Muslim population rose in India because they got 'special rights': Yogi Adityanath

Jun 19: Billionaire Mukesh Ambani on Friday announced that his oil-to-telecom conglomerate Reliance Industries is now net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.

Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm's digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue in the past 58 days.

Taken together with last year's sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.

Reliance had a net debt of Rs 1,61,035 crore as on March 31, 2020. "With these investments, RIL has become net debt-free," it said.

"I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021," Ambani said.

Jio Platforms - which houses the country's youngest but largest telecom firm Reliance Jio, raised Rs 1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020.

Saudi Arabian sovereign wealth fund PIF buying 2.32 per cent stake in the unit for Rs 11,367 crore on June 18 "marks the end of Jio Platforms' current phase of induction of financial partners," the statement said.

Alongside, Reliance launched India's biggest right issue, which was subscribed to 1.59 times.

Though the rights issue size was Rs 53,124 crore, the company has got only 25 per cent of the money as the remaining is to be paid only next fiscal.

Ambani had at the company's annual general meeting on August 12, 2019, announced a roadmap for Reliance to become a net debt-free company before March 31, 2021.

"We have a very clear roadmap to becoming a zero net-debt company within the next 18 months that is by March 31, 202," he had said last year highlighting strong interest from strategic and financial investors in consumer businesses, Jio and Reliance Retail.

In the statement on Friday, he said he was both delighted and humbled to announce the fulfillment of the promise.

"Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance," he said.

"Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them," he added.

He said over the past few weeks, phenomenal interest was received from the global financial investor community in partnering with Jio.

"As our fundraising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms," he said.

"I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue," he added.

New Delhi, Apr 24: The death toll due to the novel coronavirus rose to 723 with 37 fatalities reported since Thursday evening, while the number of cases saw a record jump of 1,752 to go up to 23,452 cases on Friday, according to the Union health ministry.

The previous highest single day increase was on April 20 when 1,540 cases were reported.

The number of active COVID-19 cases stood at 17,915 as 4,813 people were cured and discharged, and one patient migrated, the ministry said.

Thus, about 20.52 per cent of the cases have recovered so far, an official of the ministry said. 

The Indian Council of Medical Research (ICMR) said that 23,502 samples have been confirmed positive as on April 24 at 9 am.

The health ministry's figure of 23,452 cases include 77 foreign nationals.

A total of 37 deaths were reported since Thursday evening of which 14 fatalities were reported from Maharashtra, nine from Gujarat, three from Uttar Pradesh, two each from Andhra Pradesh, Delhi, Madhya Pradesh, Tamil Nadu and Telangana and one from Karnataka, the ministry's data stated.

Of the 723 deaths, Maharashtra tops the tally with 283 fatalities, followed by Gujarat at 112, Madhya Pradesh at 83, Delhi at 50, Andhra Pradesh at 29, Rajasthan at 27 and Telengana at 26.

The death toll reached 24 in Uttar Pradesh, 20 in Tamil Nadu while Karantaka has reported 18 deaths.

Punjab has registered 16 deaths while West Bengal has reported 15 fatalities.

The disease has claimed five lives in Jammu and Kashmir, while Kerala, Jharkhand and Haryana have recorded three COVID-19 deaths each.

Bihar has reported two deaths, while Meghalaya, Himachal Pradesh, Odisha and Assam have reported one fatality each, according to the ministry data.

However, a news agency tally of the figures reported by various states as on Friday showed 23,577 cases and 743 deaths in the country.

There has been a lag in the Union health ministry figures, compared to the number of deaths announced by different states, which officials attribute to procedural delays in assigning the cases to individual states.

According to the ministry's data updated in the evening, the highest number of confirmed cases in the country are from Maharashtra at 6,430 followed by Gujarat at 2,624, Delhi at 2,376, Rajasthan at 1,964, Madhya Pradesh at 1,852 and Tamil Nadu at 1,683.

The number of COVID-19 cases has gone up to 1,604 in Uttar Pradesh, 984  in Telangana and 955 in Andhra Pradesh. The number of cases has risen to 514 in West Bengal, 448 in Kerala, 463 in Karnataka, 427 in Jammu and Kashmir,  277 in Punjab and 272 in Haryana.

Bihar has reported 176 coronavirus cases, while Odisha has 90 cases. Fifty-five people have been infected with the virus in Jharkhand and 47 in Uttarakhand. Himachal Pradesh has 40 cases, Chhattisgarh and Assam have registered 36 infections each so far.

Chandigarh has 27 COVID-19 cases, Andaman and Nicobar Islands 22 while  18 cases have been reported from Ladakh.

Meghalaya has reported 12 cases, and Goa and Puducherry have seven COVID-19 cases each.

Manipur and Tripura have two cases each, while Mizoram and Arunachal Pradesh have reported a case each.

"Our figures are being reconciled with the ICMR," the ministry said on its website.

States wise distribution is subject to further verification and reconciliation, it said.

New Delhi, Jan 13: Walmart, the world’s largest retailer, has fired around 50 of its India executives as part of its restructuring in the country, three sources with direct knowledge said.

The move underscores the struggles Walmart has faced in expanding its wholesale business in India. The Bentonville, Arkansas based company currently operates 28 wholesale stores where it sells goods to small shopkeepers, and not to retail consumers.

The firings mostly affected executives in the company’s real estate division because the growth in the wholesale model has not been that robust, two of the sources said.

“It’s happening because focus is shifting to e-commerce rather than physical (stores),” said one source, who declined to be identified as the decision is not public.

Walmart did not respond to a request for comment.

Walmart has placed bold bets on India’s e-commerce sector. In 2018, it paid $16 billion to acquire a majority stake in India’s online marketplace Flipkart, in its biggest global acquisition.

The second source added that while Walmart could slow down the pace of opening new wholesale stores, the focus will increasingly be on boosting sales through business-to-business and retail e-commerce.

Some of the executives were sacked last week and more could be let go on Monday, two sources said.

In a statement to India’s Economic Times newspaper, which first reported the news, Walmart said it was always looking for ways to operate more effectively and that “this requires us to review our corporate structure to ensure that we are organized in the right way to best meet the needs of our members.”

Walmart has around 600 staff in its India head office out of a total of around 5,300 nationally, one of the sources said.