Dhirubhai Ambani, their father, used to take them to the local Udupi hotel, where there was a fixed menu of idli-sambar. They weren't allowed to order anything beyond that. Due to Dhirubhai Ambani's effort and skill, Reliance Industries was created, which produced billions of dollars for Mukesh Ambani and Anil Ambani. Mukesh Ambani lives in Antilia, one of the biggest homes in the world, worth Rs 15,000 crores, while Anil Ambani resides with his comrades in Abode, worth Rs 5,000 crores.
Time of India
2 days ago
- Business
- Time of India
Dassault partners Anil Ambani co to make biz jets
NEW DELHI: French aerospace major Dassault Aviation has tied up with Anil Ambani 's Reliance Aerostructure to manufacture Falcon 2000 business executive jets in India for global markets. India will soon join the club of countries that make business jets which includes the US, France, Canada and Brazil. Also this is the first time Dassault, in which Airbus has nearly 10.6% stake, will be making the Falcon 2000 outside France. The two will establish their final assembly line in Nagpur and aim to deliver their first made-in-India jet by 2028. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
2 days ago
- Business
- Time of India
Built in Nagpur, Falcon may be India's 1st home-made biz jet
1 2 Nagpur: The first-ever commercial aircraft made in India may roll out from Nagpur in the next three years. By end of 2028, Falcon 2000 LXS business jet, of France's Dassault Aviation, is planned to be manufactured at the company's joint venture with Anil Ambani's Reliance Aerostructure (a subsidiary of Reliance Infrastructure) at the Mihan Special Economic Zone (SEZ) here. Major assemblies of other versions of the aircraft, like the Falcon 6X and 8X , will also be made here. For Dassault Aviation, this would be the first-ever manufacturing unit for Falcon outside France. The company is eyeing both global and domestic markets with the Mihan facility. The jets are being made for both commercial and military use. The company aims to make as many as 22 aircraft in a year at Nagpur, though the final numbers would also depend on the order book. Financial closure for the Nagpur project has already been completed, said a source. At present, 300 highly skilled personnel are employed here. The numbers would be taken to 1,000 eventually. Dassault Reliance Aviation Limited (DRAL), the joint venture between Dassault and Reliance, has been operating in Mihan-SEZ since 2017. At present, the facility makes components of both the Falcon and Rafale fighter jets. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Forget Furosemide, Use This Household Item To Help Drain Edema Fluid WellnessGuide Learn more Undo DRAL started with making nose cones for Falcon and gradually expanded. The first front section of the Falcon 2000 was delivered in 2019. Over 100 subsections have been delivered so far, finally getting close to making an entire aircraft. The ultimate plan was to make a full-fledged Falcon 2000 jet in Nagpur. It was, however, delayed for various reasons, including Covid impacting the aviation business, said sources. Finally, decks have been cleared for rolling out the Falcon 2000 at Mihan. On Wednesday, DRAL made a formal announcement of the timeline to make the aircraft at Mihan at the Paris Air Show. Dassault chairman Eric Trappier, in a statement, said DRAL will become the first centre of excellence for Falcon series aircraft outside France, which will help establish the final assembly line for the Falcon 2000 in India.
Yahoo
2 days ago
- Business
- Yahoo
Dassault, Anil Ambani's Reliance to make Falcon 2000 business jets in India
(Reuters) -Reliance Infrastructure ( has partnered with France's Dassault Aviation ( to make Falcon 2000 jets in India, the companies said on Wednesday, as the South Asian country aims to increase sourcing of locally-made defense equipment. Dassault said it aims to deliver the first made-in-India jets by 2028 for corporate and military use, and will cater to rising demand in both Indian and international markets. India, the world's biggest arms importer, has been looking to step up domestic production, with global firms pushed to produce in India - either on their own or in collaboration with domestic partners. New Delhi also aims to boost defence exports, which jumped 12% in the fiscal year to end-March, to $2.76 billion. Dassault will make Falcon 2000 jets outside France for the first time, the statement said, as it partners with tycoon Anil Ambani-owned Reliance Aerostructure to set up the final assembly line in the western Indian city of Nagpur. Reliance Infrastructure shares jumped 5% after the news in afternoon trading, while Dassault shares were largely flat. Earlier in the month, the French firm signed an agreement with India's Tata group to produce fuselage of Rafale fighter aircraft in southern Hyderabad city - outside France for the first time ever.
