Tag: Mukesh Ambani

Reliance Industries results: Q4 profit jumps 10% sequentially, annual revenue crosses ₹10 lakh crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Industries Ltd (RIL) on Monday, April 22, declared record annual earnings on the back of robust performance in its core oil and petrochemicals business along with sustained growth in its consumer-oriented retail and telecom divisions.

RIL’s quarterly net profit surged to ₹18,951 crore in the January-March period of the financial year 2023-24, recording a 10% sequential jump, from ₹17,265 crore the conglomerate had posted in the preceding October-December quarter. RIL’s net profit in Q4FY23 was at ₹19,299 crore.

RIL’s revenue in the January-March quarter came in at ₹2.37 lakh crore, higher than ₹2.25 lakh crore it posted in Q3FY24 and ₹2.13 lakh crore in Q4FY23.

Reliance became the first Indian company to cross the ₹100,000-crore threshold in pre-tax profits. In FY24, Reliance also achieved the landmark of becoming the first Indian company to achieve a turnover of ₹10 lakh crore.

#4QWithCNBCTV18 | Reliance Industries reports an increase in operating numbers both sequentially and YoY#RILResults #Reliance pic.twitter.com/cYSY9NMGa2

— CNBC-TV18 (@CNBCTV18Live) April 22, 2024

RIL’s EBITDA (earnings before interest, taxes, depreciation and amortization) came in at ₹42,516 crore in Q4FY24, higher than ₹40,656 crore in the October-December quarter and ₹38,440 crore in the same quarter last year. RIL Margin came in at 18% in Q4FY24.

Oil-to-chemical (O2C) results: Margins at multi-quarter high

The O2C segment recorded an 11% jump in revenue on a year-on-year (YoY) basis to ₹1,42,634 crore in Q4FY24, supported by feedstock sourcing and strong domestic markets. RIL had reported a revenue of ₹1,28,633 crore in Q4FY23. RIL’s O2C business EBITDA surged 3% on a YoY basis to ₹16,777 crore in Q4FY24, compared to ₹14,064 crore the company had posted a year ago in the same quarter. Within the segment, Oil & Gas revenue came in at ₹6,468 crore in the January–March quarter.

#4QWithCNBCTV18 | Oil & Gas business of Reliance Industries sees a growth of over 47% in EBITDA year on year and margin remains healthy at almost 87%#RILResults #Reliance pic.twitter.com/ypabmKjhEw

— CNBC-TV18 (@CNBCTV18Live) April 22, 2024

Reliance Retail results: Double-digit revenue growth

Reliance Retail reported a 10.7% rise in revenue at ₹76,683 crore, up from ₹69,288 crore in the year-ago period. The earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at ₹5,829 crore, an 18.4% jump from the year-ago period. Reliance Retail’s margin in the quarter improved to 7.6% on account of mix and operating leverage. For the full year, Reliance Retail business crosses ₹3 lakh crore topline.

#4QWithCNBCTV18 | #4QWithCNBCTV18 | Retail segment of Reliance Industries sees an increase of 11% in revenue and more than 18% in EBITDA YoY#RILResults #Reliance pic.twitter.com/Spv3vJfadk

— CNBC-TV18 (@CNBCTV18Live) April 22, 2024

Reliance Jio results: Industry-leading subscriber addition

Reliance Industries’ telecom arm Reliance Jio Infocomm saw its net profit rise 11% year-on-year (YoY) to ₹5,337 crore for the January to March 2024 quarter. This beats the CNBC-TV18 poll projection of ₹5,268 crore. Jio’s revenue for the March 2024 quarter came in at ₹25,959 crore, up 11% YoY from ₹23,394 crore.

#4QWithCNBCTV18 | Jio’s ARPU remains steady near Rs 182 and subscriber base rises to at 481.8 million#RILResults #Reliance pic.twitter.com/Q8YHQPpGbm

— CNBC-TV18 (@CNBCTV18Live) April 22, 2024

Reliance Jio added 10.9 million subscribers during the quarter and an industry-leading subscriber addition of 42.4 million during FY2024. Reliance Jio’s ARPU (average revenue per user) came in at ₹181.7.

Reliance Industries declares dividend

Reliance Industries announced an interim dividend of ₹10 per equity share for the financial year ended March 31, 2024.

Management Commentary

Commenting on the results, Mukesh Ambani, Chairman and MD, RIL said: “…All segments have posted a robust financial and operating performance. This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the ₹100,000-crore threshold in pre-tax profits… With over 108 million True 5G customers, Jio truly leads the 5G transformation in India… Reliance Retail continued to provide customers endless choices through its robust omnichannel presence… Strong demand for fuels globally, and limited flexibility in refining system worldwide, supported margins and profitability of the O2C segment. Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance.”

Market experts reactions

Market expert Prakash Diwan said, “What’s interesting about these numbers is the EBITDA beat on the consolidated basis is actually come in from the O2C business, which started gearing up and performing over the last couple of quarters.”

Sharekhan’s Binod Modi said, “If I look at numbers on a consolidated level, it looks to be broadly inline with what one had anticipated. Talking specifically about O2C business, I think we have seen a sequential improvement in margin there and that was due to the fact that we saw sharp improvement in GRMs during the quarter as well as there was no maintenance shutdown. So these benefits were expected in this quarter.Retail business also did extremely well and I believe the margin improvement will continue to be on the cards with the kind of product mix changes we are seeing. So I’m really satisfied with the kind of performance that the company has delivered.”

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Businesses have responsibility to build stronger, more inclusive India: Mukesh Ambani

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Richest Indian Mukesh Ambani on Saturday (March 30) said the business community has the responsibility to build a stronger and more inclusive India.

Addressing an event organised by the Gems and Jewellery Exports Promotion (GJEPC) in Mumbai, the chairman and managing director of Reliance Industries also exuded confidence that the industry will reach its goal of touching $100 billion in exports in the next few decades.

“All of us collectively in the business community have a responsibility to build a stronger, better and more inclusive India to fulfil the vision and the goal that our PM has set for us, that of a Viksit Bharat, a fully developed India in the next decades,” he said.

Ambani congratulated the gems and diamonds industry for the work they have done over the past few decades to reach $40 billion in exports and create over 50 lakh jobs in the country. From modest beginnings, the industry led by people from Palanpur made big strides, Ambani said, stressing that he is “proud” of the work.

He said the Ambani family has its roots in Kathiawad and also hinted at the possibilities of working together with the Palanpuris. “Sometimes partnership between the Kathaiwadis and Palanpuris can make the opportunity bigger. The bigger the pie, the better for us,” he said.

Ambani also said that his daughter-in-law Shloka Mehta is the daughter of Russel Mehta of Rosyblue, among the pioneering companies in the sector, and added that the Ambani family is “fortunate” to have Shloka, who “radiates warmth and wisdom”.

Mehta was awarded the Lifetime Achievement award at the event, which was also attended by Maharashtra Governor Ramesh Bais.

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Reliance Industries shares near record high after Goldman Sachs bull case sees 54% upside

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Mukesh Ambani-led Reliance Industries Ltd. may see a potential upside of as much as 54%, according to brokerage firm Goldman Sachs’ bull case scenario estimates for the financial year 2026. Based on the bull case estimate, Goldman Sachs expects the Nifty 50 heavyweight’s share price to reach ₹4,495 by the financial year 2026.

On a base case, Goldman Sachs maintains a “buy” recommendation on Reliance Industries and has raised its price target on the stock to ₹3,400 from ₹2,925. This revised price target implies a potential upside of 17% from Tuesday’s closing price.

Despite this increase, Goldman Sachs still views RIL’s risk-reward ratio favourably and considers the value accretion from the Reliance-Disney joint venture in its analysis.

Goldman Sachs anticipates a turning point in Reliance Industries’ consolidated returns by the financial year 2024, with its Cash Return on Cash Invested (CROCI) projected to expand by approximately 270 basis points to 12% by the financial year 2027, the highest since 2011.

Over the past decade, Reliance Industries has invested over $125 billion in capital expenditure, primarily in hydrocarbon and telecom sectors, typically requiring significant capital outlay and longer gestation periods exceeding five years. However, Goldman Sachs notes that the company’s focus on new businesses such as Retail and New Energy over the next three years is less capital-intensive and offers higher returns with shorter gestation periods.

Goldman Sachs forecasts that Reliance Retail’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) will nearly double between the financial years 2024 and 2027, with the share of consolidated EBITDA rising to 14.3% in the financial year 2027 from 12.4% in the financial year 2023.

Additionally, for the New Energy vertical, Goldman expects positive EBITDA contribution to commence from the financial year 2025 and reach $2.3 billion by the financial year 2030.

On a consolidated basis, Goldman Sachs expects RIL’s free cash flow, which has largely remained negative due to the elevated capex, to turn positive in financial year 2025 with capex likely peaking out in the previous financial year, while EBITDA may expand by 20% year-on-year led by a telecom tariff hike, higher retail same-store sales growth and a recovery in chemical margins.

The brokerage expects a 17% EBITDA CAGR between financial year 2024 – 2027 driven by:

• Retail EBITDA nearly doubling during this period
• A 22% EBITDA CAGR in the telecom business, driven by higher telecom ARPU
• The continued shift of consumers to smartphones and strong traction in fixed broadband
• Petchem margin recovery driven by global demand and lower feedstock prices
• Sustained strength in diesel cracks due to limited global spare capacity compounding with Opex reduction

Reliance Industries shares tend to outperform the Indian market during two scenarios, according to Goldman Sachs: One being expanding returns and two being valuation discovery through stake sales in newer businesses.

“Over the last two years, both these drivers were largely absent, potentially driving the shares’ underperformance. We expect rising returns ahead which could compound with further potential value unlock through potential listings of consumer businesses,” the note said.

Last week, brokerage firm UBS had also increased its price target on Reliance Industries to ₹3,400 from ₹3,000 earlier. This ₹3,400 price target is the highest for Reliance Industries on the street.

Shares of Reliance Industries are up 3.5% on Wednesday and are trading near their all-time high of ₹3,024. The stock is also the top contributor to the Nifty 50 gains.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance Chairman Mukesh Ambani honoured with Lifetime Achievement Award by Voice & Data

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mukesh Ambani, the Chairman and Managing Director of Reliance Industries, has been honoured with the Lifetime Achievement Award at the Voice & Data Awards. He received recognition for his unparalleled contributions to India’s telecommunications landscape.

Apart from Mukesh Ambani, Mathew Oommen, President of Reliance Jio Infocomm, was also honoured with the Pathbreaker of the Year Award for 2023. Oommen’s award was the acknowledgement of his efforts in the rapid deployment of 5G networks, starting a revolution of sorts in India’s technological arena.

Speaking at the award ceremony in New Delhi, Oommen said that Mukesh Ambani‘s impactful leadership, spanning telecom, retail, media, and sports, had pushed the boundaries of inclusion and affordability for all. “In today’s transformative age of technology, India’s role in the digital world will be revolutionary,” he added.

As an industry and nation, our contributions will be unparalleled, driving towards a more equitable and sustainable future for all Indians, he said.

Speaking on his achievement, Oommen expressed gratitude for the recognition and underlined the significance of collaboration in driving technological advancement. He said that he was extremely honoured and humbled to have received this award with two other industry colleagues, Neeraj Mittal and Gopal Vittal. “I would like to congratulate them for everything they have been able to accomplish,” he said.

In his acceptance speech, he further highlighted the transformative impact of technology on society, noting its continuous evolution, driven by advancements such as GPU and quantum computing. The President of Reliance Jio Infocomm stressed the importance of using cutting-edge technologies to uplift all segments of society responsibly and sustainably.

Apart from the two big honours at the Voice & Data awards ceremony, Jio received six more honours, including Network Infrastructure, Multilingual Internet, Communication Platform, Business Process Innovation, Network Services, and IoT.

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Nita Ambani exudes elegance in Kanchipuram saree: See pics

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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When it comes to serving some major fashion goals while keeping up with grace and sophistication, Nita Ambani remains unbeatable. The chairperson of Reliance Foundation is known for her impeccable taste in ethnic fashion choices and she continues to live up to that image. She believes in incorporating trends and experimenting with her style, something we all saw recently held three-day pre-wedding festivities of Anant Ambani and Radhika Merchant in Jamnagar.

With her unique and amazing looks, Nita Ambani put her best foot forward at the celebrations.

Days after concluding the pre-wedding celebrations, Mukesh Ambani and Nita Ambani hosted a dinner for all Reliance employees in Jamnagar, Gujarat. On this occasion, Nita was seen in a one-of-a-kind saree designed by Swadesh and meticulously handcrafted by artisans.

Watch | Anant Ambani and Radhika Merchant address guests on Day 2 of pre-wedding festivities

Pictures of Nita Ambani’s stunning ensemble are going viral on social media, leaving fans in awe of its unique design. However, what catches everyone’s attention is the tribute to the architectural and spiritual grandeur of India, the maroon-coloured Kanchipuram saree hints of golden and silver, adding elegance to her look. Besides that, the saree also weaves together a catalogue of 102 traditional Kanchipuram silk saree motifs, creating a singular masterpiece.

Also read: Mukesh and Nita Ambani’s romantic dance performance at Anant-Radhika’s pre-wedding bash

To complete her look, Nita Ambani chose a matching semi-sleeve blouse that also features intricate embroidery followed by smokey eyes, a dewy base, nude lips, and a red bindi. She tied her hair in a bun, adorned with gajra. Not to forget, the billionaire’s jewellery included a polka diamond necklace with matching earrings, diamond kadas, and rings.

Nita Ambani clearly stood out, carrying herself with poise and grace.

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Watch: Mukesh and Nita Ambani’s romantic dance performance at Anant-Radhika’s pre-wedding bash

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Industries Chairman Mukesh Ambani and his wife Nita Ambani delivered a romantic performance on Pyar Hua Ikrar Hua at their son Anant Ambani and Radhika Merchant’s pre-wedding celebrations in Jamnagar on March 2.

On the second day of the three-day bash in Jamnagar, the billionaire and his wife took centre stage to dance to Raj Kapoor and Nargis’ iconic song. While the Ambani patriarch was seen wearing a kurta-pyjama for the dance, Nita Ambani was wearing a stunning golden saree.

Besides dancing, the performance also included snippets of the best memories they’ve shared in recent years. These include welcoming their grandchildren and new family members. Their performance was loved by all, with many being seen hooting for them as well.

Anant Ambani, Radhika Merchant Pre-Wedding Day 2: Mukesh Ambani and Nita Ambani present a duet dance performance at the Jamnagar celebrations on the Bollywood classic ‘Pyar Hua, Ikraar Hua’ #AnantRadhikaWedding #AnantAmbani #AnantRadhikaPreWedding #Jamnagar #MukeshAmbani… pic.twitter.com/3HOimRCz4g

— CNBC-TV18 (@CNBCTV18News) March 3, 2024

Also read: Nita Ambani says Anant and Radhika’s pre-wedding festivities in Jamnagar are ‘a tribute to Indian arts and culture’

Serving as a marquee attraction of the three-day extravaganza, the grand night witnessed performances by Shah Rukh Khan, Salman Khan and Aamir Khan, Diljit Dosanjh, Ranveer Singh and Deepika Padukone, among others. Several other Bollywood stars were spotted attending the bash.

These include Sidharth Malhotra, Kiara Advani, Saif Ali Khan, Kareena Kapoor Khan, Madhuri Dixit, Varun Dhawan, Anil Kapoor, Sara Ali Khan, Ibrahim Ali Khan, Ananya Panday and Aditya Roy Kapur. Rani Mukerji, Deepika Padukone, Ranbir Kapoor and Alia Bhatt are also attending the mega bash.

Earlier, in a heartwarming address to the guests, the soon-to-be-couple showered love and praises for not only each other, but the entire family, recalling their time apart during the coronavirus-induced lockdowns, the time they helped deliver a baby elephant and the love they have received from each member of the family.

Also Watch: Mukesh Ambani sheds tears of joy as he gets emotional during son Anant’s speech during pre-wedding bash

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Watch | Anant Ambani and Radhika Merchant address guests on Day 2 of pre-wedding festivities

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Anant Ambani and Radhika Merchant’s pre-wedding bash kicked off in Jamnagar, Gujarat on January 1, where the who’s who from the world arrived to attend the three-day extravaganza. While Anant serves as a director on the Boards of Reliance Industries Ltd, Jio Platforms Limited, Reliance Retail Ventures Limited, Reliance New Energy Ltd and Reliance New Solar Energy Ltd, has also been serving on the Board of Reliance Foundation since September 2022.

In a heartwarming address to the guests, the soon-to-be-couple showered love and praises for not only each other, but the entire family, recalling their time apart during the coronavirus-induced lockdowns, the time they helped deliver a baby elephant and the love they have received from each member of the family.

Radhika started the address saying, “When Anant and I decided to get married, the one place we wanted to celebrate was Jamnagar. The hard work of our families and the dedication that Nita aunty has to making all of our dreams a reality has made this possible. We have been extremely, extremely indulged. I have seen all the events with all of you for the first time today. I had no idea what was going to happen. I was so surprised when I walked in. People are asking me, is that normal? I said it’s normal if you have a mother-in-law like Nita aunty.”

Watch video: Mukesh Ambani sheds tears of joy as he gets emotional during son Anant’s speech during pre-wedding bash

“Anant and I are so, so lucky to have some of the most amazing women on Earth as our influences. Nita aunty, who will move heaven and earth for her children. Isha, who is our most fierce protector. Shloka, you are the kindest person and I would be completely lost without you. Anjali, you are the force behind anything good that I have in me. Mumma, you are our safe place,” Radhika said.

Explaining the significance of Jamnagar in their lives, Radhika Merchant said: “For Anant and me, Jamnagar is where our heart is. This is where we grew up, where we became friends, where we fell in love and where we built our relationship. Now as we begin our future together, we will be doing it here and we are so thankful that you get to see the beginning of it.”

Also watch: Mukesh Ambani addresses guests as Anant and Radhika’s pre-wedding gala begins

Later, Anant remarked, “I am 100 percent the lucky one; there is no doubt about that. I also don’t know how I got Radhika (Merchant) so I am definitely the luckiest here.”

“I have earthquakes and tsunamis in my heart when I see Radhika,” he said as the blushing bride-to-be Radhika stood beside him. Addressing the guests, Anant expressed, “I don’t know how I got Radhika. I am definitely the luckiest here. Radhika has been with me for the last seven years and I feel that I met Radhika yesterday. But every day I fall more and more in love with her. Like my brother-in-law says that when he used to see my sister, he had volcanoes and fountains going up in his heart and I would say I have earthquakes and tsunamis going on in my heart when I see Radhika. So, thank you Radhika for everything.”

He then thanked his would-be in-laws for “welcoming me into your family with open arms. I am extremely thankful and grateful for having the patience for the last seven years. Finally, the day is here.”

Anant then moved on to his grandparents. “I would like to take blessings from my grand mom Kokila Mommy. She is from Jamnagar and she has been a big inspiration to me. I am always motivated by her. My grandfather will be blessing me. My Nani is a Nagar Brahmin and she has taught me a lot. I have stayed mostly with my Nani when I was young. She taught me everything. And I have Radhika’s Nani here, her nana is blessing us from heaven. My nana also is blessing us from above. They are going to be extremely happy.”

Anant then went on to talk about Vantara. “Over the next two days you are all going to see a glimpse of Vantara. I hope it is as magical for all of you as it has been for me. Vanatra has been my passion for the last many years. We started the first rescue center I think in 2008 and its been only possible because of my parents and my family’s support. My mother and my father have always taught me to serve, and this was my giving back to society. I started off small and as my grandfather said, dare to dream, I dreamt and turned it into reality. I don’t want to talk much about it. I want you all to experience it.”

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Watch video: Mukesh Ambani sheds tears of joy as he gets emotional during son Anant’s speech during pre-wedding bash

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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RIL Chairman Mukesh Ambani got emotional and was seen in tears on March 2 as his youngest son Anant Ambani was thanking his family, friends and the guests who joined the Ambani family in Jamnagar for the pre-wedding festivities of Anant with Radhika Merchant.

The Ambani family weddings are renowned across the globe for their opulence, extravagance and overwhelming display of affection. However, amidst the glitz and glamour of the lavish celebrations in Jamnagar, where three-day pre-wedding festivities commenced on March 1, there were moments of genuine emotion and heartfelt sentiment.

Anant Ambani Thanks His Parents & Family, Gushes over his soon to be wife Radhika#rihanna #AnantRadhikaWedding #AnantAmbani #AnantRadhikaPreWedding #Jamnagar #MukeshAmbani #NitaAmbani #AmbaniPreWedding #AmbaniWedding pic.twitter.com/VJdThcqc7e

— CNBC-TV18 (@CNBCTV18News) March 2, 2024

One such instance unfolded when Anant Ambani, the youngest scion of India’s wealthiest family was thanking his mother Nita Ambani, father Mukesh, brother Akash, sister Isha and others guests present on the occasion. During the speech Mukesh Ambani was see visibly moved to tears.

Anant started the speech saying, “Thank You mom for all that you’ve done… All this is created by my mother and no one else. My mother has gone all out… she has worked I think for 18-19 hours a day. I am extremely grateful to mom and thank you so much.”

“I would like to thank each and every one of you present here. I know everyone has made it to Jamnagar to make me and Radhika feel special. We are all honoured and humbled to have all of you here. I am sorry if we have caused any inconvenience to anyone… I hope everyone is going to enjoy the coming three days,” he added.

Also read: Rihanna works her magic at Anant Ambani-Radhika Merchant pre-wedding gala

“I would just like to thank my mother, my father, my sister and brother-in-law, and my brother and sister-in-law for making this event so memorable,” Anant added.

The Ambani family, helmed by patriarch Mukesh Ambani has long been synonymous with wealth in India. Yet, beyond their business empire and vast fortune, they are a family deeply rooted in tradition, values, and strong familial bonds.

This emotional bond was laid bare for all to witness as Anant Ambani, set to embark on his journey into matrimony, addressed the gathering with words that resonated deeply with his father and the entire family.

As Anant took the stage, clad in resplendent traditional attire, the audience was captivated by his sincerity and authenticity. His words, filled with gratitude, love, and nostalgia, struck a chord with everyone present. He spoke of his journey, from childhood to adulthood, and expressed profound appreciation for the unwavering support and guidance provided by his parents, Mukesh and Nita Ambani.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow