Reliance denies closedown of polyester and petrochemical plants


Report from ET.

Reliance Industries Ltd, India’s largest private sector firm, on Wednesday denied a report that it had shut five polyester and petrochemical plants due to lower demand.

Media had reported the company had closed five of its seven polyester and petrochemical units at Patalganga near Mumbai, amid falling demand for polyester products worldwide, citing unidentified sources.
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Anil Ambani looks for stake in Gopinath’s Deccan Cargo


Anil Dhirubhai Ambani Group (ADAG) private equity arm, Reliance Equity Advisors, is holding talks to invest over $50 million (Rs 250 crore) in Gopinath’s new venture — Deccan Cargo — in return for a significant minority stake in the start-up airline, sources said.

Gopinath’s new dream of linking India’s distant hinterlands to the mainstream markets is expected to take off in January next year with fleet of Airbus aircrafts.

Others in the fray to pick up a slice of Deccan Cargo include US venture capital major New Enterprise Associates (NEA) and Intel Capital. Sources said the investment bank with fund-raising mandate from Gopinath has approached 3-4 suitors, including ADAG, and will probably narrow down to a potential suitor within two weeks.
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Reliance plans to launch online ad exchange – Kyphy.com


kyphy.comReliance BIG Entertainment is planning to launch an advertising marketplace called “Kyphy”. Kyphy will “create an automated advertising exchange to enhance the efficiency of both buying and selling inventory.”
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Reliance Communications quaterly result: beat estimates, profit up 18%

Reliance Communications Ltd., Anil Dhirubhai Ambani Group company and India’s second-largest mobile-phone operator, reported second- quarter profit rose 18 percent, beating estimates, after adding a record number of customers.

Net income climbed to 15.3 billion rupees ($310 million) in the three months ended Sept. 30, from 13 billion rupees a year earlier, Mumbai-based Reliance said in a release today. Profit exceeded the 14.2 billion rupee median estimate of six analysts surveyed by Bloomberg. Sales rose 22 percent.
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