HT Image
HT Image

US-based investor takes 3 per cent in ADAG firm

At this price, the yet-to-be listed company would be valued at Rs 12,000 crore or $3 billion, reports Arun Kumar.
By Arun Kumar | Hindustan Times, New Delhi
UPDATED ON FEB 07, 2008 10:56 PM IST

US-based investor George Soros has picked up 3 per cent stake in Reliance Entertainment for $100 million equivalent to Rs 400 crore. At this price, the yet-to-be listed company would be valued at Rs 12,000 crore or $3 billion. The deal underscores growing interest among foreign investors in India's booming entertainment business.

Reliance Entertainment is the flagship and entertainment company of Anil Ambani-run ADA Group. Through Reliance Capital and other group companies, ADAG also owns 58 per cent stake in Adlabs, a film processing and screening company that once belonged to well-known moviemaker Manmohan Shetty.

“We are delighted to have George Soros as a stakeholder in this company that operates in a high growth and high potential entertainment sector,” said a spokesman at Reliance Entertainment. When asked if the private placement was prelude to a public offering of shares in near future, he said: “We are far away from that stage and it will take some time before we take a call.”

Reliance Entertainment has three main verticals in entertainment space — Internet and new media, film entertainment, and also planning to venture in TV broadcasting. Under its Internet and New Media initiatives it has already launched a number of new ventures: Zapak - India's number one gaming portal, Big Adda - fast growing social network and social media venture with 1.25 million users, Big Flicks - online and offline movie rental business, and Jump Mobile - a mobile entertainment venture.

Reliance Entertainment recently signed up frontline directors like Farhan Akhtar -- for estimated Rs 300 crore for 6 films, Madhur Bhandarkar and Vivek Agnihotri, among others. It also acquired a controlling stake in India’s largest production studio ND Studio as well.

SHARE THIS ARTICLE ON
Close
Workers sit on cotton bales being transported. The bales were packed into 42 wagons and sent to the neighbouring country via Kolkata.(REUTERS)
Workers sit on cotton bales being transported. The bales were packed into 42 wagons and sent to the neighbouring country via Kolkata.(REUTERS)

Kalahandi exports high quality cotton to Bangladesh

PTI, Bhawanipatna
PUBLISHED ON FEB 25, 2021 01:48 PM IST
This is for the first time on Wednesday when the Cotton Corporation of India (CCI) exported cotton to Bangladesh through a goods train from Junagarh Road railway station in the district.
Close
The very large rebound incorporates the view that recovery in activity will continue, with the rollout of vaccines and growing confidence in the market.(Bloomberg)
The very large rebound incorporates the view that recovery in activity will continue, with the rollout of vaccines and growing confidence in the market.(Bloomberg)

Moody's projects 13.7 pc growth in FY'22, expects 7 pc contraction this fiscal

PTI, New Delhi
PUBLISHED ON FEB 25, 2021 01:35 PM IST
For current fiscal, the US-based rating agency expects the economy to contract 7 per cent, lower than its previous estimate.
Close
The governor said both the centre and the state governments have their revenue pressures and they are required to spend high sums of money to enable the country and the people to come out of the Covid-19 pandemic stress.(MINT_PRINT)
The governor said both the centre and the state governments have their revenue pressures and they are required to spend high sums of money to enable the country and the people to come out of the Covid-19 pandemic stress.(MINT_PRINT)

For petrol, diesel price reduction, centre and state need to coordinate says RBI

PTI, Mumbai
PUBLISHED ON FEB 25, 2021 01:22 PM IST
On the central bank’s digital currency, Das said a lot of work is going on internally in the RBI and some broad guidelines and approach papers will be released on it soon.
Close
Gold bars are pictured on display at Korea Gold Exchange in Seoul, South Korea. (REUTERS)
Gold bars are pictured on display at Korea Gold Exchange in Seoul, South Korea. (REUTERS)

Gold prices decline again to 46,430, silver rises by 257

By hindustantimes.com | Written by Deepali Sharma, Hindustan Times, New Delhi
PUBLISHED ON FEB 25, 2021 01:04 PM IST
Gold had previously closed at 46, 522 per 10 gram while silver had closed at 69,543 per kg.
Close
Congress leader Priyanka Gandhi Vadra addresses during a Kisan Panchayat in Mathura in this file photo. She criticized the government over fuel prices. (ANI)
Congress leader Priyanka Gandhi Vadra addresses during a Kisan Panchayat in Mathura in this file photo. She criticized the government over fuel prices. (ANI)

'Nearing century mark': Priyanka Gandhi slams Modi govt over fuel price hike

By hindustantimes.com | Edited by Shankhyaneel Sarkar, Hindustan Times, New Delhi
PUBLISHED ON FEB 25, 2021 12:56 PM IST
  • Priyanka Gandhi took to Twitter and using cricketing terms targeted the government over the price rise of essential items like LPG cylinders, diesel and petrol.
Close
RBI Governor Shaktikanta Das on Friday was delivering the keynote address of the 185th foundation day celebration of the Bombay Chamber of Commerce and Industry.
RBI Governor Shaktikanta Das on Friday was delivering the keynote address of the 185th foundation day celebration of the Bombay Chamber of Commerce and Industry.

Fuel price hike not only affects those with cars, bikes: RBI Guv Shaktikanta Das

By hindustantimes.com | Edited by Poulomi Ghosh
UPDATED ON FEB 25, 2021 12:38 PM IST
"We realise that states and Centre have their revenue pressures and require high sums of money to enable the country and people to come out Covid-19 stress," the RBI Governor said commenting on fuel price hike.
Close
Deal is part of Airtel’s strategy to consolidate its customer facing products and biz.reuters(MINT_PRINT)
Deal is part of Airtel’s strategy to consolidate its customer facing products and biz.reuters(MINT_PRINT)

Bharti Airtel raises USD 1.25 billion through debt instruments

PTI, New Delhi
PUBLISHED ON FEB 25, 2021 12:15 PM IST
The debt fund raising by the company comes just before the start of spectrum auction valued at 3.92 lakh crore.
Close
On Wednesday, the rupee had settled at 72.35 against the American currency.(Mint)
On Wednesday, the rupee had settled at 72.35 against the American currency.(Mint)

Rupee slips 6 paise to 72.41 against US dollar in early trade

PTI, Mumbai
PUBLISHED ON FEB 25, 2021 11:32 AM IST
At the interbank forex market, the domestic unit opened at 72.35 against the US dollar, then lost further ground and touched 72.41, registering a fall of 6 paise over its previous close.
Close
A vendor selling clothes waits for customers at a market in Hyderabad on November 27, 2020(AFP/For Representational Purposes Only)
A vendor selling clothes waits for customers at a market in Hyderabad on November 27, 2020(AFP/For Representational Purposes Only)

India may have exited recession in 2020-end, GDP data may shed light: Report

Bloomberg
PUBLISHED ON FEB 25, 2021 11:17 AM IST
Surveys from RBI this month showed that consumers perceived the current economic situation as being better than it was in November when a similar survey was conducted.
Close
After introducing special subscriptions for mobile, Netflix aims at South Korea to increase its subscribers.(Bloomberg)
After introducing special subscriptions for mobile, Netflix aims at South Korea to increase its subscribers.(Bloomberg)

Netflix plans $500 million Korea budget this year to crack Asia

Bloomberg
PUBLISHED ON FEB 25, 2021 10:44 AM IST
South Korea is Netflix’s third-biggest market in Asia by sales, after Australia and Japan, which estimates a growth of more than 5 million in 2021.
Close
India, which is often described as 'World Pharmacy' is supplying vaccines to more than 70 countries on a humanitarian and commercial basis, is spearheading the move to get a TRIPS waiver at the WTO.(AFP/For Representational Purposes)
India, which is often described as 'World Pharmacy' is supplying vaccines to more than 70 countries on a humanitarian and commercial basis, is spearheading the move to get a TRIPS waiver at the WTO.(AFP/For Representational Purposes)

WTO may consider India's proposal regarding IPR waiver on Covid-19 vaccines

ANI, New Delhi
PUBLISHED ON FEB 25, 2021 10:43 AM IST
If India succeeds in getting the proposed waiver of the agreement on TRIPS, it will reduce the cost of vaccines substantially and enable free flow of medicines, easy technology transfer across the world.
Close
Sebi had on Thursday asked NSE to do a root cause analysis about the incident and submit a report at the earliest.(AP)
Sebi had on Thursday asked NSE to do a root cause analysis about the incident and submit a report at the earliest.(AP)

Unavailability of online risk management system led to market shutdown: NSE

PTI, Mumbai
UPDATED ON FEB 25, 2021 10:31 AM IST
It is also awaiting a detailed root cause analysis from its telecom service providers and vendors regarding the incident, the exchange said.
Close
Representational image. (ANI)
Representational image. (ANI)

Govt tweaks public procurement policy to save pandemic-hit MSMEs

By Rajeev Jayaswal
UPDATED ON FEB 25, 2021 09:42 AM IST
Now, the eligibility of a firm will be judged on the basis of its net worth only. Earlier, fulfilling both criteria was necessary to become an eligible bidder for government contracts
Close
Geely and Volvo will move their powertrain activities into a separate company, which will enhance focus on development of electric vehicles.(REUTERS)
Geely and Volvo will move their powertrain activities into a separate company, which will enhance focus on development of electric vehicles.(REUTERS)

Volvo and Geely drop merger, betting they’ll be faster apart

Bloomberg
PUBLISHED ON FEB 25, 2021 08:26 AM IST
The manufacturers will preserve their separate corporate structures while cooperating more closely on electrification, software and autonomous-driving technology, according to a joint statement.
Close
FILE - In this Aug. 13, 2018, file photo a house is pictured for sale in Christchurch, New Zealand. New Zealand's government on Thursday, Feb. 25, 2021 made the first of several promised moves to rein in skyrocketing house prices by ordering the nation's Reserve Bank to consider the impact on housing when making decisions. (AP Photo/Mark Baker, File)(AP)
FILE - In this Aug. 13, 2018, file photo a house is pictured for sale in Christchurch, New Zealand. New Zealand's government on Thursday, Feb. 25, 2021 made the first of several promised moves to rein in skyrocketing house prices by ordering the nation's Reserve Bank to consider the impact on housing when making decisions. (AP Photo/Mark Baker, File)(AP)

Real estate in New Zealand feels Covid heat as housing prices skyrocket

PTI, Wellington
PUBLISHED ON FEB 25, 2021 07:57 AM IST
Opposing the expectations, prices have risen by more than 19% over the past year, putting them out of reach for many people wanting to buy their first home.
Close
SHARE
Story Saved
OPEN APP