Citibank to form a joint venture with Reliance Retail


Citibank will form a 50:50 joint venture with Mukesh Ambani-owned Reliance Retail to distribute the former’s consumer finance products such as loans and credit cards. The joint venture is expected to work as a non-banking financial company (NBFC) with a combined investment of Rs 500 crore.
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Mandeep Bhatia joins as Reliance Globalcom chief of National Long Distance(NLD)

Reliance Globalcom, a provider of enterprise, wholesale, consumer, and managed services, has appointed Mandeep Bhatia as the business head of its National Long Distance (NLD). Mandeep joins Reliance Globalcom from Bharti Airtel where he was leading the consumer mobile business as the COO for Mumbai, Maharashtra and Goa regions. In his new role Mandeep will report to Punit Garg, president and CEO of Reliance Globalcom.

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Reliance Money plans to buy 16% more in NMCE


Anil Ambani-led Reliance Money has sought permission to acquire an additional 16 per cent in the National Commodity Exchange of India (NMCE), a top company official said on Wednesday.

“We had acquired 10 per cent stake and now, we are seeking approval from the Forward Markets Commission and Ministry of Consumer Affairs for an additional 16 per cent stake in NMCE within three months,” Reliance Money Director and Chief Executive Sudip Bandyopadhyay said here.

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Reliance Mutual Fund (MF) launches Fixed Horizon Fund (FHF)- XII – Series 13

Reliance Mutual Fund (MF) has launched Reliance Fixed Horizon Fund (FHF)- XII – Series 13, a closed-end income scheme. The scheme opens for subscription on Oct. 7, 2008 and closes on Oct. 8, 2008. The units of the scheme will be available at Rs 10 per unit.

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Reliance Globalcom to re-structure its business into 4 verticals

Reliance Globalcom, the international telecom operations subsidiary of the Reliance Anil Dhirubhai Ambani Group (R-ADAG), is restructuring its business under four verticals in an attempt to further penetrate the $285-billion global communications market.

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Mukesh ready for out-of-court settlement with NTPC, but not with Anil

Mukesh Ambani-led Reliance Industries (RIL) today told Bombay High Court it was willing to resolve the dispute regarding gas supply agreement with NTPC but appeared to be ruling out seeking the help of “independent authorities” for settling a similar row with Anil Ambani‘s RNRL. The two cases are being heard by separate benches in the High Court and both involve supply of gas by RIL from its Krishna-Godavari basin gas-fields.

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Reliance Infratel IPO not until market stabilize – Anil Ambani

Reliance Infratel, an Anil Dhirubhai Ambani Group (ADAG) company, will not enter the capital markets anytime soon. The initial public offering (IPO) of the company will be deferred till the markets gain stability. “Markets are choppy at this point of time and all of you are aware of that, in the present conditions we do not expect an IPO for Reliance Infratel,” said the company’s chairman Anil Ambani at the annual general meeting (AGM) of Reliance Communications (RCom).

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Stock Analysis: Reliance Petro to Underperform, might touch Rs 115

Brics Securities has downgraded its rating on the stock from neutral to ‘underperform’ saying it sees no margin of safety at the current price.

Analysts believe that Reliance Petro can come down to Rs 115 in near term due to low refining margins.

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Reliance Money get approval to acquire National Multi-Commodity Exchange (NMCE)

Reliance Money, part of Reliance Anil Dhirubhai Ambani Group, said it has obtained approval from the Ministry of Consumer Affairs to acquire 10% stake in the National Multi-Commodity Exchange of India Ltd. or NMCE for undisclosed sum. The Reliance ADAG is the first large business group to get into the commodity exchange space in India.

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Reliance Comm to develop Special Economic Zone at Mumbai

Reliance Communications is going to spend Rs 1,000-crore project to develop part of its 132 acre campus near Mumbai as a special economic zone.

The SEZ at the Dhirubhai Ambani Knowledge City in Navi Mumbai will focus on IT and IT-enabled services, the company chairman, Mr Anil Ambani, told shareholders at the fourth annual general meeting here on Tuesday.
All approvals for this project have been received and Reliance Infrastructure has been contracted to implement it over the next few years” -Anil Ambani
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