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Indian billionaires including Mukesh Ambani team up with Bill Gates for literacy campaign

June 29, 2009 · Filed Under Ambani Family · Comment 

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Some of India’s wealthiest men have teamed up with Microsoft chairman Bill Gates to launch an ambitious campaign to teach 100 million illiterate Indian slum children to read by the end of next year, according to a report in The Daily Telegraph, London.

The task force, which includes UK-based billionaire Gopichand Hinduja, is backed by Indian billionaires Aditya Birla, Keshub Mahindra and Mukesh Ambani. The Gates Foundation has donated $9m (€6.4m) for the programme.
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Reliance Retail looks to acquire Henkels two soap brands

June 29, 2009 · Filed Under Reliance Retail · Comment 

Mukesh Ambani’s Reliance Retail has put in bids to acquire two of Henkel India’s soap brands, a sign of the big ambitions it has in the fast-moving consumer goods (FMCG) business. Any deal for the male deodorant soap Aramusk and Moloy sandalwood soap, put up for sale late last year, is estimated to be worth about Rs 10 crore. The Henkel brands are unlikely to generate significant revenues at the national level, but they are attractive buys locally, especially in the eastern part of the country.
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Reliance Globalcom revenues up 23 percent during the January-March quarter

June 29, 2009 · Filed Under Reliance Globalcom · Comment 

Reliance Globalcom, part of the Anil Ambani-owned Reliance Communications, Monday said its revenues for the quarter ended March 31, 2009 increased 23 percent to Rs.1,880.3 crore ($391 million).

The company had posted Rs.1,525.7 crore in revenue during the January-March quarter last year.

A clear trend has emerged among global organisations looking to secure savings in their network management, and this is reflected in the positive financial results of Reliance Communications, Reliance Globalcom president Punit Garg said in a statement.
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RIL-RNRL gas supply dispute reaches Supreme Court

June 29, 2009 · Filed Under Reliance Industries, Reliance Natural Res · Comment 

The next chapter of the spat between the Ambani brothers is ready to hit the Supreme Court on Monday. Mukesh Ambani-owned Reliance Industries Ltd (RIL) has decided to appeal to the Supreme Court, to overturn a ruling directing it to sell gas to Anil Ambani’s Reliance Natural Resources Ltd (RNRL) at a 44 per cent discount to government set prices.

It is not surprising that Mukesh Ambani has decided to go to Supreme Court even though the High Court verdict is crystal clear as to what the brothers should do.
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Family agreements cannot override national priorities:the fertiliser ministry

June 29, 2009 · Filed Under Reliance Industries · Comment 

In a new twist to the gas dispute between Ambani brothers, the fertiliser ministry today said private family agreements could not override national priorities. Urea plants had been given the first priority in sale of natural gas from Reliance Industries‘ D6 but the Bombay High Court had upheld the Ambani family, giving 70 per cent of the initial volumes from the fields to Anil Ambani Group’s RNRL.
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MERC told to study Reliance electricity tariff hike in Mumbai suburbs

June 29, 2009 · Filed Under Reliance Power · Comment 

BL reported that the state government has directed the Maharashtra Electricity Regulatory Commission to look into Reliance Infrastructure’s recent electricity tariff hike in Mumbai’s suburbs. Over the last 2 days, customers have protested against the hike by burning and destroying the company’s property.

Mr Sunil Tatkare the energy minister said that Sections 86 and 108 of the Electricity Act 2003 had been invoked and directives issued to the commission to investigate all aspects of the hike in 15 days.
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Haryana to RIL: slice SEZ

June 29, 2009 · Filed Under Reliance Industries · Comment 

Worried about the slow progress of the proposed special economic zones (SEZs) to be set up by Reliance Haryana SEZ Ltd in Gurgaon and Jhajjar districts, the Haryana government has asked the company to think in terms of setting up a series of SEZs rather than remaining stuck up with the originally conceived framework of two SEZs of 12,500 acres each.

Top officials said that the state government has also critically examined the total land acquired by the company to explore the possibility of setting up SEZs of 2,500 acres each on the available chunks which could be ultimately clubbed into one large multi-product SEZ.
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RNRL gets stood up by Reliance Industries: no meeting on gas supply

June 29, 2009 · Filed Under Reliance Industries · Comment 

A top management team of Anil Ambani group firm RNRL got stood up by Reliance Industries officials, who neither responded nor turned up for a proposed meeting to follow up the Bombay High Court order on gas supply.

The meeting was proposed by RNRL on June 25 in its third letter in this regard. A four-member RNRL team reached the Trident Hotel here at 1100 hrs, but found it had turned up all by itself.
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Bombay High Court Approved RIL-RPL merger

June 29, 2009 · Filed Under Reliance Industries · Comment 

The Bombay High Court on Monday approved the merger between Reliance Industries and Reliance Petroleum but stayed its own order for four weeks to enable those objecting to the amalgamation to file appeal before division bench.

Anup Sheth, Jayesh Shah and Shailesh Mehta, all shareholders of both RIL and RPL, had filed applications, objecting to the merger scheme in the present form.
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Reliance Power, RComm rearrange promoter holdings

June 29, 2009 · Filed Under Reliance Comm, Reliance Power · Comment 

Anil Ambani group firms Reliance Communications and Reliance Power today restructured their respective promoter holdings through transfer of shares among group companies.

In a disclosure to the Bombay Stock Exchange, RComm said one of its promoters AAA Communication Pvt Ltd has transferred over 9.51 crore shares or 4.61 per cent stake through inter-group transactions to each of AAA Industries Pvt Ltd and ADA Enterprises and Venture Pvt Ltd.
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