Tag: Reliance

Reliance JioCinema signs up Pokemon in kids entertainment push: Reuters report

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

Listen to the Article (6 Minutes)

The entertainment unit of Reliance has signed a deal with The Pokemon Company to show children’s shows and movies on its platform, two people with knowledge of the deal said, its latest bid to boost content amid a domestic rivalry with the Walt Disney Co and other streaming services.

The deal, signed this month, will make JioCinema’s streaming app the “exclusive” India platform partner for more than 1,000 episodes and around 20 movies of the Japanese anime series, one of the sources said, without disclosing any financial details.

The shows and movies will be dubbed into three Indian languages to broaden their appeal, the source added. Pokemon has spawned a global multi-billion dollar media franchise spanning trading cards, games, TV shows and movies.

Viacom18, Indian billionaire Mukesh Ambani’s entertainment joint-venture that runs JioCinema, and The Pokemon Company, owned by video game company Nintendo and affiliates, did not respond to a request for comment.

Also Read: Jio’s 4G ‘keypad smartphone’ goes on sale for ₹2,599

Adding child-focused content is Ambani’s latest push to expand in the Indian streaming market which research firm Media Partners Asia estimates will be worth $7 billion by 2027.

Netflix and Amazon are among JioCinema’s competitors, but Ambani has most recently taken on Disney’s Hotstar app, with both offering free streaming of cricket matches.

In total, JioCinema will add around 3,000 hours of children’s content, including movies and shows from Entertainment One, Animaccord, Cartoon Network Studios and DreamWorks, the sources said.

Those additions will come through Viacom18’s existing content deals, or integration with its other streaming app, Voot Kids, which has shut, they added. Some Pokemon content was earlier on Voot, but the new JioCinema deal is a “much larger partnership”, one of the sources said.

Also Read: Reliance Jio launches prepaid plan bundled with Swiggy One Lite subscription — check all details

NBCUniversal told Reuters that “kids and family programming”, including DreamWorks content, was part of a multi-year partnership with JioCinema announced in May. Entertainment One, Animaccord, Cartoon Network Studios did not respond to requests for comment.

In April, Viacom18 struck a deal with Warner Bros Discovery Inc. to include more Hollywood and international content on JioCinema, including hit series “Succession” and “Game of Thrones”.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Reliance Retail Q2 Results | Revenue up 18%, total footfall crosses 260 million

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

Listen to the Article (6 Minutes)

Reliance Industries Ltd reported its results for the quarter ended September 2023 on Friday, October 27. Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries, reported steady numbers for the period under review.

Reliance Retail reported an 18.8% rise in revenue at ₹77,148 crore, up from ₹64,920 crore in the year-ago period. Kotak Institutional Equities had estimated a 3.1% increase in revenue at ₹72,134 crore. The retail business of the Reliance group had reported a revenue of ₹69,948 crore in the previous quarter. 

The earnings before interest, taxes, depreciation, and amortisation (EBITDA) came in at ₹5,820 crore, a 32.2% jump from the year-ago period. The EBITDA was above the estimated ₹5,409 crore. In the previous quarter, the EBITDA came at ₹5,139 crore. EBITDA margin came at 8.4% for the July-September quarter, above estimate.

The net profit for the quarter came at ₹2,790 crore, up from ₹2,448 crore in the previous quarter, and  ₹2,305 crore in the year-ago period.

Talking about the quarterly performance, Chairman and MD Mukesh Ambani said that Reliance  Retail has continued to rapidly expand its offline as well as online presence.

RRVL Executive Director Isha M Ambani said, “The performance is a testament to our customer-centric approach that defines Reliance Retail and we look forward to serving our customers this festive season with renewed optimism and enthusiasm.”

According to the release by Reliance Industries, grocery, fashion and lifestyle businesses maintained a strong growth momentum during the quarter.

The consumer electronics segment too witnessed a steady performance despite the festive season falling in the next quarter. The business witnessed an 11% year-on-year growth. The merchant count grew 2.6 times as compared to the previous year. New commerce expanded its merchant base by 44%.

For the quarter under review, Reliance Retail opened 471 new stores, taking the total count at the end of September 2023 to 18,650. The quarter reported footfalls of over 260 million across formats, up 40.5% from the previous year.

The digital and new commerce businesses contributed 19% of the revenue.

The highlight of the quarter was the ₹8.27 lakh crore valuation of the company by Qatar Investment Authority. Reliance Retail Ventures announced in August that Qatar Investment Authority will be investing a sum of ₹8,278 crore in the company for a 0.99% stake, through its wholly-owned subsidiary.

The fashion and lifestyle business of Reliance Retail reported a 32% year-on-year growth. In August, the company announced the launch of its youth-focused fashion retail format, Yousta, with the opening of its first store in Hyderabad’s Sarath City Mall. The company said the format will be scaled up in the coming period.

During the quarter, RRVL also announced a partnership with Bollywood actress Alia Bhatt’s eco-conscious clothing brand Ed-a-Mamma. Reliance Retail acquired a 51% majority stake in the children’s fashion and maternity wear brand.

The grocery business delivered a 33% growth year-on-year led by Smart and Smart Bazaar formats. According to the company, the business achieved its highest single-day sale on August 15. The consumer brands business delivered four times year-on-year revenue growth.

Earlier in the day, Reliance Industries formalised the succession plan announced at its previous Annual General Meeting this year. Shareholders approved the appointment of new generation leaders, Isha, Akash and Anant Ambani on the company’s board as Non-Executive Directors.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Disney considers sale of India assets, Reliance among potential buyers

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

Listen to the Article (6 Minutes)

Walt Disney Co. has held preliminary talks with potential buyers for its India streaming and television business including billionaire Mukesh Ambani’s Reliance Industries Ltd., according to people familiar with the matter.

The US entertainment giant has discussed a range of options with would-be suitors, from a deal for the entire Disney Star business to a piecemeal transaction that may include some combination of its assets including sports rights and regional streaming service Disney+ Hotstar, the people said.

Disney has been weighing strategic options for the business including an outright sale or setting up a joint venture, Bloomberg News reported in July after the Indian unit lost its streaming rights to the Indian Premier League cricket tournament to Viacom18 Media Pvt., a tie-up between Paramount Global and Reliance. Disney had approached Reliance about potentially buying a stake in the business, a person familiar with the matter said at the time.

Discussions are ongoing and may not lead to any deal, the people said, asking not to be identified as the information is private. Disney could decide to hold onto the assets for longer, they added. A representative for Disney declined to comment.

A spokesperson for Reliance said the company “evaluates various opportunities on an ongoing basis” and will make the required disclosures when necessary, declining to comment further.

Though Disney Star has seen declining subscriber numbers after losing the IPL streaming rights, it hasn’t ceded the entire cricket business, securing the television rights through 2027. Last year it agreed to license the TV rights for International Cricket Council men’s matches to ZEE Entertainment Enterprises Ltd. for four years, with Disney+ Hotstar retaining the digital rights.

JioCinema, the streaming service backed by Reliance, netted a record 32 million concurrent viewers in May for the IPL final, which was free to watch on the platform.

The venture has begun charging for some content on the platform after signing a multi-year pact to stream Warner Bros Discovery Inc.’s exclusive content in india.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Reliance Retail acquires 51% stake in Alia Bhatt’s kid and maternity fashion brand Ed-a-Mamma

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

Listen to the Article (6 Minutes)

Reliance Retail Ventures Ltd. (RRVL) on Wednesday, September 6, announced a partnership with Ed-a-Mamma, the eco-conscious clothing brand founded by Bollywood actress Alia Bhatt. The joint venture, marked by RRVL’s acquisition of a 51 percent majority stake, is poised to reshape the landscape of children’s fashion and maternity wear.

With this partnership, Ed-a-Mamma will explore fresh domains, including personal care and baby furniture while upholding its core values of being child-friendly, parent-friendly, and environmentally-conscious.

RRVL aims to take the brand on a dynamic growth trajectory by closely collaborating with founder Alia Bhatt and leveraging the management strength of its subsidiary Reliance Brands Limited to spearhead the business, the company said.

Isha Ambani, Director, Reliance Retail Ventures Ltd, said Ed-a-Mamma’s dedication to sustainability, ethically sourced materials, and eco-conscious production processes align perfectly with Reliance Brands’ vision of a more responsible future for the fashion industry.

“At Reliance, we have always admired brands that lead with a strong purpose and embody a unique design ethos exemplified perfectly by Ed-a-Mamma and its founder Alia Bhatt. With sustainability as its core proposition the brand has garnered acclaim for its meticulous attention to detail, using ethically-sourced materials and eco-conscious production processes. This aligns seamlessly with Reliance Brands’ vision of fostering a more responsible future for the fashion industry,” she said.

Ambani also shared a heartfelt connection on a personal note, saying, “Alia’s daughter and my twins are two weeks apart and we pretty much went through our pregnancies at the same time coincidentally wearing Ed-a-Mamma maternity, and now dressing our children in Ed-a-Mamma kidswear, which they love! So, this is special – the product, brand and the partnership are especially close to my heart.”

Founded by Alia Bhatt in 2020, Ed-a-Mamma is an apparel brand for 2–12 year-olds. The brand made waves by emphasising natural fabrics and nature-inspired themes in its clothing, captivating both young parents and children. It swiftly gained recognition, transitioning from its online debut to securing a prominent place in department stores.

The brand expanded its range to include maternity wear last year, coinciding with Bhatt’s pregnancy, This was soon followed up with a line for infants and toddlers.

“Isha and I found a wavelength as two new moms discussing what mothers want. I told her what we were already doing at Ed-a-Mamma and how there’s scope to do so much more. She said Reliance can bring strengths in everything from supply chain to retail to marketing. With this joint venture, we look forward to taking Ed-a-Mamma to many more kids and parents and continuing to inspire a love for nature through everything we do,” Bhatt said.

This partnership also marks a significant step forward in promoting sustainable fashion for the younger generation. Additionally, there are plans in the pipeline for children’s storybooks and an animated series, the company said on Wednesday.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Mukesh Ambani says will remain Reliance chairman for the next five years

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

Listen to the Article (6 Minutes)

Putting a strong succession plan to work, Reliance Industries head Mukesh Ambani announced at the company’s 46th annual general meeting (AGM) on August 28, 2023, that he would continue as the chairman and managing director for the next five years.

“I shall continue to perform my duties and responsibilities as Chairman and Managing Director for five more years, with greater vigour. Towards this end, I have assigned myself three responsibilities,” he said.

His first responsibility, he said would be to groom and empower all the Next-Gen leaders at Reliance and prepare them for the challenges and opportunities of the future.

As his second responsibility, Ambani said he would especially mentor Akash, Isha and Anant so that they can provide collective leadership and dependably take Reliance to greater heights of growth and value in the decades ahead.

Explaining his third responsibility, Ambani said: “Together with the board and all my long-time colleagues, I shall further enrich Reliance’s unique Institutional Culture, which has sustained your Company’s perpetual and exponential growth. I assure you that the combination of the experience of senior leaders and the ambition of new leaders will script newer and more exciting chapters in Reliance’s ever-growing book of achievements.”

Here’s what Mukesh Ambani said about each of Reliance’s businesses at the 46th AGM

The board of directors of Reliance Industries Limited (RIL) has already recommended the induction of Isha Ambani, Akash Ambani and Anant Ambani into the board as Non-Executive Directors. As per the details put out, this decision was taken after the recommendation of the Human Resources, Nomination and Remuneration Committee and the appointments will take effect from the date the three assume office after shareholders’ approval.

“Isha Ambani, Akash Ambani and Anant Ambani have been closely involved with and are leading and managing key businesses of RIL over the last few years including retail, digital services and energy and materials businesses. They also serve on the boards of the key subsidiaries of RIL,” a press release said.

Ambani added that Isha, Akash and Anant earned their stripes through dedication, commitment, and hard work. Remembering his father Dhirubhai Ambani, he said: “This is truly an emotional moment for me because it reminds me of that day in 1977 when my father inducted me into the board of directors of Reliance. I was only 20 then. Today I see both my father and me in Isha, Akash, and Anant. I see the flame of Dhirubhai shine in all of them.”

Now for RIL, Akash Ambani has been appointed as the Chairman of the Board of Directors of Reliance Jio in June 2022, company named Isha Ambani as new leader of Reliance Retail in August 2022 and Anant Ambani was named as the head of the conglomerate’s energy business in Aug 2022

As the Next-Gen takes on a larger role, it was announced that Nita Ambani, Founder-Chairperson of Reliance Foundation, would step down from the board of directors while retaining her position as Chairperson of the Reliance Foundation.

Also read:  Reliance AGM 2023 LIVE Updates | Mukesh Ambani to remain Chairman & MD of Reliance Industries for next five years

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

A look at RIL’s recent acquisitions and stock trading strategy ahead of AGM

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

Listen to the Article (6 Minutes)

Sensex heavyweight Reliance Industries Ltd (RIL) will be convening its 46th Annual General Meeting (AGM) of shareholders on Monday, August 28, 2023, and investors will likely focus on the timeline for potential listing of telco and retail businesses, updates on digital and oil-to-chemical (O2C) businesses and any update on investment in clean energy.

Let’s take a look at companies acquired by RIL—

– In May 2023, RIL subsidiary Reliance Retail Ventures Ltd (RRVL) had acquired a 100 percent equity stake in Metro Cash and Carry India Pvt Ltd, which operates under the ‘Metro India’ brand, for a cash consideration of Rs 2,850 crore.

– Reliance had in September 2022 invested $32 million to acquire a 79.4 percent stake in the US-based SenseHawk Inc in order to expand its green energy portfolio. Reliance has made the investment through primary infusion and secondary purchase.

– In July 2023, RIL joined hands with Brookfield Infrastructure Partners Lp and Digital Realty Trust Inc. in a three-way venture for setting up special purpose vehicles (SPVs) aimed at developing data centres in India. RIL will hold a 33.33 percent stake in the SPVs.

– Reliance Strategic Business Ventures Ltd (RSBVL), a wholly owned subsidiary of Reliance, acquired a 23.3 percent stake in Exyn Technologies Inc (Exyn) for a total consideration of $25 million in December 2022.

– RIL subsidiary Reliance New Energy has acquired a 20 percent stake in California-based solar tech firm Caelux for $12 million as it strengthens its new energy manufacturing capabilities.

– Reliance Consumer Products (RCPL), the FMCG arm of Reliance Retail Ventures (RRVL), acquired a controlling stake of 51 percent in Lotus Chocolate Company Ltd in May this year. RCPL completed the acquisition for an aggregate consideration of Rs 74 crore and subscribed to non-cumulative redeemable preference shares of Lotus for an aggregate consideration of Rs 25 crore.

RRVL is a subsidiary of Mukesh Ambani-led Reliance Industries and is the holding company of all the retail businesses under the RIL group.

– Reliance Retail has acquired 25.8 percent stakes in Dunzo on January 6, 2022, in a deal where Dunzo raised $240 mn worth of funds from the mammoth conglomerate.

– RIL’s subsidiary Reliance New Energy (RNEL) has acquired a 40 percent equity stake in Sterling and Wilson Renewable Energy (SWREL).

– Reliance Consumer Products Ltd (RCPL), the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL), has made two new acquisitions in the fast moving consumer goods business adding beverage brand Raskik and candy brand Toffeeman to its portfolio, a move that underlines the company’s intent to build a strong consumer goods business in the country.

RIL’s AGM comes after the listing of Jio Financial Services Ltd (JFSL) on stock exchanges earlier in the month. After hitting lower circuits for five consecutive sessions, including today, JFSL shares rebounded and climbed 3 percent to the day’s high of Rs 224.80 on BSE. However, the stock again slipped back into the red zone due to a volatile trading session.

Meanwhile, shares of Reliance Industries settled 0.35 percent lower at Rs 2,469.95 apiece on the BSE in trade on Friday. In the last five trading sessions, the stock fell three percent. RIL shares rose four percent on a year-to-date basis, while it’s up 2.19 percent in the last one year.

Brokerage firm CLSA has maintained a ‘buy’ rating on the shares of Reliance Industries with a target price of Rs 3,060 apiece. The brokerage firm notes that in the past year,  the company has seen three more acquisitions worth $50 m to add to new energy capabilities.

RIL’s planned capex of Rs 75,000 crore in this segment should pick up from 2024, the brokerage said. According to CLSA, the scale-up targets of the company are maintained, and the investment can double if viable.

How to trade the stock?

The long-term trend for the stock of RIL is positive, but the short-term trend suggests a possible downside retracement.

Reliance, on a weekly basis, is trading within a higher range, forming a rectangle pattern. Based on price action, there’s a potential for negative movement in the coming weeks. The minor-term trend also points to a continuation of the downward move, said Kunal N Kamble, Senior Technical Research Analyst at Bonanza Portfolio.

“Considering the current setup, implementing a ‘Buy on Dip’ strategy in Reliance seems viable. It’s anticipated that Reliance might correct to around 2200 levels, presenting an opportunity for accumulation. At the 2200 levels, accumulation could lead to an upward movement towards 2700 levels. However, if the security closes below 1970, the long view will be negated,” Kamble said.

According to Pravesh Gour, Senior Technical Analyst at Swastika Investmart, the counter has shown profit booking from the higher levels after the breakout of the long trend line and triangle pattern formation on the longer timeframe. “Now it has retested its previous breakout levels at around Rs 2420. The structure of the counter is still lucrative for long-term investors as it is trading above its important moving averages (100 and 200 DMA). MACD (moving average convergence divergence) supports the current strength, whereas the momentum indicator RSI (relative strength index) is also positively poised.”

“On the upside, Rs 2550 is an immediate hurdle; above this, we can expect a move towards Rs 2630. On the downside, Rs 2420 is a strong demand zone during any correction,” Gour said.

“Reliance trading below 2500, is a very negative trend for the scrip now, as option chain for current and next series reflects on 2500 straddle playing very aggressive. A trend change on the positive side will only be witnessed above 2520, otherwise a trading range below 2500 levels now signals a weak sentiment which can lead to a downslide towards 2420/2380 zones on immediate basis,” said Shilpa Rout – Derivatives Lead Analyst at Prabhudas Lilladher.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Reliance demerged unit Jio Financial to be deleted from FTSE indexes

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

Listen to the Article (6 Minutes)

Reliance Industries’ recently demerged unit, Jio Financial Services, is set to be removed from the FTSE indexes, according to an announcement made by the index maker on Thursday (August 17).

The decision comes as a result of Jio Financial’s dwindling trading activity since its demerger on July 13.

The removal is scheduled to take effect on August 22, marking a swift and unexpected exit from the indexes.

FTSE Russell, the global index provider, disclosed in a statement that the deletion of Jio Financial Services from the FTSE indexes was prompted by the lacklustre trading performance observed during the 20 business days following the completion of the demerger.

(With inputs from Bloomberg)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Reliance Industries to list Jio Financial Services, aims to become India’s top non-banking lender

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

Listen to the Article (6 Minutes)

Reliance Industries Ltd. said it expects shares of its financial services business to be listed soon as the conglomerate seeks to propel its recently carved out unit into India’s largest non-banking lender, leveraging the prowess of the digital and retail businesses.

“The new entity is expected to unlock value for shareholders and give them an opportunity to be a part of a new growth platform,” Reliance’s billionaire chairman Mukesh Ambani in his message to shareholders in the annual report for the financial year that ended March 31.

Reliance will hold its annual shareholders’ meeting on August 28.

Ambani, following the legacy of his late father Dhirajlal Hirachand Ambani, has used the annual investors’ gathering to announce big-bang projects and future growth plans. In the past, he has offered free shares and launched a new smartphone at effectively zero cost to users.

This year, analysts are keen to know more about the billionaire’s strategy for his new unit Jio Financial Services Ltd., clean energy and digital businesses. Reliance Strategic Industries Ltd., which will be later renamed Jio Financial, has been valued at about $20 billion after its shares were spun off last month through a special session conducted by exchanges to discover its trading value.

The newly formed firm, which has little revenue as of now but owns a 6.1 percent stake in Reliance Industries, has already announced a partnership with BlackRock to set up an Indian asset management venture.

“Jio Financial Services aims to provide simple, affordable and innovative digital-first solutions,” according to Ambani, Asia’s richest man.

The tycoon has a track record of transforming businesses and has helped the conglomerate to become a consumer services behemoth in the last decade from its earlier focus on traditional crude oil refining and petrochemicals businesses.

Reliance is also seeking to make Jio Financial Services one of India’s top non-banking finance companies to bolster its presence and create an empire that’s similar to Alibaba Group Holding Ltd. and Tencent Holdings Ltd.

ALSO READ | Reliance seeks shareholder nod to appoint Ambani as head for another 5 years at nil salary

Other key points from Ambani’s note to investors in the annual report:

# Reliance will look for the right opportunity to raise capital to support growth plans of its existing as well as new businesses while maintaining a keen focus on financial discipline and risk management.

# Polymer, a key product from its oil-to-chemicals business, is expected to witness strong demand, driven mainly by growth in e-commerce, packaging, durables, automobile and infrastructure segments including pipe makers.

# Reliance expects global oil demand will remain healthy on the back of steady economic growth, while new fuel supply from upcoming refining capacities in the Middle East, China and Africa will likely keep the market balanced.

# The company said its first-ever green hydrogen production was achieved with the firing of torrefied biomass in gasifiers during the year ended March. It has already announced a plan to set up 20 GW of solar capacity for captive needs and said it expects to start the transition from grey to green hydrogen in 2025.

# Reliance undertaking exploration efforts to augment its gas reserves; peak production from its current deepwater fields will contribute about 30 percent of India’s domestic output.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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