Posts
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-inr-small.gif)
Billionaire Mukesh Ambani, chairman of India's mostvalued company Reliance Industries, or RIL, has joined the Bank of America, or BoA, board, the largest US lender by assets. Mr Ambani will contest election to be held at the bank's annual general meeting.
"Bank of America's shareholders will benefit from the global perspective Mr Ambani brings to our board," Bank of America's chairman Charles O Holliday, Jr, said late Wednesday evening.
"It is a privilege and a great honour for me, as the first non-American citizen to join the board of one of the world's largest financial institutions," said Mr Ambani. The RIL scrip rose 0.8% to close at Rs 1,045 on BSE on Wednesday. The announcement came after market hours.
Mr Ambani, who figured among the top 10 on the Forbes billionaire list in 2011, owns RIL, India's largest private business enterprise with $44.6 billion in annual revenues and over $70 billion in market capitalisation.
RIL operations encompass production and exploration of oil and gas. It also runs a refinery at Jamnagar, Gujarat, which is said to be the world's largest at a single location. It also has a petrochemical business and a fledging retail operation with around 1,000 stores. RIL recently announced that it was entering into a joint venture with British Petroleum that operates various oil and gas assets in India. BP will own 30% of the assets. The group also has licences to offer fast wireless internet access in India.
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
"Bank of America's shareholders will benefit from the global perspective Mr Ambani brings to our board," Bank of America's chairman Charles O Holliday, Jr, said late Wednesday evening.
"It is a privilege and a great honour for me, as the first non-American citizen to join the board of one of the world's largest financial institutions," said Mr Ambani. The RIL scrip rose 0.8% to close at Rs 1,045 on BSE on Wednesday. The announcement came after market hours.
Mr Ambani, who figured among the top 10 on the Forbes billionaire list in 2011, owns RIL, India's largest private business enterprise with $44.6 billion in annual revenues and over $70 billion in market capitalisation.
RIL operations encompass production and exploration of oil and gas. It also runs a refinery at Jamnagar, Gujarat, which is said to be the world's largest at a single location. It also has a petrochemical business and a fledging retail operation with around 1,000 stores. RIL recently announced that it was entering into a joint venture with British Petroleum that operates various oil and gas assets in India. BP will own 30% of the assets. The group also has licences to offer fast wireless internet access in India.
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
0 comments:
Post a Comment