CURRENT AFFAIRS

Detailed explanation-1: -Brookfield on Thursday announced it is buying the loss-making East West Pipeline Ltd (EWPL), earlier known as Reliance Gas Transportation Infrastructure Ltd, for an enterprise valuation of Rs 13, 000 crore ($2 billion) from Mukesh Ambani, chairman of Reliance Industries.

Detailed explanation-2: -Reliance Industries Ltd will acquire German firm Metro AG’s wholesale operations in India for ₹ 2, 850 crore as the conglomerate run by billionaire Mukesh Ambani seeks to strengthen its dominant position in India’s mammoth retail sector.

Detailed explanation-3: -Reliance demerger and family feud The Ambani family holds around 45% of the shares in RIL. Since its inception, the company was managed by its founder and chairman Dhirubhai Ambani. After suffering a stroke in 1986, he handed over the daily operations of the company to his sons Mukesh Ambani and Anil Ambani.

Detailed explanation-4: -Reliance to acquire Metro AG’s India business for ₹2, 850 crore.

Detailed explanation-5: -Reliance Industries Chairman and Managing Director Mukesh Ambani has completed two decades at the helm of Reliance Industries in 2022. The CMD took the reins of the company after the demise of his father and Reliance founder Dhirubhai Ambani on July 6, 2002.