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RIL may repay about Rs 15,000 crore debt this financial year

May 12, 2009 · Filed Under Reliance Industries · Comment 

Combined debt of RIL and its subsidiary RPL will be brought down to around Rs 57,000 cr from Rs 72,000 cr at present.

Reliance Industries Ltd (RIL) is planning to use its surplus cash to repay about Rs 15,000 crore or about 21 per cent of its debt during the current financial year.

A company executive, who did not want to be identified, said the combined debt of RIL and its subsidiary, Reliance Petroleum (RPL), which is being merged with it, would be brought down to around Rs 57,000 crore this year from Rs 72,000 crore at present.
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IPL over kids’ school examination for Neeta Ambani

May 11, 2009 · Filed Under Ambani Family · Comment 

The school examinations of her kids are on but Mumbai Indians owner Neeta Ambani, whose arrival coincided with the team’s return to winning ways in the IPL, is planning to stay put in South Africa for some time after being requested to by Sachin Tendulkar and Co.

“I have just come in and left my children back home for their school examinations. I was planning to go home tonight but I think I will talk to my children and my team who are requesting me to stay back,” Ambani told the Indian Premier League’s official website.
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Ram Naik, Medha Patkar against for Mumbai Metro rail project

May 11, 2009 · Filed Under Reliance Infrastructure · Comment 

Former Union minister Ram Naik and National Alliance of People’s Movements leader Medha Patkar have come out strongly against the displacement of thousands of families from Laljipada in Charkop which is to be acquired for a carshed for Mumbai Metro’s second line from Charkop to Mankhurd via Bandra.

On Monday, Naik, Patkar and others deposed before a government panel headed by urban ministry secretary T Benjamin which is hearing objections and suggestions to the project. Naik has threatened a “Singur-like” agitation to protect the interests of the 14,000 families which will be displaced by the proposed carshed.
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Reliance Vision Express launches 2nd optical outlet in New Delhi

May 11, 2009 · Filed Under Reliance Retail · 1 Comment 

The recently formed 50-50 Joint Venture between Reliance Retail and Pearle Europe has announced the launch of its 2nd optical outlet at Paschim Vihar in New Delhi under the brand Vision Express. Spread over 812 square feet, the store will offer a wide variety of fashionable and trendy optical products.

On the occasion Vision Express also launched its latest range of trendy sunglasses from the European summer collection.
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‘We will add more employees in future” : Reliance Capital CEO Sam Ghosh

May 11, 2009 · Filed Under Reliance Capital · Comment 

The second half of 2008-09 saw Reliance Capital going slow on loans as raising funds was a problem. Besides, its revenue from distribution of financial products was affected and the number of life agents also dropped by over 60,000. Though the overall environment seems to be improving, Reliance Capital CEO Sam Ghosh tells Anirudh Laskar and Sidhartha that the company is opting to be cautious. Excerpts:

Insurance companies and mutual funds have been known to be buyers in the equity market during the first quarter of a financial year. What is the trend this time?
Most of the money in mutual funds comes from liquid funds. In equity, the participation of mutual funds has gone up but only marginally as the number of customers coming in was lower. As far as investment by insurance companies is concerned, there would have been a slowdown in investments in April. But if the market continues to remain above the 12,000-mark, insurance companies will start investing by May-June, though we have been investing in equities from April.
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Reliance Communications - winning Market Share, but at a Price

May 11, 2009 · Filed Under Reliance Comm · Comment 

Reliance ended Q1 with 72.7m mobile customers. This compares with 61.3m three months earlier and 45.8m at the end of the fiscal year 07/08, gains of 10.3m and 26.9m respectively. The company claims to be “India’s largest integrated communications service provider” but the claim has something of a hollow ring when its numbers are set alongside those of Bharti Airtel. Reliance may be integrated, for what that’s worth, but it just isn’t as big as Bharti, either by revenues or customers. Its customer base of 77m (including Broadband) is less than Bharti’s 96.7m, while its revenues - INR61.2bn in this latest quarter – fall well short of Bharti’s INR98.2m.
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Reliance Communications signs $100 million, 8-year deal with ICC

May 11, 2009 · Filed Under Reliance Comm · Comment 

Reliance Communications (RCom) has signed a $100 million, eight-year deal with International Cricket Council (ICC) to be its global partner for all cricketing events till 2015.

The company on Monday announced the launch of many cricket-centric exclusive value-added services for its customers, such as live streaming of matches and live commentary as ring-back tones.

ICC T20 matches are scheduled to be held in England from June 5 to 21, during which, “We will leverage our RWorld platform to broadcast cricket matches live. So, for the first time a person will get to watch cricket on the mobile with just three seconds of time lag. A Reliance Mobile customer will also have the option of choosing live commentaries as ring-back tones,” said Sanjay Behl, group head of branding and marketing of RCom.
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Reliance Communications brings ICC World T20 matches to your mobile phone

May 11, 2009 · Filed Under Reliance Comm · Comment 

After seeing arch rival Vodafone hog the limelight with its Indian Premier League campaign, Reliance Communications is scoring with the upcoming ICC World T20 Cup. CNBC-TV18’s Kenan Machado reports.

Reliance Communications has inked a deal with ESPN-Star to deliver live content from the ICC World T20 matches to its subscribers’ mobile phones.

The ESPN-Star deal is a combination of upfront fixed payment and on the revenue-sharing model. R-Comm said that the usage of value-added services for its CDMA customers stood at 50%. “We expect a similar response from our GSM users post the deal,” it said.
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Reliance Life Insurance reduced the number of agents

May 11, 2009 · Filed Under Reliance Insurance · Comment 

Hires around 7,000 in Q4 after sacking 69,000 agents in Q3.

Reliance Life Insurance, the insurance arm of Reliance Capital, reduced the number of agents by almost a third in the second half of the past financial year.

The reduction came at a time when the insurance industry added 300,000 agents, according to sources in the insurance regulator.

The total number of agents of Reliance Life at the end of September stood at 211,293. By December-end, the numbers were down by 68,450 to 142,843, according to an investor presentation made by the company.
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Reliance Fresh outlets dropping prices to match the neighbourhood stores

May 11, 2009 · Filed Under Reliance Retail · 1 Comment 

Reliance Retail’s Fresh outlets will be adopting a different pricing policy to match the neighbourhood grocer. Dropping the mark-up on prices generally associated with modern trade outlets, Reliance Fresh outlets are planning to strengthen their ‘value’ positioning with a new pricing policy to attract more consumers.

“We have always been a value retailer and now we will be offering prices which will match the neighbourhood stores,” said a Reliance Fresh Official. The prices would vary across different commodities and branded items, but in effect would be no different from what is available at the local grocers in neighbourhoods across towns and cities.
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