Reliance Industries becomes net debt free
Billionaire promoter of Reliance Industries Mukesh Ambani has said that his company has became net debt-free, much ahead of its original goal of achieving the status by the end of March 2021. In the latest round of fund raising Jio Platforms sold 2.32% stake to Saudi Arabia’s sovereign wealth fund PIF for Rs 11,367 crore. Reliance digital unit has raised Rs 115,693.95 crore in exchange for a 24.7% stake from some of the world’s top technology investors in last 9 weeks.
Government plans extra tariffs, trade barriers on 300 imported products
In an effort to protect domestic businesses, the government plans to impose higher trade barriers and raise import duties on around 300 products from China and elsewhere. Officials say the strategy is in line with Prime Minister Narendra Modi’s recently announced self-reliance campaign to promote local products and does not target any specific country.
Trump threatens to cut ties with Beijing again
President Donald Trump has renewed his threat to cut ties with China, a day after his top diplomats held talks with Beijing. Trump tweeted saying, “the U.S. certainly does maintain a policy option, under various conditions, of a complete decoupling from China.”
It was not Ambassador Lighthizer’s fault (yesterday in Committee) in that perhaps I didn’t make myself clear, but the U.S. certainly does maintain a policy option, under various conditions, of a complete decoupling from China. Thank you!
— Donald J. Trump (@realDonaldTrump) June 18, 2020
BP to set up global business centre in Pune, to hire 2,000 employees
UK oil major British Petroleum said it will set up a major new centre for its global business services (GBS) operations in Pune, India. The centre is expected to begin operations by January 2021 and is expected to employ around 2,000 employees once fully operational.
Diesel price hits record high, petrol at 19-month high
Petrol and diesel prices were hiked for the 13th consecutive day today. Petrol price was hiked by 56 paise per litre taking the cost to cost Rs 78.37. Diesel price was hiked by 63 paise taking it to Rs 77.06/litre.
