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MIDC allots plot to Reliance energy, HCL IT park in Butibori

June 18, 2008 · Filed Under Reliance Energy · 1 Comment 

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The Maharashtra Industrial Development Corporation (MIDC) has recently alloted plots to industrial houses like Reliance and HCL at its five star industrial estate in Butibori here.

Reliance has acquired 175 acres of land for its proposed coal-fired 300 mw power generation plant while HCL, the computer major, has taken 80 acres of land for IT park. Reliance has already selected boundary fencing to earmark the area, official sources told PTI.

In a major drive MIDC has taken back possession of 200 industrial plots from buyers who had not taken any initiative to set up industry.

By an amendment in rules, MIDC changed the period of seven years alloted to plot buyers to set up their units to five years. It recently reduced it further to three years.

There were 384 plots for which the specified period had ended and they failed to come up with industrial units while 93 of them were within the period of three years. Out of the cancellations, MIDC reallotted 175 plots to new buyers.

Source: economictimes.indiatimes.com/


India’s Reliance eyes Peru energy investments

June 18, 2008 · Filed Under Reliance Energy · Comment 

Indian energy group Reliance plans to explore for oil in Peru and will evaluate investing in a new petrochemicals complex in the Andean country, officials said on Tuesday.

The Indian group, a newcomer to Peru, plans to look for hydrocarbons in the province of Puno and the Amazon basin.

“Investments could reach hundreds of millions of dollars,” Savitri Kunadi, a company officer, said after meeting with Peru’s President Alan Garcia.

Peru is trying to lure billions in foreign investment as part of an effort to develop its Camisea gas fields and boost output of oil and natural gas.

Source: uk.reuters.com


Philadelphia University Selects Reliance Globalcom’s Managed Ethernet Services for Campus Network Connectivity

June 18, 2008 · Filed Under Reliance Globalcom · Comment 

Reliance Globalcom Services, Inc., the leading provider of managed network and application delivery services for the global enterprise, today announced it is delivering a mix of network connectivity services to Philadelphia University. Reliance Globalcom’s Premium Internet Service, which the university recently scaled up to 45 Mbps, facilitates Web-based video and data communications for students, staff, and faculty across the 100-acre main campus. A direct fiber link via Reliance Globalcom Managed Metro Ethernet Service extends high-bandwidth connectivity to the university’s satellite campus two miles away, which houses third-year architecture studios and the university’s research facilities.

The 45 Mbps Reliance Globalcom service offers the university a number of benefits.

  • With an increasingly bandwidth-intensive course curriculum, Philadelphia University selected Reliance Globalcom’s managed network services for unparalleled performance and strong service-level guarantees.
  • The Reliance Globalcom Ethernet network eliminated the complexity of handling the multiple T1 (1.5 Mbps) lines the university once used for connectivity and enabled it to avoid the high cost and inflexibility of consolidating traffic onto T3 (45 Mbps) lines, which typically require expensive interface cards.
  • The availability of the Bandwidth OnDemand functionality, which provides flexible, granular control to scale bandwidth instantly in 1 Mbps increments from 1 Mbps to 1 Gbps, will allow Philadelphia University to optimize its network resources on demand should its bandwidth needs change.

“Reliance Globalcom’s Ethernet service enabled us to step away from an antiquated network based on a rapidly declining telephony-based technology to a fiber-based technology with tremendous bandwidth potential,” said Jeff Cepull, vice president for information resources and CIO of Philadelphia University. “The large volume of work coming from our architecture school, which has the largest number of students, is incredible, but the Reliance Globalcom network can handle it. And the involvement of the Reliance staff and the network’s incredibly high reliability rate are priceless.”

University Chooses Reliance Globalcom for Capacity, Availability, and Reliability

Philadelphia University’s curriculum requires high bandwidth and scalability to support disciplines like disaster medicine, design, and architecture. Philadelphia University put a priority on capacity and network availability in selecting Reliance Globalcom’s managed services. Another major driver for seeking increased bandwidth was the steep increase in video content; faculty will suggest that students look at TV—everything from YouTube to The Daily Show—as part of their coursework. The new 45 Mbps service has also enabled the university to increase VPN access from users’ homes to its network. With its high-capacity network in place, the university is now looking into bi-directional video and videoconferencing, both streamed and live.

This summer, the Reliance Globalcom network will be put to the test when the university’s disaster medicine program hosts a live exercise at the remote campus involving first responders from all over Pennsylvania as well as federal agencies. The university will handle communications for the region-wide exercise. “We couldn’t do this without the bandwidth and technology that Reliance Globalcom offers,” said Cepull. “If we need extra network resources during the program, we’ll be able to get them right away with Bandwidth OnDemand. With other providers it can take 25 days or more to get more bandwidth.”

The reliability of the Reliance Globalcom services was also a major driver in Philadelphia University’s decision. Reliability is integral to the university’s pandemic planning, for example. Should it lose the ability to instruct students on campus, the university could fall back to Reliance Globalcom’s on-demand gateway to provide the extra bandwidth needed for on-line or remote instruction. The quality of Reliance Globalcom’s customer service was another selling point.

“We’re extremely pleased with the level of communication we have with Reliance Globalcom concerning any type of maintenance, emergencies, and plans,” said Kerry Fretz, director of network and systems at the university. “We’ll get notifications of downtime even when it’s less than 30 seconds; our previous provider never notified us proactively about downtime. Reliance Globalcom also responds very quickly to our calls; it could take hours for our previous provider to get back to us.”

“Philadelphia University’s IT challenges and concerns face many universities and colleges nationwide,” said Keao Caindec, CMO of Reliance Globalcom. “They’re struggling with the ever-increasing need for bandwidth, which is driven both by data and video-intensive coursework. Our Premium Internet Service, with its guaranteed performance, offers educational institutions an ideal way to keep pace with the insatiable appetite for bandwidth.”

Source: businesswire.com


Reliance Life Insurance launches RSIP

June 18, 2008 · Filed Under Reliance Insurance · 4 Comments 

Anil Dhirubhai Ambani Group firm Reliance Life Insurance today launched a pure equity unit linked insurance plan that provides investors an opportunity to invest in eight different fund options, including a Shariah compliant fund.

Reliance Life Insurance, the fourth largest private insurer in the country, has introduced ‘Reliance Super InvestAssure Plan (RSIP)’ that offers guaranteed additional contribution for policyholders, apart from returns on investment and maturity benefits.

This is Reliance Life’s first pure equity unit linked insurance plan (ULIP) and has added Shariah compliant features like having no investments into industries such as non-banking finance, liquor, cigarettes, tobacco, and sugar among others, a company statement said.

RSIP is designed to provide an opportunity to invest funds in eight different fund options, including the Gilt and sectoral funds like infrastructure, energy and mid-cap which provide relatively higher returns, it said.

“One of the unique propositions of RSIP is that it contributes into a policyholder’s account from 50 per cent (in 10th year) to 250 per cent (by 30th year) of the paid annualised premiums. This is the additional income which policyholders will get from the company and it will have compounded growth as well, depending on market conditions,” Reliance Life Insurance CEO P Nandagopal said.

We aim to make it our top-selling product given the additional values and sound maturity benefits and expect a sales contribution of 20-25 per cent by the end of this financial year, Nandagopal added.

It also provides a plan for a child of 30 days and covers life of the insured up to 20 times of the annual premium, depending on the age.

Source: business-standard.com


Reliance Steel’s ratings put on review for possible downgrade - Moody’s

June 18, 2008 · Filed Under Reliance Steel & Alum · Comment 

Moody’s Investors Service said it placed the ‘Baa3′ senior unsecured ratings of Reliance Steel & Aluminum Co. under review for a possible downgrade, following the company’s agreement to acquire PNA Group

Holding Corp., a steel service center company, from private firm Platinum Equity

in a deal worth roughly $1.1 billion.

The deal is expected be financed through borrowings under Reliance’s $1.1 billion revolving credit facility and a $750 million issuance in a combination of debt and equity.

Moody’s said it expects that the transaction, if it is successfully closed, will increase Reliance’s leverage and tighten coverage ratios

Source: hemscott.com


Reliance Big in talks with Spielberg’s DreamWorks

June 18, 2008 · Filed Under Reliance ADAG · Comment 

Anil Ambani Group firm Reliance Big Entertainment is in talks with Steven Spielberg-led DreamWorks Movie Studios to form a joint venture for movies, media reports said here.

According to UK daily Financial Times, DreamWorks and India’s Reliance Big Entertainment are in talks to create a new movie joint venture, a deal which would provide the Hollywood director with an important source of funds for his planned move out of Viacom Inc’s Paramount Pictures.

However, when contacted by PTI, Reliance Big Entertainment spokesperson in Mumbai declined to comment on the reports.

DreamWorks, which would likely have funds of up to 1.5 billion dollars, including debt and equity, would be part of moves by Spielberg and DreamWorks co-founder David Geffen to exit Viacoms Paramount Pictures as soon as their contracts permit it this year, the report stated.

The FT report quoted a person familiar to the talks saying, “Spielberg, as you know, has announced his intention to separate from Paramount. It [the contact with Reliance] is at a very preliminary stage.”

A separate report on the online edition of Wall Street Journal stated that Mumbai-based Reliance ADA Group would provide Spielberg and company with 500-600 million dollar in equity, moving them one step closer to ending one of Hollywood’s most contentious and closely watched battles.

“In Reliance, the DreamWorks team also would have an unusual and ambitious partner in the film business: an Indian firm with interests in telecommunications, financial services and entertainment that wants to build a media empire by financing Hollywood pictures,” the WSJ report stated.

Source: business-standard.com/


Spielberg close to movie deal with India’s Reliance

June 18, 2008 · Filed Under Reliance ADAG · Comment 

DreamWorks SKG, the Hollywood film studio, is close to signing a deal with one of India’s biggest entertainment conglomerates to form a new movie venture.

A deal would give director Steven Spielberg, one of the three media moguls who formed DreamWorks in 1994, enough cash to finance his DreamWorks team’s departure from Viacom’s Paramount Pictures later this year.

According to The Wall Street Journal, Reliance ADA Group, based in Mumbai and controlled by billionaire industrialist Anil Ambani, would provide Mr Spielberg and the company with between $500 million (£256 million) and $600 million in equity.

DreamWorks, whose films includes last year’s Blades of Glory and Dreamgirls in 2006, would likely seek another $500 million worth of borrowings elsewhere to finance around six new films a year under the new venture.

The company would then choose a studio to distribute the films.

General Electric’s Universal Pictures, where Mr Spielberg began his career, is thought to be the director’s preference to release his future works, but News Corporation’s Twentieth Century Fox also is thought to be a serious contender.

News Corporation is the owner of Dow Jones, publisher of The Wall Street Journal, and is also owner of The Times.

A spokesman for DreamWorks declined to comment.

DreamWorks was sold to Viacom in 2006 after a more than a decade as a private company.

However, relations between DreamWorks and Viacom’s Paramount became strained and last year DreamWorks began to signal publicly that they might leave the studio in 2008, when the contracts of Mr Spielberg and Mr Geffen allow it.

The team will be allowed to continue using their DreamWorks SKG name, though Viacom would retain rights to the films they created during their time at Paramount.

Mr Spielberg is expected to be joined in the venture by Stacey Snider, chief executive at DreamWorks and the former head of Universal Pictures, who joined Mr Spielberg in 2006.

Reliance’s entertainment division, Reliance Big Entertainment, announced a number of new investments in Hollywood projects last month at the Cannes Film Festival, including providing financing to a handful of Hollywood stars with production houses, such as Jim Carrey, George Clooney, Tom Hanks and Brad Pitt.

The company also said it would also spend more than $1 billion over the next 18 months building its entertainment empire in India and abroad.

Source: business.timesonline.co.uk


Reliance Big in talks with Spielberg’s DreamWorks for JV

June 18, 2008 · Filed Under Reliance ADAG · Comment 

Anil Ambani Group firm Reliance Big Entertainment is in talks with Steven Spielberg-led DreamWorks Movie Studios to form a joint venture for movies, media reports said here.
According to UK daily Financial Times, DreamWorks and India’s Reliance Big Entertainment are in talks to create a new movie joint venture, a deal which would provide the Hollywood director with an important source of funds for his planned move out of Viacom Inc’s Paramount Pictures.

However, when contacted by PTI, Reliance Big Entertainment spokesperson in Mumbai declined to comment on the reports.

DreamWorks, which would likely have funds of up to 1.5 billion dollars, including debt and equity, would be part of moves by Spielberg and DreamWorks co-founder David Geffen to exit Viacoms Paramount Pictures as soon as their contracts permit it this year, the report stated.

The FT report quoted a person familiar to the talks saying, “Spielberg, as you know, has announced his intention to separate from Paramount. It [the contact with Reliance] is at a very preliminary stage.” A separate report on the online edition of Wall Street Journal stated that Mumbai-based Reliance ADA Group would provide Spielberg and company with 500-600 million dollar in equity, moving them one step closer to ending one of Hollywood’s most contentious and closely watched battles.

“In Reliance, the DreamWorks team also would have an unusual and ambitious partner in the film business: an Indian firm with interests in telecommunications, financial services and entertainment that wants to build a media empire by financing Hollywood pictures,” the WSJ report stated.

Source: ptinews.com


Reliance Power project to get $500 mn from ADB

June 18, 2008 · Filed Under Reliance Power · Comment 

Multilateral funding agency Asian Development Bank (ADB) is learnt to have agreed to provide $500 million (around Rs 2,100 crore) in long-term debt for Reliance Power’s 4,000 mw Krishnapatnam ultra-mega power project. According to sources, an ADBteam has already carried out an initial project appraisal and is scheduled to do a detailed feasibility in July.

Reliance Power has started acquiring land for the Rs 20,000 crore project and financial closure is expected by the end of FY09. The Anil Ambani-promoted company had earlier said it would raise up to Rs 14,000 crore through debt for the project, and that it has been talking to various financial institutions. Other lenders to the project, led by IDBI, are yet to commence due diligence for the Krishnapatnam project, sources said.

Senior company officials said Reliance Power is yet to exercise the option of going for a foreign currency or rupee debt. “The coal concession for the project has already been finalised as the company has acquired three coal blocks in Indonesia for $1 bn,” the sources added.

The coal reserves in the Indonesian blocks would support an additional 6,000 MW of power capacity. The levelised tariff for the power project has been pegged at Rs 2.33 per kilowatt hour. Apart from Krishnapatnam power project, there are three other projects that are scheduled to be built in the country through public-private partnership basis and via tariff-based competitive bidding.

While Reliance Power is also building the Sasan power project in Madhya Pradesh, Tata Power will build the Mundra project in Gujarat. The fourth project is the Tilaiya project in Jharkhand.

Reliance Power expects to finalise contracts for boiler, turbine and generators within 2 months, after which work on the project would start. EPC accounts for almost half of the total project cost. The company has already tied up fuel supply for the project.

Reliance Power, through its wholly-owned subsidiary Reliance Coal Resources, has bought 100% economic interest in 3 coal concessions in Indonesia — Srivijaya Bintangtiga Energy, Bryayan Bintangtiga Energy and Sugico Pendragon Energy — with estimated reserves of about 2 billion tonnes. All the three coal mines have exploitation licenses and can be mined immediately.

Coal from these mines is expected to feed the 4,000 mw Krishnapatnam and the 1,200 mw Shahapur coal project. Reliance Power has entered into an agreement on the basis that it will pay for the actual production of coal from the mines.

As per a recent Citigroup report, the mineable reserves in the Indonesian mines are 1.2 billion tonnes. “At a PLF of 90%, Krishnapatnam and Shahapur will need 525 million tonnes of coal, thus enabling the company to set up additional generation projects or sell the coal in the Indian market at a mark-up price.”

Source: economictimes.indiatimes.com


Reliance to Raise Crude Oil Imports From Saudi Arabia

June 18, 2008 · Filed Under Reliance Industries · Comment 

Reliance Industries Ltd., India’s biggest company, is increasing crude oil imports from Saudi Arabia as it seeks to secure supplies because of rising demand for fuels in India and the rest of Asia.

Reliance, based in Mumbai, is boosting purchases by at least 90,000 barrels a day, accounting for 30 percent of Saudi Arabia’s output increase of 300,000 barrels a day this month, P.M.S. Prasad, president of the company’s oil and gas business, said in a telephone interview.

The refiner, building a second oil refinery that would make it the world’s largest by this year, stepped up imports after Saudi Arabia’s Oil Minister Ali al-Naimi said last month the kingdom is raising output to meet demand from customers. Demand for fuels in the Middle East and Asia is forecast to rise 25 percent to 39 million barrels a day in 2015 from 2008, consultant FACTS Global Energy said today in a report.

“We have been assured of the additional barrels,” Prasad said yesterday.

Reliance operates a 660,000 barrel-a-day refinery at Jamnagar in Gujarat, and would start operations at a 580,000 barrel-a-day plant under unit Reliance Petroleum Ltd. later this year.

Refiners in Japan and South Korea are poised to increase crude oil imports in the coming months after annual plant maintenance peaked this month.

“There’s an abundant supply of heavy crude but the Saudis are more savvy than others in marketing their crude,” said Harry Tchilinguirian, senior oil market analyst at BNP Paribas SA. “There’s also a seasonal element to this as refiners return from maintenance.”

Heavy Crudes

Saudi Arabia, the world’s biggest oil producer, and the most influential member of the Organization of Petroleum Exporting Countries, pumps a variety of light and heavy crudes. OPEC, which supplies about 40 percent of the world’s oil, hasn’t been able to rein in prices, which rose to a record $139.89 a barrel in New York yesterday.

Reliance Chairman Mukesh Ambani earns more compared with overseas rivals by processing cheaper, dirtier crude with high- sulfur content. His plant is located two days away by ship from the Middle East.

Reliance earned $15.50 from processing a barrel of oil into fuels in the quarter ended March 31, compared with $7 for a plant in Singapore, the company said April 21.

China, the world’s biggest energy user after the U.S., has increased crude oil imports from Saudi Arabia 17 percent this year to almost 10 million tons as new refineries start operations, according to customs data.

Source: bloomberg.com/apps