Mumbai, Sept. 27: In an indication of good relations between the two Ambani brothers, younger sibling Anil today said the association between Reliance Jio Infocomm and Reliance Communications had resulted in a "virtual merger" of the two companies.

"Mukesh and Anil Ambani are two brothers working relentlessly to fulfil the dream of Dhirubhai Ambani and this association has accomplished a virtual merger between R-Com and Jio,'' R-Com chairman Anil Ambani told shareholders at the company's AGM here today.

Mumbai: The Indian rupee on Wednesday strengthened for the fifth consecutive session against the US dollar, tracking gains in the local equity markets.

At 2pm, the home currency was trading at 66.46 per dollar, up 0.04% from its previous close of 66.49. The rupee opened and touched a high of 66.44 per dollar.

In his last address at the Association of Mutual Funds of India’s (Amfi- the Indian mutual fund industry’s trade body) annual general meeting held in Mumbai on Monday as the chairman of the capital market regulator, Securities of Exchange Board of India (Sebi) chief U.K. Sinha nudged the mutual funds industry to advertise direct plans.

According to chief executive officers of three fund houses, who were present at the meeting, confirmed to Mint that Sinha wondered why mutual funds were not talking more about direct plans to their investors.

Software major Infosys Ltd on Wednesday unveiled a mobile first and modular platform to drive e-commerce programmes across retail channels.

The platform has been developed by Skava, a Silicon Valley-based e-commerce start-up that the IT major acquired in June 2015 for $120 million, to enable businesses leverage cloud-based micro-services and white label applications to launch new offerings and improve conversion rates of digital channels.

The Cabinet on Wednesday gave its nod to a consortium of IOC, Oil India and BPCL buying stakes in two Russian oilfields for a total of $3.14 billion.

Indian Oil Corp, Oil India and a unit of Bharat Petroleum Corporation (BPCL) will buy 29.9 per cent stake in Taas-Yuryakh oilfield in East Siberia for $1.12 billion and another 23.9 per cent in Vankor oilfield for $2.02 billion.

A sharp drop in domestic yield (average revenue per passenger) resulted in Air India posting Rs 246 crore operating loss in first quarter of FY 17 on a year-on-year basis.

The loss was however lower compared to Rs 316 crore in same period last year.

In a stern message to BSNL employees, Telecom Minister Manoj Sinha on Tuesday said no delay will be tolerated in connecting 100,000 gram panchayats with optical fibre within the stipulated timeframe.

The government aims to provide broadband connectivity to all the 0.25 million gram panchayats by December 2018, with 100,000 panchayats to be connected by March 2017. Sinha said all departments concerned were working with zeal to achieve the target according to the vision of Prime Minister Narendra Modi.

Utility and tractor major, Mahindra & Mahindra, has decided to acquire the European two-wheeler subsidiary company of Mahindra Two Wheelers for euro 26.3 million (about Rs 197 crore).

The Mumbai-based company has agreed to acquire 14.9 million equity shares aggregating 100 per cent of share capital of Mahindra Two Wheelers Europe Holdings (MTWL-Europe), a subsidiary of M&M.

Infosys Ltd has stopped the remaining instalments of the severance payment of Rs17.38 crore promised to former chief financial officer Rajiv Bansal after some of the company’s founders expressed their unhappiness with the decision, three people familiar with the matter said.

The move raises questions about the independence of the board of the country’s second-largest software services firm. None of the founders is on the board or in an executive position. The move also reopens the issue of why the board felt the need to give Bansal a generous severance payment in the first place.

Mumbai: Reliance Communications Ltd, the most leveraged among the nation’s listed phone carriers, aims to cut its debt by more than three-quarters within a year, chairman Anil Ambani said on Tuesday.

Speaking at the company’s annual shareholders’ meeting in Mumbai, Ambani also said its deal with Reliance Jio Infocomm Ltd, a new telecoms venture of his brother, to jointly offer 4G services was like a “virtual merger” between the two companies and would help Reliance Communications cut costs.

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