Breakingviews - Aramco stocks Reliance’s war chest for disruption

  • 📰 Reuters
  • ⏱ Reading Time:
  • 44 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 97%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

(Reuters Breakingviews) - India’s richest man is stocking up his disruption war ...

A woman walks past a poster of Reliance Industries installed outside the venue of the company's annual general meeting in Mumbai June 7, 2012.

Ambani, whose Jio brand became India’s largest mobile company by subscribers in under three years, says he will offer ultra high-speed, fibre broadband from September. It won’t be free, as much of Jio was at first, but that reflects less to disrupt, with just 18 million existing fixed-line internet connections. The tycoon dazzled with a touch of 3D home shopping too.

Ambani has given shareholders new reason to cheer, however. He plans to list the telecom and retail business within five years. With most of the big spending out of the way, he promises the group will hit zero net debt within 18 months. Implied proceeds of $15 billion from the Aramco deal will be one leap, helping the Saudis secure a lucrative market for their crude too. Ambani agreed last month to offload telecom towers to Canada’s Brookfield Asset Management in a $3.6 billion deal.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

India's Reliance to sell 20% stake in oil-to-chemicals business to Saudi AramcoIndia's Reliance Industries Ltd is set to sell a 20% stake in its oil to ch... Terrorism will spread as Saudis are responsible for global terrorism...
Source: Reuters - 🏆 2. / 97 Read more »

Aramco Looks to Diversify With 20% Stake in India’s Reliance Energy BusinessSaudi Aramco is buying a stake in Reliance’s energy business, worth some $15 billion including debt, a move that would help match its enormous crude production with refining capacity, as it gears back up for a planned IPO. I told you you little brat. I was never married to that man.
Source: WSJ - 🏆 98. / 63 Read more »

Saudi Aramco aims to buy Reliance stake, reports lower earningsSaudi Aramco still world's most profitable company despite oil price hit. Read more: EL'REPRESENTANTE'DE DIOS EL 'PAPA'QUIERE PASAR 'AGACHAO'ANTE EL CRIMINAL BLOQUEO,DELITO DE 'LESA HUMANIDAD'DEL IMPERIO CONTRA VENEZUELA,SIGNIFICA COMO EN TODAS LAS ÉPOCAS,QUE EL CLERO ESTA A FAVOR DE LOS IMPERIOS,O QUE SE LAVA LAS MANOS,COMO PILATOS LA BOLAS DEL,RETWITEAR $2 trillion......that's massive . Everybody needs oil !
Source: Reuters - 🏆 2. / 97 Read more »

Saudi Aramco aims to buy Reliance stake, reports lower earningsSaudi Aramco still world's most profitable company despite oil price hit. Read more: EL'REPRESENTANTE'DE DIOS EL 'PAPA'QUIERE PASAR 'AGACHAO'ANTE EL CRIMINAL BLOQUEO,DELITO DE 'LESA HUMANIDAD'DEL IMPERIO CONTRA VENEZUELA,SIGNIFICA COMO EN TODAS LAS ÉPOCAS,QUE EL CLERO ESTA A FAVOR DE LOS IMPERIOS,O QUE SE LAVA LAS MANOS,COMO PILATOS LA BOLAS DEL,RETWITEAR $2 trillion......that's massive . Everybody needs oil !
Source: Reuters - 🏆 2. / 97 Read more »