110-459: Mukesh Dhirubhai Ambani (born 19 April 1957) is an Indian billionaire businessman who is the chairman and managing director of Reliance Industries . He is the richest person in Asia and 9th richest in the world . Sometimes characterized as a plutocrat , he has attracted both fame and notoriety for reports of market manipulation, political corruption, cronyism, and exploitation. In October 2024, Ambani
220-1084: A joint venture with Russian Company Sibur for setting up a Butyl rubber plant in Jamnagar , Gujarat , to be operational by 2018. In August 2019, Reliance added Fynd primarily for its consumer businesses and mobile phone services in the e-commerce space. In December 2022, Reliance Industries Market cap stood at Rs.17,59,017.23 crore. In February 2024, Reliance Industries Ltd. and The Bharat GPT group announced that it will launch large language model (LLM), Hanuman's AI system in March 2024. The model will work in 11 local languages in four major areas: health , governance , financial services and education . In March 2024, Reliance Industries partnered with Disney to introduce Reliance-Disney OTT platform. On 24 October 2024, Nvidia to supply chips to Reliance, other Indian companies in AI push . The number of shares of RIL are approx. 644.51 crore (6.44 billion). The promoter group,
330-494: A plutocrat . In May 2014, ONGC moved to Delhi High Court accusing RIL of pilferage of 18 billion cubic metres of gas from its gas-producing block in the Krishna Godavari basin . Subsequently, the two companies agreed to form an independent expert panel to probe any pilferage. Seminar magazine (2003) detailed Reliance founder Dhirubhai Ambani's proximity to politicians, his enmity with Bombay Dyeing 's Nusli Wadia ,
440-473: A plutocrat . Reliance Commercial Corporation was set up in 1958 by Dushyant Corporation (DC Group of Company) as a small venture firm trading commodities, especially spices and polyester yarn. In 1965, the partnership ended and Dhirubhai continued the polyester business of the firm. In 1966, Reliance Textiles Industries Pvt. Ltd. was incorporated in Maharashtra . It established a synthetic fabrics mill in
550-540: A 14-floor apartment block called 'Sea Wind' in Colaba , where Ambani and his brother lived with their families on different floors. Ambani attended the Hill Grange High School at Peddar Road , Mumbai , along with his brother and Anand Jain , who later became his close associate. After his secondary schooling, he studied at St. Xavier's College, Mumbai . He then received a BE degree in chemical engineering from
660-638: A 160-car garage, private movie theatre, swimming pool, and fitness centre. Ambani was titled "The World's Richest Sports Team Owner" after he purchased the IPL cricket team Mumbai Indians for $ 111.9 million in 2008. Mukesh Ambani is a strict vegetarian and teetotaler . During the fiscal year ending 31 March 2012, he reportedly decided to forgo nearly ₹240 million from his annual pay as chief of Reliance Industries Ltd (RIL). He elected to do this even as RIL's total remuneration packages to its top management personnel increased during that fiscal year. Mukesh Ambani holds
770-453: A 50.4% stake in the company. This move kept his salary capped at ₹150 million for the fourth year in a row. In early 2019, a court in Mumbai held his younger brother, Anil Ambani , in criminal contempt for non-payment of personally guaranteed debt Reliance Communications owed to Swedish gearmaker Ericsson . Instead of jail time, the court gave Anil a month to come up with the funds. At the end of
880-746: A 7.7% stake in Jio Platforms for ₹33,737 crore. Mukesh Ambani has named his son, Akash Mukesh Ambani as the chairperson of Jio in 2022. Reliance Retail is the retail business wing of the Reliance Industries. In March 2013, it had 1466 stores in India. It is the largest retailer in India. Many brands like Reliance Fresh , Reliance Footprint , Reliance Time Out, Reliance Digital , Reliance Wellness, Reliance Trends, Reliance Autozone, Reliance Super, Reliance Mart, Reliance iStore, Reliance Home Kitchens, Reliance Market (Cash n Carry) and Reliance Jewel come under
990-678: A crown to Lalbaugcha Raja worth 15 crores. He has also recently acquired a Boeing 737 Max 9 aircraft, becoming India's first private owner of the aircraft. Purchased for about Rs 1000 crore, the plane will be used by the Ambani family for their long-distance travels. Reliance Industries Reliance Industries Limited is an Indian multinational conglomerate headquartered in Mumbai , Maharashtra, India. Its businesses include energy , petrochemicals , natural gas , retail , entertainment , telecommunications , mass media , and textiles . Reliance
1100-422: A financial beachhead in the region. These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind North Carolina's fast-growing NationsBank Corporation , and to third in 1998 behind First Union Corp. On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build
1210-641: A fully diluted basis. Further in May 2020, RIL sold roughly 1.15% stake in Jio Platforms for ₹ 5,656 crore (US$ 680 million) to the American private equity investor, Silver Lake Partners . Intel became the 12th company to invest in Reliance Jio platforms after it invested ₹1,894.50 crore ($ 250 million), the total investments in Jio platforms is ₹117,588.45 crore so far. On 16 July 2020, Google announced that it will acquire
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#17330936545301320-428: A leveraged finance origination- and distribution business, which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise. In addition, in 1997, BankAmerica acquired Robertson Stephens , a San Francisco–based investment bank specializing in high technology for $ 540 million. Robertson Stephens was integrated into BancAmerica Securities, and
1430-601: A license. Reliance Industries Limited (RIL) was supposed to relinquish 25% of the total area outside the discoveries in 2004 and 2005, as per the Production Sharing Contract (PSC). However, the entire block was declared as a discovery area and RIL was allowed to retain it. In 2011, the Comptroller and Auditor General of India (CAG) criticized the Oil Ministry for this decision. The CAG also faulted RIL for limiting
1540-620: A net worth of $ 44.3 billion in July 2018. He is also the wealthiest person in the world outside North America and Europe. As of February 2018, Bloomberg's "Robin Hood Index" estimated that Ambani's personal wealth was enough to fund the operations of the Indian federal government for 20 days. Through Reliance, he also owns the Indian Premier League franchise Mumbai Indians and is the founder of
1650-549: A number of industry groups in Europe, as well as cutting numerous banking and sales and trading positions in North America and Asia prior to its merger with Merrill Lynch. On October 3, 2008, Bank of America announced that John Thain would lead the combined Bank of America/ Merrill Lynch Global Corporate and Investment Banking enterprise. Thain was forced out by Bank of America Chairman Kenneth D. Lewis on January 22, 2009, because of
1760-474: A reference from CVC in March 2005, the CBI started probing the conspiracy that led to the filing of the charge sheet on 9 December 2011. The 2005 complaint had alleged irregularities in the issuance of insurance policies — for coverage of default payments — by NICL to RIL. The charge sheet also mentioned criminal offenses with dishonest intention and causing wrongful loss totaling ₹147.41 crores to NICL and wrongful gain to
1870-405: A separate company that eventually became First Interstate Bancorp , later acquired by Wells Fargo and Company in 1996. Only in the 1980s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California. New technologies also allowed the direct linking of credit cards with individual bank accounts. In 1958,
1980-612: A series of acquisitions in the late 1980s. This represented, at the time, the largest bank acquisition in history. Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank , as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp ) and KeyBank . Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada. In 1994, BankAmerica acquired
2090-630: A significant amount of work for Financial Sponsors, or private equity firms, often financing leveraged transactions. On the product side, the firm employed M&A senior bankers throughout the industry coverage groups. BAS also had a stand-alone Mergers & Acquisitions Group, consisting of bankers that transact M&A deals across all industries, as well as a Transaction Development Group, which aimed to identify and market transaction opportunities. The unit also had sizeable fixed income, currency and commodities divisions. During 2007–2008, BAS significantly downsized its international operations, eliminating
2200-501: A technology company, is a majority-owned subsidiary of RIL. It has a valuation of more than US$ 100 billion on expert view as of October 2022. It is the result of a corporate restructuring announced in October 2019, resulting in all the digital initiatives and the telecommunication assets being housed under this new subsidiary. This new subsidiary holds all the digital business assets including Reliance Jio Infocomm Ltd , which in turn holds
2310-486: A trading business that focused on spices and textiles. The latter was originally named "Vimal" but later changed to "Only Vimal". His family lived in a modest two-bedroom apartment in Bhuleshwar , Mumbai until the 1970s. The family's financial status slightly improved when they moved to India but Ambani still lived in a communal society , used public transportation , and never received an allowance. Dhirubhai later purchased
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#17330936545302420-417: A yarn manufacturing project in his company. Ambani was influenced by his teachers William F. Sharpe and Man Mohan Sharma because they are "the kind of professors who made you think out of the box." Mukesh Ambani set up Reliance Infocomm Limited (later Reliance Communications Limited ), which was focused on information and communications technology initiatives. At the age of 24, Ambani was given charge of
2530-483: Is Akash's twin. They met after his father attended a dance performance which Nita took part in and thought of the idea of arranging a marriage between the two. They live in Antilia , a private 27-storey building in Mumbai, which was valued at US$ 1 billion and was the most expensive private residence in the world at the time it was built. The building requires a staff of 600 for maintenance, and it includes three helipads,
2640-454: Is a mass media company. It has interests in television, digital platforms, publication, mobile apps and films. It also operates two joint ventures, namely Viacom18 and History TV18 with Viacom and A+E Networks respectively. It has also acquired a partial part of ETV Network and since renamed its channels under the Colors TV brand. In March 2017, Reliance Industries Ltd (RIL) completed
2750-552: Is a part of Ambani's leadership transition. Reliance Industrial Infrastructure Limited (RIIL) is an associate company of RIL. It was incorporated in September 1988 as Chembur Patalganga Pipelines Limited, with the main objective being to build and operate cross-country pipelines for transporting petroleum products. The company's name was subsequently changed to CPPL Limited in September 1992, and thereafter to its present name, Reliance Industrial Infrastructure Limited, in March 1994. RIIL
2860-568: Is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry , under the aegis of his holding company, Transamerica Corporation . In 1953 regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under
2970-603: Is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina , with investment banking and auxiliary headquarters in Manhattan . The bank was founded by the merger of NationsBank and Bank of America in 1998. It is the second-largest banking institution in the United States and
3080-819: Is considered within the " Bulge Bracket " as the third largest investment bank in the world , as of 2018 . Its wealth management side manages US$ 1.081 trillion in assets under management (AUM) as the second largest wealth manager in the world , after UBS . In commercial banking, Bank of America operates, but does not necessarily maintain, retail branches in all 50 states of the United States, Washington, D.C. , and over 40 other countries. Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 16,000 automated teller machines (ATMs). The bank's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to
3190-574: Is equivalent to two equity shares of the company. Approximately 3.46% of its total shares are listed on Luxembourg Stock Exchange. Its debt securities are listed at the Wholesale Debt Market (WDM) Segment of the National Stock Exchange of India Limited (NSE). It has received domestic credit ratings of AAA from CRISIL (S&P subsidiary) and Fitch. Moody's and S&P have provided investment grade ratings for international debt of
3300-484: Is mainly engaged in the business of setting up and operating industrial infrastructure. The company is also engaged in related activities involving leasing and providing services connected with computer software and data processing. Between 2011 and 2014, Reliance acquired majority stake in Network18 Group . Though Network18, Reliance owns multiple news channels including CNN-News18 and News18 India . Network 18
3410-499: Is the largest public company in India by market capitalisation and revenue, and the 100th largest company worldwide. It is India's largest private tax payer and largest exporter, accounting for 7% of India's total merchandise exports. The company has attracted controversy for reports of political corruption , cronyism , fraud, financial manipulation , and exploitation of its customers, Indian citizens, and natural resources. Its chairman, Mukesh Ambani , has been described as
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3520-453: The 2008 financial crisis . Its corporate practices of servicing the middle class and wider banking community have yielded a substantial market share since the early 20th century. As of August 2018 , Bank of America has a $ 313.5 billion market capitalization , making it the 13th largest company in the world . As the sixth largest American public company, it garnered $ 102.98 billion in sales as of June 2018 . Bank of America
3630-410: The Antilia building and Jio Convention Center in Mumbai . It had been described as India's "wedding of the year" and "India’s own royal wedding". The New York Times described it as introducing "the world to [India]'s Gilded Age ". Estimates for the wedding's cost range from $ 300 million to $ 600 million, and had led to criticism regarding wealth inequality in India . Anant Ambani recently donated
3740-804: The Bank of America Tower , a $ 1 billion, 58-story skyscraper, at Bryant Park in New York City that was completed in 2009. Prior to that, BAS in New York had offices in various locations due to the numerous mergers that had taken place over the previous decade, including space at 9 West 57th Street, 1 World Trade Center , 1633 Broadway, 40 East 52nd Street, 335 Madison Avenue, and 100 West 33rd Street. In 2001, McColl stepped down as CEO and named Ken Lewis as his successor. In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $ 47 billion in cash and stock. By merging with Bank of America, all of its banks and branches were given
3850-456: The Bank of Italy , in San Francisco. In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country. In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which
3960-573: The Clayton Antitrust Act . The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into
4070-500: The Continental Illinois National Bank and Trust Co. of Chicago. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade. Illinois then regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish
4180-495: The Indian Super League , a football league in India. For manipulating shares of Reliance Petroleum Limited (RPL), Reliance Industries was fined Rs. 950 crores (9.5 billion), split into 447 crores (4.47 billion) in retracted gains and 500 crores (5 billion) in interest in 2007. In April 2006, RPL went public as a Reliance subsidiary for Rs. 60 per share. The market crashed by 30% after it floated at roughly Rs. 100, and RPL
4290-491: The Institute of Chemical Technology . Ambani later enrolled for an MBA at Stanford University (where Steve Ballmer was his classmate) but withdrew in 1980 to help his father build Reliance, which at the time was still a small but fast-growing enterprise. His father felt that real-life skills were harnessed through experiences and not by sitting in a classroom, so he called his son back to India from Stanford to take command of
4400-667: The Justice Department announced a $ 335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney General Eric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans . On September 14, 2008, Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $ 50 billion. Merrill Lynch
4510-557: The Krishna Godavari basin ) in nearly three decades and one of the largest gas discoveries in the world during 2002. The in-place volume of natural gas was more than 7 trillion cubic feet, equivalent to about 120 crore (1.2 billion) barrels of crude oil. This was the first-ever discovery by an Indian private sector company. In 2002–03, RIL purchased a majority stake in Indian Petrochemicals Corporation Ltd. (IPCL), India's second largest petrochemicals company, from
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4620-915: The National Association of Securities Dealers . The use of " Banc " in the BAS's name was indicative of the fact that the company was not a bank , and its deposits and other holdings were not insured by the Federal Deposit Insurance Corporation . The subsidiary was founded in 1998 following a strategy pioneered by Citigroup that combines corporate lending with investment banking advice and services. During its years of operation its strongest investment banking groups included high-yield debt underwriting and Leveraged Finance, in addition to industry coverage groups such as Healthcare, Consumer & Retail, Global Industries, Media & Telecom, Financial Institutions, Real Estate and Gaming. BAS also did
4730-532: The 1950s, passage of landmark federal banking legislation facilitated rapid growth, quickly establishing a prominent market share. After suffering a significant loss after the 1998 Russian bond default , BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$ 62 billion. Following what was then the largest bank acquisition in history , the Bank of America Corporation
4840-502: The 2007 race. The deal increased Bank of America's presence in Illinois , Michigan , and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers, and 1,500 ATMs. Bank of America became the largest bank in the Chicago market with 197 offices and 14% of the deposit share, surpassing JPMorgan Chase . LaSalle Bank and LaSalle Bank Midwest branches adopted
4950-446: The Ambani family, holds 50.39% of the total shares whereas the remaining 49.61% shares are held by public shareholders, including FII and corporate bodies. Life Insurance Corporation of India , public sector company, is the largest non-promoter investor in the company, with 6.49% shareholding. In January 2012, the company announced a buyback program to buy a maximum of 12 crore (120 million) shares for ₹10,400 crore (US$ 1.5 billion). By
5060-481: The Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $ 197 billion in assets, over 20 million customers and revenue of $ 12 billion. Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe . On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $ 35 billion in cash and stock. The Federal Reserve Board gave final approval to
5170-484: The Bank of America name on May 5, 2008. During the subprime mortgage crisis , the bank, under Ken Lewis , made two major acquisitions that would shape the future of the company for the next couple years coming out of the crisis. Specifically the bank was sued by many different parties and made to pay tens of billions of dollars. On August 23, 2007, the company announced a $ 2 billion repurchase agreement for Countrywide Financial . This purchase of preferred stock
5280-643: The BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.51%. Banco de Boston de Brazil had been founded in 1947. On November 20, 2006, Bank of America announced
5390-499: The Indian capital markets into a period of uncertainty unsurpassed since the days of the securities scam were: The Central Bureau of Investigation (CBI) filed a charge sheet in a Mumbai court against Reliance Industries Limited (RIL) and four retired employees of National Insurance Company Limited (NICL), including a former CMD, under provisions of the Prevention of Corruption Act for criminal conspiracy and other charges. Acting on
5500-404: The Jio connectivity business - mobile, broadband and enterprise, and also the other digital assets (Jio Apps, Tech backbone and Investments in other tech entities like Haptic, Hathway and Den Networks among others). In April 2020, RIL announced a strategic investment of ₹ 43,574 crore (US$ 5.2 billion) by Facebook into Jio Platforms. This investment translated into a 9.99% equity stake, on
5610-504: The Reliance Retail brand. Its annual revenue for the financial year 2012–13 was ₹ 108 billion (US$ 1.3 billion) with an EBITDA of ₹ 780 million (US$ 9.3 million). Its market value is more than $ 60 billion. Mukesh Ambani stepped down from the position of chairperson of Reliance Retail and handed over the job to his daughter Isha Ambani Piramal. Ambani announced it during the 45th Reliance AGM, in 2022. As per reports, this act
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#17330936545305720-478: The United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs. Giannini introduced branch banking shortly after 1909 legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in 1909 in San Jose. By 1929 the bank had 453 banking offices in California with aggregate resources of over US$ 1.4 billion. There
5830-419: The acquisition did not go through, and later Bank of America were forced to request federal assistance, the management of Bank of America would be "gone". Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that
5940-469: The acquisition of Merrill Lynch and that federal official pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators. Lewis's statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee. In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if
6050-543: The acquisition on December 5, 2008, and the deal closed January 1, 2009. Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain 's management team after the merger. However, after Thain was removed from his position, most of his allies left. The departure of Nelson Chai , who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading. The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in
6160-496: The acquisition, which was completed in July 2008, giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages. The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $ 1.4 trillion as of December 31, 2007. This purchase made Bank of America Corporation
6270-514: The bank introduced the BankAmericard, which changed its name to Visa in 1977. A coalition of regional bankcard associations introduced Interbank in 1966 to compete with BankAmericard. Interbank became Master Charge in 1966 and then Mastercard in 1979. From February 1970 through September 1971, there were 66 attacks on Bank of America branches in California, including 53 bombings or fire-bombings, and 13 arson fires. There were "few injuries" and
6380-635: The brokerage firm Charles Schwab and Co. back to Mr. Schwab . It also sold Bank of America and Italy to Deutsche Bank . By the time of the 1987 stock-market crash , BankAmerica's share price had fallen to $ 8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade. BankAmerica's next big acquisition came in 1992. The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona , Idaho , Oregon , and Washington , which Security Pacific had acquired in
6490-765: The colossal losses visited on B of A due to its acquisition of Merrill Lynch. With Thain's departure, Brian Moynihan became president of Global Banking and Global Wealth and Investment Management. After the merger was closed, the SEC Registration of Banc of America Securities was terminated in January 2011. BAS operated from a number of offices across the world, with major offices in New York, New York , Charlotte, North Carolina , Chicago, Illinois , San Francisco, California , Tokyo , Frankfurt , London , and Mumbai . The bulk of its investment banking operations eventually moved to
6600-435: The combined subsidiary was renamed "BancAmerica Robertson Stephens". In 1997, BankAmerica lent investment management firm D. E. Shaw & Co. $ 1.4 billion to run various businesses for the bank. However, D.E. Shaw suffered significant loss after the 1998 Russia bond default . NationsBank of Charlotte acquired BankAmerica in 1998 in what was the largest bank acquisition in history at that time. While NationsBank
6710-562: The company expanded its polyester yarn business by setting up a Polyester Filament Yarn Plant in Patalganga, Raigad , Maharashtra with financial and technical collaboration with E. I. du Pont de Nemours & Co. , U.S. In 1985, the name of the company was changed from Reliance Textiles Industries Ltd. to Reliance Industries Ltd. During 1985 to 1992, the company expanded its installed capacity for producing polyester yarn by over 145,000 tonnes per annum. The Hazira petrochemical plant
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#17330936545306820-660: The company, as Baa2 positive outlook (local currency issuer rating) and BBB+ outlook respectively. On 28 December 2017, RIL announced that it will be acquiring the wireless assets of Anil Ambani -led Reliance Communications for about ₹23,000 crores. The company's petrochemical , refining , and oil and gas-related operations form the core of its business; other divisions of the company include cloth, retail, telecommunications, and special economic zone (SEZ) development. In 2012–13, it earned 76% of its revenue from refining, 19% from petrochemicals, 2% from oil & gas and 3% from other segments. In July 2012, RIL informed that it
6930-585: The competition in contracts, stating that RIL awarded a $ 1.1 billion contract to Aker on a single-bid basis. A PIL filed in the Supreme Court by an NGO Centre for Public Interest Litigation, through Prashant Bhushan, challenged the grant of a pan-India license to RJIL by the Government of India. The PIL alleged that RJIL was allowed to provide voice telephony along with its 4G data service, by paying an additional fee of just INR 16,580 million (US$ 280 million) which
7040-439: The construction of Patalganga petrochemical plant when the company was heavily investing in oil refinery and petrochemicals. Ambani directed and led the creation of the world's largest grassroots petroleum refinery at Jamnagar , India, which could produce 660,000 barrels per day (33 million tonnes per year) in 2010, integrated with petrochemicals, power generation, port, and related infrastructure. In December 2013 Ambani announced
7150-448: The construction of the integrated petrochemical complex at Jamnagar in Gujarat , the largest refinery in the world. In 2001, Reliance Industries Ltd. and Reliance Petroleum Ltd. became India's two largest companies in terms of all major financial parameters. In 2001–02, Reliance Petroleum was merged with Reliance Industries. In 2002, Reliance announced India's biggest gas discovery (at
7260-537: The end of January 2013, the company had bought back 4.62 crore (46.2 million) shares for ₹ 3,366 crore (US$ 400 million). The company's equity shares are listed on the National Stock Exchange of India Limited (NSE) and the BSE Limited. The Global Depository Receipts (GDRs) issued by the company are listed on London Stock Exchange . It has issued approx. 5.6 crore (56 million) GDRs wherein each GDR
7370-497: The exposes by the Indian Express and Arun Shourie about illegal imports by the company and overseas share transactions by shell companies, and the botched attempt to acquire Larsen & Toubro . As early as 1996, Outlook magazine addressed other controversies related to fake and switched shares; insider trading; and a nexus with the state-owned Unit Trust of India . Five main allegations concerning Reliance, which have plunged
7480-417: The first non-American to be on its board. As of 2016, Ambani was ranked as the 36th richest person in the world and has consistently held the title of India's richest person on Forbes magazine's list for the past ten years. He is the only Indian businessman on Forbes ' list of the world's most powerful people. He surpassed Jack Ma , executive chairman of Alibaba Group , to become Asia's richest person with
7590-501: The fourth quarter, which necessitated an infusion of money that had previously been negotiated with the government as part of the government-persuaded deal for the bank to acquire Merrill. Merrill recorded an operating loss of $ 21.5 billion in the quarter, mainly in its sales and trading operations, led by Tom Montag. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but
7700-419: The government had ordered him to complete the deal to acquire Merrill. Lewis, for his part, states he didn't recall requesting such a letter. The acquisition made Bank of America the number one underwriter of global high-yield debt , the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions. As the credit crisis eased, losses at Merrill Lynch subsided, and
7810-467: The government of India, RIL took over IPCL's Vadodara Plants and renamed it as Vadodara Manufacturing Division (VMD) . IPCL's Nagothane and Dahej manufacturing complexes came under RIL when IPCL was merged with RIL in 2008. In 2005 and 2006, the company reorganised its business by demerging its investments in power generation and distribution, financial services and telecommunication services into four separate entities. In 2006, Reliance entered
7920-485: The largest financial services company in the world. Temasek Holdings , the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America, with a 3% stake. However, taking a loss Reuters estimated at $ 3 billion, the Singapore sovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009. Shareholders of both companies approved
8030-676: The leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market. The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote . Countrywide Financial has changed its name to Bank of America Home Loans . In December 2011,
8140-528: The merged company was and still is headquartered in Charlotte, and retains NationsBank's pre-1998 stock price history. All U.S. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank, not Bank of America. NationsBank president, chairman, and CEO Hugh McColl , took on the same roles with the merged company. In 1998, Bank of America possessed combined assets of $ 570 billion, as well as 4,800 branches in 22 U.S. states. Despite
8250-452: The merger on December 15, 2005, and the merger closed on January 1, 2006. The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $ 140 billion in outstanding balances. Under Bank of America, the operation was renamed FIA Card Services. Bank of America operated under
8360-404: The month, Mukesh Ambani bailed out his younger brother, paying the debt. In 2021, he was the subject of a bomb scare when a green Mahindra Scorpio SUV packed with explosives was found near a Mumbai skyscraper housing Ambani. In 2023, he received a death threat via email. On July 12 to 14, 2024, the wedding of Anant Ambani and Radhika Merchant was held as a 3-day event that took place at
8470-447: The name BankBoston in many other Latin American countries, including Brazil. In May 2006, Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement, through which Itaú agreed to acquire BankBoston's operations in Brazil, and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay , in exchange for Itaú shares. The deal
8580-572: The oldest branch of the Bank of America franchise can be traced to 1784, when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States. Another branch of its history goes back to the U.S.-based Bank of Italy , founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination . Headquartered in San Francisco, California , Giannini acquired Banca d'America e d'Italia , in 1922. In
8690-421: The organised retail market in India with the launch of its retail store format under the brand name of ' Reliance Fresh '. By the end of 2008, Reliance Retail had close to 600 stores across 57 cities in India. In November 2009, Reliance Industries issued 1:1 bonus shares to its shareholders. In 2010, Reliance entered the broadband services market with acquisition of Infotel Broadband Services Limited, which
8800-426: The possibility of a "collaborative venture" with Bharti Airtel in setting up digital infrastructure for the 4G network in India. On 18 June 2014, Ambani said he will invest Rs 1.8 trillion ( short scale ) across businesses in the next three years and launch 4G broadband services in 2015. In February 2014, a First Information Report (FIR) alleging criminal offences was filed against Ambani for alleged irregularities in
8910-513: The pricing of natural gas from the KG basin . Ambani was elected as a member of the National Academy of Engineering in 2016 for engineering and business leadership in oil refineries, petrochemical products, and related industries. As of 2015, Ambani ranked fifth among India's philanthropists, according to China's Hurun Research Institute. He was appointed as a Director of Bank of America and became
9020-482: The private telecom provider. Two retired senior officials of National Insurance Company Limited and 11 others were awarded varying jail terms by a Delhi court in Jan 2014. A business jet owned by Reliance Industries (RIL) was grounded by The Directorate General of Civil Aviation (DGCA) on 22 March 2014 during a surprise inspection, for carrying expired safety equipment on board; its pilot was also suspended for flying without
9130-470: The problems on his predecessor, A. W. (Tom) Clausen , Clausen was appointed to replace Armacost. The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover . First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations. It sold its FinanceAmerica subsidiary to Chrysler and
9240-675: The property damage cost about $ 500,000, 80% of which was from the burning of the Isla Vista branch during a February 1970 riot. Following passage of the Bank Holding Company Act of 1956 by the U.S. Congress , BankAmerica Corporation was established for the purpose of owning and operating Bank of America and its subsidiaries. In 1983, Bank of America expanded outside California , through acquisition, orchestrated in part by Stephen McLin of Seafirst Corporation in Seattle , and its wholly owned banking subsidiary, Seattle-First National Bank. Seafirst
9350-621: The purchase of The United States Trust Company for $ 3.3 billion, from the Charles Schwab Corporation . US Trust had about $ 100 billion of assets under management and over 150 years of experience. The deal closed July 1, 2007. On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $ 21 billion. With this purchase, Bank of America possessed $ 1.7 trillion in assets. A Dutch court blocked
9460-744: The sale process of its 76% equity stake in Mauritius -based oil retailer Gulf Africa Petroleum Corp (GAPCO) to Total Marketing & Services, a subsidiary of the French oil and gas firm Total SE . The East West Pipeline has been acquired by India Infrastructure Trust, which is owned by Brookfield Asset Management for a consideration of ₹ 13,000 crore . The company has attracted controversy for reports of political corruption , cronyism , fraud, financial manipulation, and exploitation of its customers, Indian citizens, and natural resources. The chairman of Reliance Industries, Mukesh Ambani, has been described as
9570-469: The sale until it was later approved in July. The acquisition was completed on October 1, 2007. Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit-based Michigan National Bank . The acquisition also included the Chicago Marathon event, which ABN AMRO acquired in 1996. Bank of America took over the event starting with
9680-411: The same year at Naroda in Gujarat . On 8 May 1973, it became Reliance Textiles Industries Limited. In 1975, the company expanded its business into textiles, with "Vimal" becoming its major brand in later years. The company held its initial public offering (IPO) in 1977. The issue was over-subscribed by seven times. In 1979, a textiles company Sidhpur Mills was amalgamated with the company. In 1980,
9790-493: The second-largest bank in the world by market capitalization , both after JPMorgan Chase . Bank of America is one of the Big Four banking institutions of the United States. It serves about 10 percent of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup , and Wells Fargo . Its primary financial services revolve around commercial banking , wealth management , and investment banking. Through mergers,
9900-512: The size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico , in towns that would be left with only a single bank following the combination. These branches were sold to BOK Financial Corporation , which operates them under the name "Bank of Albuquerque". The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in 1998. Banc of America Securities LLC ( BAS ),
10010-438: The sovereign ceiling". In 1995/96, the company entered the telecom industry through a joint venture with NYNEX , USA, and promoted Reliance Telecom Private Limited in India. In 1998, Reliance took over Indian Petrochemicals Corporation Limited during privatization of public sector enterprises. In 1998/99, RIL introduced packaged LPG in 15 kg cylinders under the brand name Reliance Gas . The years 1998–2000 saw
10120-521: The subsidiary generated $ 3.7 billion of Bank of America's $ 4.2 billion in profit by the end of quarter one in 2009, and over 25% in quarter 3 2009. On September 28, 2012, Bank of America settled the class-action lawsuit over the Merrill Lynch acquisition and will pay $ 2.43 billion. This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007–2008 to settle. Many major financial institutions had
10230-402: Was Stockholders Auxiliary Corporation. This company acquired the stocks of various banks located in New York City and certain foreign countries. In 1928, Giannini merged his bank with Bank of America, Los Angeles , headed by Orra E. Monnette . Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association , which was the only such designated bank in
10340-474: Was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later. The eastern portion of the Bank of America franchise can be traced to 1784, when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States. This bank became FleetBoston , with which Bank of America merged in 2004. In 1874, Commercial National Bank
10450-463: Was arbitrary and unreasonable and contributed to a loss of INR 228,420 million (US$ 3.8 billion) to the exchequer. The CAG in its draft report alleged rigging of the auction mechanism, whereby an unknown ISP, Infotech Broadband Services Pvt Ltd, acquired the spectrum by bidding 5000 times its net worth, after which the company was sold to Reliance Industries. Bank of America The Bank of America Corporation (often abbreviated BofA or BoA )
10560-514: Was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $ 18 per share. On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $ 4.1 billion. In March 2008, it was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages. This news did not hinder
10670-509: Was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry . BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank. BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the Third World . The company fired its CEO, Sam Armacost , in 1986. Though Armacost blamed
10780-439: Was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy. Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers , however a lack of government guarantees caused the bank to abandon talks with Lehman. Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch. This acquisition made Bank of America
10890-412: Was back at 60. By Securities and Exchange Board of India directive, RIL carried out an organised operation with the help of its agents to obtain unauthorised profits from the trading of its formerly listed unit, RPL, which was combined with the former in 2009. He married Nita Ambani in 1985 and they have two sons, Akash (born 23 October 1991) and Anant (born April 10, 1995), and a daughter, Isha, who
11000-415: Was commissioned in 1991–92. In 1993, Reliance turned to the overseas capital markets for funds through a global depository issue of Reliance Petroleum. In 1996, it became the first private sector company in India to be rated by international credit rating agencies . S&P rated Reliance "BB+, stable outlook, constrained by the sovereign ceiling". Moody's rated "Baa3, Investment grade, constrained by
11110-560: Was compelled to complete the merger by the U.S. government. The bank's stock price sank to $ 7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $ 45 billion, less than the $ 50 billion it offered for Merrill just four months earlier, and down $ 108 billion from the merger announcement. Bank of America CEO Kenneth Lewis testified before Congress that he had some misgivings about
11220-709: Was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank. Two years later it became North Carolina National Bank when it merged with Security National Bank of Greensboro. In 1991, it merged with C&S / Sovran Corporation of Atlanta and Norfolk to form NationsBank . The central portion of the franchise dates to 1910, when Commercial National Bank and Continental National Bank of Chicago merged in 1910 to form Continental & Commercial National Bank, which evolved into Continental Illinois National Bank & Trust . The history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini (1870–1949) founded
11330-423: Was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively, and since renamed BofA Securities. Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The investment bank
11440-585: Was going to invest US$ 1 billion over the next few years in its new aerospace division which will design, develop and manufacture equipment and components, including aircraft , engine , radars , avionics and accessories for military and civilian aircraft, helicopters , unmanned airborne vehicles, and aerostats . In July 2024, Reliance Industries was granted the approval by United States to resume importing oil from Venezuela . The company had more than 200 subsidiary companies and more than 15 associate companies as of 2024. Jio Platforms Limited, essentially
11550-643: Was ranked 1st on the Forbes list of India’s 100 richest tycoons, with a net worth of $ 119.5 billion. Ambani was born on 19 April 1957 in the British Crown colony of Aden (present-day Yemen ) into a Gujarati Hindu family to Dhirubhai Ambani and Kokilaben Ambani. He has a younger brother Anil Ambani and two sisters, Nina Bhadrashyam Kothari and Dipti Dattaraj Salgaonkar. Ambani lived only briefly in Yemen because his father decided to move back to India in 1958 to start
11660-493: Was ranked No. 25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue. Likewise, Bank of America was also ranked No. 6 on the 2023 Global 2000 rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in its 2018 Awards for Excellence. Bank of America, Los Angeles was founded in California in 1923. In 1928, this entity
11770-672: Was signed in August 2006. Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay, it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While
11880-534: Was the investment banking subsidiary of BoA from 1998 until BoA was merged with Merrill Lynch (2008). Headquartered in New York City, the company competed in both the domestic and international equity and investment banking markets. The company was a registered broker-dealer with the United States Securities and Exchange Commission (SEC) and was a member of the New York Stock Exchange and
11990-414: Was the nominal survivor, the merged bank took the better-known name of Bank of America. Hence, the holding company was renamed Bank of America Corporation, while NationsBank, N.A. merged with Bank of America NT&SA to form Bank of America, N.A. as the remaining legal bank entity. The combined bank operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. However,
12100-527: Was the only successful bidder for pan-India fourth-generation (4G) spectrum auction held by the government of India. In the same year, Reliance and BP announced a partnership in the oil and gas business. BP took a 30 per cent stake in 23 oil and gas production sharing contracts that Reliance operates in India, including the KG-D6 block for $ 7.2 billion. Reliance also formed a 50:50 joint venture with BP for sourcing and marketing of gas in India. In 2017, RIL set up
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