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Petroleum Consultant confirms presence of oil, gas in Reliance K-G blocks

May 28, 2009 · Filed Under Reliance Industries · Comment 

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Petroleum consultant Gaffney, Cline Associates Ltd has confirmed the presence of oil and gas in two offshore blocks in the Krishna-Godavari basin — D3 and D9.

These two blocks lie on either side of the D6 block, from where Reliance has just begun producing gas. Reliance has a 90 per cent interest in D3 and D9, the other 10 per cent is with Hardy Oil and Gas Plc of the UK, a company majority-owned by NRIs.

GCA was hired by Hardy Oil to assess D3 and D9, and the report of the consultants was issued on Wednesday.

Calling Krishna-Godavari basin “an emerging world class petroleum province,” the report has come up with a matrix of resources in best, worst and most probable scenarios.
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Reliance Communications aiming for 100m mobile users by end of 2009

May 28, 2009 · Filed Under Reliance Comm · Comment 

Reliance Communications Ltd., India’s second-largest mobile services provider by subscribers, expects to have 100 million users by the end of 2009, a senior company executive said Thursday.

“Our target is to have 100 million subscribers by the end of this year, now that we have both CDMA and GSM technologies,” S. P. Shukla, its president of wireless services, told reporters on the sidelines of an industry conference.

Reliance Communications, which mainly operates mobile services under the code-division multiple access, or CDMA, technology, had nearly 74 million subscribers at the end of March.
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Reliance Mobile GSM launches new FRC 101 in Karnataka

May 28, 2009 · Filed Under Reliance Comm · Comment 

Bundled talk time of Rs. 75 and 100 SMS.

Bangalore, May 28, 2009: Reliance Mobile GSM Service has launched a new FRC priced at Rs 101 for all their new GSM subscribers in Karnataka. This unique Rs. 101 FRC is bundled with a core talktime of Rs. 75 along with additional 100 local SMS with a validity of 30 days.

The launch of Rs. 101 FRC is part of Reliance Mobile’s ongoing Customer Experience Programme aiming to provide enriched value to its subscribers. This offer provides attractive special tariff to its subscribers offering calls to any Reliance Mobile GSM and CDMA at 30 p/min, calls to other network at 60 p/min and STD calling at Re. 1.
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Adlabs’ BIG Cinemas to open five-screen multiplex in Chicago

May 27, 2009 · Filed Under Adlabs · Comment 

Adlabs’ exhibition arm, BIG Cinemas, is opening its first BIG-branded cinema in the US, with a five-screen multiplex planned in Chicago.

The complex - in the Niles area of Chicago - will open on May 29.

BIG Cinemas-Golf Glen will have 950 seats in the five screens, plus a 60-set premium lounge. India House will manage the facility’s catering and bar.

The cinema will be digitally connected to Adlabs India — meaning that films can be transported from India within 4-6 hours over a fiber optic cable, negating the shipping of prints. The programming will be a mix of Hollywood, Indian, Polish and Korean films and will also have live telecasts of events such as cricket matches.
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Reliance Money best equity broking house for 2009: Dun & Bradstreet

May 27, 2009 · Filed Under Reliance Money · Comment 

Anil Dhirubhai Ambani Group firm Reliance Money has been adjudged as the best equity broking house for 2009 by research firm Dun and Bradstreet.

Besides, Reliance Money has also bagged the top broker award in the largest e-broking house segment of  D and B, the company said in statement today.

“This recognition is testimonial to the hard work and dedication of the entire team of Reliance Money.As an organisation, we constantly endeavour to find innovative methods to provide the highest levels of ease, convenience, cost-effectiveness and security to our customers,” Reliance Money MD Sudip Bandyopadhyay said.
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The Supreme Court denied Anil Ambani group firm permission to encash Maytas’ bank guarantees

May 27, 2009 · Filed Under Reliance ADAG, Reliance Infrastructure, Reliance Money · Comment 

The Supreme Court has denied Anil Ambani group firm Utility Energy Tech Engineers Pvt Ltd permission to encash bank guarantees provided by its subcontractor Maytas Infrastructure after the latter defaulted on a highway expansion project.

Maytas Infrastructure had produced performance guarantees from ICICI Bank for the highway project in Tamil Nadu and the Bombay high court, in its order dated 15 May, had asked the bank to deposit Rs20 crore it underwrote by 18 June.

Later, on 21 May, the high court gave ICICI Bank time till 18 June to deposit the performance guarantee amount.

Utility Energytech had, in its appeal, sought direct payment of the amount to the beneficiary under the contract rather than depositing the money with the court.
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Reliance Money launches “Reliance Money Travel Currency Card”

May 27, 2009 · Filed Under Reliance Money · Comment 

Reliance Money, part of the Reliance Anil Dhirubhai Ambani Group, on Monday launched the ‘Reliance Money Travel Currency Card’ in collaboration with Citibank.

The Reliance Money Travel Currency Card is a multi-use, prepaid (ATM access and point-of-sale-enabled) card, loadable in US Dollars, Euro and GBP. Aimed at overseas travelers, the product has been launched in collaboration with Citibank and available in US dollars, Euro and GBP.

Issued by Citibank, the Card offers all the conveniences of plastic money by allowing customers to purchase goods and services by simply swiping the card over 13.5 million VISA enabled point-of-sale terminals worldwide and 900,000 Visa ATMs across the world.
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Reliance Infra to raise 43 Billion rupees by issuing warrants

May 27, 2009 · Filed Under Reliance Infrastructure · Comment 

Reliance Infrastructure said that it would raise 43 billion rupees by issuing 42.9 million convertible warrants to its promoters - Anil Dhirubhai Ambani Group. This move would amplify its founders’ stake in the company to 48 percent from 38 percent.

The board of directors has approved the issue of warrants to the promoters at a price of 1000 rupees per share, which is nearly 10.8 percent lower the Reliance Infrastructure stock’s closing price on BSE on Friday.

The issue would raise the gross of the company, gearing its ability to qualify for large road, power, rail and port projects. The company said that the Life Insurance Corporation, and other insurance firms, which have a together 20 percent stake will be offered an opportunity to participate in the proposed warrant issue on the same terms and conditions.
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R Com’ shareholders agree to de-merger of optic fibre division

May 27, 2009 · Filed Under Reliance Comm · Comment 

Reliance Communications‘ shareholders have given their majority approval to the company’s decision of de-merging its optic fibre division, to facilitate the way for its ensuing merger with wholly-owned ancillary Reliance Infratel.

Announcing the approval received from the shareholders on Tuesday, Reliance Communications - the second largest telecom operator in India - said that with the proposed severance of business, leading to separation of telecommunications services and infrastructure, both Reliance Communications and Reliance Infratel would be able to focus on their core businesses.
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RIL strikes two more natural gas reserves in Krishna Godavari basin

May 27, 2009 · Filed Under Reliance Industries · Comment 

After D6 in Krishna Godavari basin, Reliance Industries has struck big in two nearby blocks with estimates putting in place natural gas reserves at 20 trillion cubic feet.

D-3 and D-9 blocks in the same KG basin may hold 9.5 Tcf and 10.8 Tcf of gas reserves respectively, UK-based Hary Oil and Gas Plc said in a statement.

Hardy, which cited estimates by independent consultant Gaffney, Cline and Associates, has 10 per cent stake each in the two blocks where Reliance is the operator with 90 per cent interest.

D6, which may hold upto 50 Tcf of gas reserves, began producing last month and is slated to double India’s natural gas production by year end when it reaches 80 million cubic meters per day.
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