The new baazi of Ambani
Like father, like son- Akash Ambani is the Chairman of Jio
Reliance Jio board announced Akash Ambani, who was serving as the non executive director of the company, as the new chairman of the board after resignation of Mukesh Ambani, for a tenure of 5 years. However, Mukesh Ambani will continue to be the Chairman of Jio Platforms Ltd. Akash Ambani's elevation comes as the Reliance group - for years fuelled by profits from fossil fuels - is pivoting toward consumer offerings.
Betting Big
Akash was integrally involved in the global investments by tech majors and investors in 2020. According to RIL officials, Akash personally led the key acquisitions made by Jio in the digital space in the last few years and has also been keenly involved with development of new technologies and capabilities including AI-ML and blockchain.
He is expected to continue to operate on the cutting-edges of innovation and technology to encourage an ecosystem that will further digital solutioning and make the power of data and technology more accessible to all.
Source: ET
Baazi games’ agli baazi : raise $40M
Baazi Games, which runs India’s biggest online poker platform PokerBaazi.com, to raise $35-40 million to scale up operations and invest in technology.
Back before
Launched in October 2014 by a group of poker players, PokerBaazi.com, has become India's biggest poker platform with 2.5 million users.
The company has seen a 64% jump in revenue in FY22 to Rs 249 crore, from Rs 152 crore in FY21, and 50% increase in members on YOY basis. The company will spend around $15-20 million on marketing this year.
Source: ET
Officers Choice in for 2000 cr IPO
Indian spirits manufacturer Allied Blenders & Distillers Pvt has filed its draft red-herring prospectus with SEBI to raise 2000 cr via IPO. The maker of Officer's Choice Whisky's initial share sale of ₹2,000 crore, will consist a fresh issue of ₹1,000 crore and an offer for sale (OFS) of up to shares worth ₹1,000 crore by promoters and shareholders.
The company intends to utilize proceeds raised via IPO towards prepayment or scheduled repayment of all, or a portion, of the principal amount on certain loans availed by the company.
Cheers!
Allied Blenders sells spirits ranging from whiskey and rum to brandy and vodka across 29 countries, according to its website. It owns nine bottling units, one distilling facility and over 20 outsourced manufacturing sites.
Source: Mint
Do you feel low like the Rupee? Bet not.
Even after RBI intervention , rupee hit a record low of 78.85/$ , which shows the negative intent in the market due to rise in crude oil prices and weak domestic equities. FPI’s continue capital outflows, as around $28 billion from the equities and $1.7 billion from the debt market have been withdrawn till now. Experts opine that the plunge may continue and hit the 81 mark at the year end, but the depreciation may not as strong as that of other Asian nations.
Signs, these are all signs
Oil prices rallied for a third day today as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while political unrest in Libya and Ecuador added to those supply concerns.
Source: Mint
RIL-Boots deal is off
Walgreens Boots Alliance, Inc. has decided to keep its Boots Pharmacy chain and No7 Beauty Company businesses under its existing ownership, following “unexpected and dramatic change” in the global financial markets.
Earlier this month, Reliance together with PE group Apollo Global made a firm and fully financed offer to buy Boots – Britain’s biggest pharmacy chain – for $6.3 billion. The Reliance-Apollo offer also involved Wallgreens retaining a “significant” minority stake in the company. If successful, this would have been the largest cross border acquisition for Mukesh Ambani led RIL.