Akash Ambani has been appointed as the new chairman of Reliance Jio Infocomm, the telecom arm of his father Mukesh Ambani's Indian conglomerate Reliance Industries.
The appointment came after the resignation of billionaire industrialist Mr Mukesh as the director of the unit, the company said in a regulatory filing on Tuesday. Mr Mukesh is ranked among the world's top 10 billionaires, with interests in different sectors, including retail and petrochemicals.
Jio Infocomm is part of Jio Platforms, which also houses other digital businesses, including movie streaming and music apps.
A number of global companies, including Google, Abu Dhabi Investment Authority, Mubadala Investment Company, Saudi Arabia’s Public Investment Fund, Facebook, Intel Capital, KKR and Silver Lake Capital, among others, invested in Jio Platforms in 2020.
The PIF invested about $1.5 billion in Jio for a 2.32 per cent stake. Adia invested $753.4 million for a 1.16 per cent stake, and Mubadala invested $1.2bn for a 1.85 per cent stake.
Facebook invested $5.7bn in Jio Platforms in April 2020 for a 10 per cent stake, making it the biggest minority shareholder in the company. Google said it would invest $4.5bn for a 7.7 per cent stake.
Earlier this year, Reliance Industries became the first company in India to generate $100bn in annual revenue, after reporting a record-setting 2021-22 fiscal year, driven by its retail and digital services units.
The company's consolidated annual revenue through the fiscal year to March 31 surged 47 per cent to $104.6bn, while net profit rose about 26 per cent to $9bn, it said last month.
Meanwhile, Jio Platforms' revenue rose 17 per cent annually to $12.6bn, and net profit grew to $2bn.
Reliance has also invested in Abu Dhabi. It signed a formal shareholder agreement with Abu Dhabi Chemicals Derivatives Company to develop a major chemicals project at the latter's industrial chemicals zone in Ruwais in April.
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
Tori Amos
Native Invader
Decca
KILLING OF QASSEM SULEIMANI
First Person
Richard Flanagan
Chatto & Windus
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Sholto Byrnes on Myanmar politics
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
Eyasses squad
Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)
Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)
Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)
Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)
Jemma Eley – goal attack / wing attack (Dubai College)
Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)
Molly Fuller – goal attack / wing attack (Dubai College)
Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)
Noorulain Hussain – goal defence / wing defence (Dubai College)
Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)
Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)
Eliza Petricola – wing attack / centre (Dubai English Speaking College)
