The Mumbai-based billionaire has picked a manager to hire staff for the new entity and get it running, the people said, asking not to be identified because the matter is private.
The acquisitions totalling Rs 1,592 crore will be made by Reliance Petroleum Retail Ltd and are subject to approval of the competition watchdog as well as respective lenders of the targets
The deal is a win-win for both companies. The investment values Jio among the top five listed companies in India by market capitalisation.
Sakthi Siva, MD, Asia Pacific Equity Strategist & Global Emerging Markets Equity Strategist at Credit Suisse is asking investors to buy on dips going into 2013. She says Indian equities are not as overbought by foreign investors like was the case in January 2010 and January 2011.
The Reliance Industry (RIL) results for the Q1 FY 13 have been slightly better than the estimates
After a review in March, the directorate general of hydrocarbons has found fault with Reliance Industry's commitment to up production at its KGD6 block.