Archive for ‘Mukesh Ambani’

10/05/2019

Hamleys: India’s richest man Mukesh Ambani buys iconic toy store

Hamleys store and brand logo seen in LondonImage copyright GETTY IMAGES
Image caption Hamleys is the world’s oldest toy retailer

India’s richest man Mukesh Ambani has bought the iconic British toy retailer Hamleys for an undisclosed sum.

Reliance Brands Limited, which is owned by Mr Ambani, said it had signed an agreement to buy the company from China’s C Banner International which had acquired it in 2015.

Hamleys, which was founded in 1760, is the world’s oldest toy retailer and has 167 stores across 18 countries.

Reliance Industries already operates 88 Hamleys stores across 29 Indian cities.

Mukesh Ambani
Image copyright GETTY IMAGES
Image caption Mukesh Ambani

According to Forbes, the 62-year-old Mr Ambani is worth $50.7bn.

“The worldwide acquisition of the iconic Hamleys brand…. is a long cherished dream come true,” Darshan Mehta, the CEO of Reliance Brands Limited, said in a statement.

Hamleys had last year reported a £9.2m loss, blaming Brexit and the threat of terrorism for the downturn.

It had opened four stores in the UK but later closed two.

However its flagship store in London’s Regent Street, which opened in 1881, continues to be one of the city’s major attractions.

Set over seven floors, it has an estimated 50,000 lines of toys on sale.

Source: The BBC

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29/04/2019

Police break up clashes in West Bengal, Mumbai votes in fourth phase of massive poll

MUMBAI/NEW DELHI (Reuters) – Police broke up clashes between rival groups of voters in West Bengal on Monday as some of India’s richest families and Bollywood stars also cast their ballots in Mumbai during the fourth phase of a massive, staggered general election.

In West Bengal, a populous eastern state crucial for Prime Minister Narendra Modi’s re-election bid, supporters of his Hindu nationalist Bharatiya Janata Party (BJP) clashed with others from the regional Trinamool Congress, police said.

TV footage showed armed security forces chasing away people wielding sticks, although it was initially difficult to determine the scale of the clashes.

There were no immediate reports of any poll-related injuries in West Bengal, where at least one person was killed and three injured during the third phase of voting last week.

The BJP is in a direct, and sometimes bloody, fight in West Bengal with Trinamool, whose chief Mamata Banerjee is one of Modi’s biggest critics and a potential prime ministerial candidate.

More than 127 million people are eligible to vote in this round of the seven-phase election held across 71 seats in nine states. Modi’s coalition won more than 75 percent of the seats in the previous election in 2014.

Many of the constituencies are in Uttar Pradesh in the north and western India’s Maharashtra, where the financial capital Mumbai is located. Uttar Pradesh elects the most lawmakers, with Maharashtra next. Both states are ruled by the BJP and its allies.
However, political analysts say the BJP may struggle to repeat its strong showing this time due mainly to a jobs shortage and weak farm prices, issues upon which the main opposition Congress party has seized.

‘SOME PROGRESS’

First-time voter Ankita Bhavke, a college student in Mumbai, said she voted for economic development.

“I want the country to be at par with the best in the world,” she said. “There’s been some progress in the last five years.”

India’s financial markets were closed on Monday for the election.

Mumbai is home to the massive Hindi film industry, as well as Asia’s wealthiest man, Mukesh Ambani, and India’s richest banker, Uday Kotak.
Ambani, who heads Reliance Industries, and Kotak, managing director of Kotak Mahindra Bank, created a stir this month by publicly endorsing an opposition Congress party candidate from their upscale South Mumbai constituency.
Mumbai, which has six seats, is India’s wealthiest city but ageing and insufficient infrastructure is a major concern. Six people were killed last month when part of a pedestrian bridge collapsed, recalling memories of a 2017 rush-hour stampede that killed at least 22 people on a narrow pedestrian bridge.
The election, the world’s biggest democratic exercise with about 900 million voters, started on April 11 with Modi in the lead amid heightened tension with long-time enemy Pakistan.
The last phase of voting is on May 19, with results released four days later.
There are a total of 545 seats in the Lok Sabha.
Modi sent warplanes into Pakistan in late February in response to a suicide attack by an Islamist militant group based there that killed 40 Indian police in the disputed Kashmir region.
Modi has sought votes on his tough response towards militancy and in recent days has evoked the deadly Easter Sunday bombings in nearby Sri Lanka.
Maidul Islam, a professor of political science at Kolkata’s Centre for Studies in Social Sciences, said long queues outside polling stations would indicate whether Modi’s national security pitch was working.
“Whenever there is a BJP kind of a wave, you see a higher voter turnout,” he said.
Source: Reuters
19/03/2019

Mukesh Ambani: India’s richest man helps his brother avoid jail

Chairman, Managing Director of Reliance Industries Limited Mukesh Ambani, his wife Nita Ambani, brother and Chairman of Reliance Group Anil Ambani and his wife Tina Ambani during the Padma Awards Investiture ceremony at Rashtrapati Bhawan on March 28, 2016 in New Delhi, IndiaImage copyrightGETTY IMAGES
Image caption: Mukesh Ambani, left, sits next to his wife Nita Ambani, and Anil Ambani on the right

India’s richest man Mukesh Ambani has paid a debt payment owed by his brother, saving him from spending time in prison.

Anil Ambani faced a prison sentence after a deal between his firm Reliance Communications (RCom) and telecoms giant Ericsson collapsed.

That left his firm owing Ericsson 5.5bn rupees ($80m; £60m), which it failed to pay by a court deadline.

The move marks a new twist a long-running feud between the brothers.

RCom failed to comply with an India Supreme Court order to pay Ericsson the money by 15 December last year.

The court found him guilty of contempt, giving him another four weeks to pay or go to prison.

On Monday, RCom said the debt had been paid.

“My sincere and heartfelt thanks to my respected elder brother, Mukesh, and (his wife) Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support,” Anil Ambani said.

The two brothers have long had an acrimonious relationship, fighting over their father’s businesses after he died in 2002 without a will.

The Reliance empire was divided between the two brothers in 2005 after a bitter seven-month feud.

The brothers have fought bruising court battles in the past over natural gas interests.

Mukesh Ambani is worth more than $54bn, according to Bloomberg.

His firm Reliance Industries, whose activities span from oil to telecommunications, is among India’s most valuable companies.

By contrast, Anil Ambani has an estimated net worth of around $300m, Bloomberg said.

The Ambani family made headlines last year with the lavish wedding of Mukesh Ambani’s daughter, Isha Ambani, which featured a performance from US singer Beyoncé

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