Relief for Anil Ambani-owned Reliance Power subsidiary company. Check details
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Mint
4 hours ago
- Mint
After Tesla, Vietnamese EV maker VinFast enters India, opens first showroom in Gujarat
Vietnamese electric vehicle (EV) maker VinFast has opened its first showroom in Surat, Gujarat, marking its official entry into the Indian market. This significant step precedes the inauguration of its manufacturing plant in Thoothukudi, Tamil Nadu, underscoring the company's commitment to establishing a strong presence in the country's growing EV sector. The company entered India shortly after the long-awaited inauguration of the Elon Musk-owned Tesla showroom in Mumbai. The new dealership, 'VinFast Surat', is promoted by Chandan Car, a leading name in India's automotive retail sector located in Piplod in Surat. The facility will offer product experiences, vehicle purchase journeys, and after-sales support. The dealership will serve as a one-stop destination for VinFast's prospective buyers. Additionally, the company aims to launch 35 dealerships by year-end, across 27 plus cities, ANI reported. The Surat showroom will feature VinFast's upcoming range of premium electric SUVs, the VF 6 and VF 7. Notably, India is the first market where VinFast is launching the right-hand drive version of these models. Pre-bookings for both VF 6 and VF 7 models officially opened on July 15, 2025. Customers can now book their preferred vehicle either at the exclusive showrooms or through the official website, with a fully refundable booking amount of ₹ 21,000. The VF 6 is a compact electric SUV with a five-seater system designed for families and comes with a panoramic roof and touchscreen. It is expected to be priced between ₹ 18 lakh to ₹ 24 lakh. On the other hand, the VF 7, a mid-size SUV offers a premium cabin with a large touchscreen, wireless charging and advanced connected technology. It's likely to be priced between ₹ 30 lakh and ₹ 35 lakh. Pham Sanh Chau, CEO, VinFast Asia, said, "The first VinFast Showroom in Surat, Gujarat is a symbol of our deep commitment to India. We are excited to bring the VinFast experience closer to Indian consumers.' India is becoming an attractive spot of international investments, especially in the EV sector. This happened ever since the government introduced a new scheme to encourage global auto firms to make electric cars in India. The scheme will allow companies to import a limited number of electric cars at an import duty of 15 per cent, which is much lower than the existing duties of 70-110 per cent, Mint reported earlier.
India.com
4 hours ago
- India.com
How did Anil Ambani's telecom company go bankrupt, once used to challenge Airtel, Idea, launched Rs 500 phone to....
Anil Ambani (File) Several companies of Anil Ambani were raided by the Enforcement Directorate under the Prevention of Money Laundering Act (PMLA), leading to several stories about Anil Ambani's legacy. Anil Ambani's Reliance Infocomm, later rebranded as Reliance Communications (RCom)—once stood as the telecom flagship of the Reliance empire. In the beginning, Reliance Communications (RCom) embodied disruptive growth with slashing call rates, bundled handsets, and rapid expansion into India's underserved markets. However, within a decade, Anil Ambani's spiraled from market leader to bankruptcy. How did Reliance Infocomm grew so big? Launched in the early 2000s, Reliance Infocomm rapidly grew under Anil Ambani's leadership after the 2005 split of Reliance Industries. The company pioneered CDMA services in India with the 'Monsoon Hungama' campaign, making mobile telephony accessible to lower-income segments. Riding high on investor enthusiasm, RCom's IPO in 2006 was oversubscribed dozens of times, allowing it to build one of the country's largest telecom networks. Notably, Reliance Infocomm revolutionized the telecom market by offering CDMA mobile phones for Rs 501 under the 'Monsoon Hungama' plan in 2003, giving a tough competition to Idea and Bharti Airtel. How did Reliance Communications' downfall come? Reliance Communications' downfall was driven by poor strategic choices, including sticking too long with outdated CDMA technology and entering the GSM space late. The launch of Reliance Jio by Mukesh Ambani worsened its decline. Mounting debt, failed deals, and rising losses led RCom to file for bankruptcy in 2019, marking the collapse of what was once a telecom giant. Anil Ambani's Reliance Group announces Rs 18000 crore investment plan Anil Ambani's Reliance Group will focus on defence, power and clean energy sectors to chart the next phase of growth that will train resources on innovation and value creation, it said on Sunday. Just as financial crime-fighting agency, Enforcement Directorate concluded searches at locations linked to the group as part of an investigation into alleged money laundering and siphoning of public funds, over 100 top leaders from its two listed firms — Reliance Infrastructure and Reliance Power — convened in Mumbai on Sunday to reaffirm their commitment to its ambitious growth roadmap. (With inputs from agencies)
The Print
5 hours ago
- The Print
RInfra, Rpower say Enforcement Directorate concludes searches
The company continues to operate in the normal course and the said action has no impact on its business operations, said two separate statements issued by both RInfra as well as RPower. 'The action by ED has concluded at all locations. The company and all its officials have fully cooperated and will continue to cooperate with the authority,' RPower said in its latest stock exchange filing. New Delhi, Jul 27 (PTI) Reliance Group firms Reliance Infrastructure (RInfra) and Reliance Power (RPower) on Sunday said the Enforcement Directorate (ED) has concluded searches at their premises and the companies will continue to cooperate with the federal probe agency. On Saturday, the ED carried out searches against the companies of Reliance Group chairman Anil Ambani in Mumbai for the third day and recovered a number of documents and computer peripherals from multiple locations, according to official sources. The raids were launched on July 24 by the federal probe agency as part of an alleged Rs 3,000-crore bank loan fraud-linked money laundering case apart from multiple other allegations of financial irregularities with crores of rupees by certain companies. 'The action by the ED has had no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders,' the two companies said in their stock exchange filings. Anil D. Ambani is not on the boards of RInfra and RPower. Accordingly, any action taken against RCOM or RHFL has no bearing or impact on the governance, management, or operations of RInfra and RPower, the two companies said. According to ED sources, the investigation primarily pertains to allegations of illegal loan diversion of around Rs 3,000 crore, given by the Yes Bank to the group companies of Ambani between 2017 and 2019. The Union government had informed the Parliament recently that the State Bank of India has classified RCOM along with Ambani as 'fraud' and was also in the process of lodging a complaint with the CBI. A bank loan 'fraud' of more than Rs 1,050 crore between RCOM and Canara Bank is also under the scanner of the ED apart from some 'undisclosed' foreign bank accounts and assets, the ED sources said. Reliance Mutual fund is also stated to have invested Rs 2,850 crore in AT-1 bonds and a 'quid pro quo' is suspected here by the agency. Additional Tier 1 (AT-1) are perpetual bonds issued by banks to increase their capital base and they are riskier than traditional bonds having higher interest rates. An alleged loan fund diversion of about Rs 10,000 crore involving Reliance Infrastructure too is under the scanner of the agency. PTI ABI HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
