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Time for Anil Ambani to apply moral codes to himself

October 14, 2009 · Filed Under Ambani Family · Comment 

Ever since a succession battle broke out between the Ambani scions four years ago, Anil Ambani has sought to take the moral high ground.

Whether it was the issue of the treasury stock (which came about when Reliance Industries Limited and Reliance Petroleum merged, or the dependent nature of so-called independent directors of RIL, or the opaque structuring of conflict-of-interest deals, Anil Ambani came out with guns blazing, accusing his older brother Mukesh of trying to diddle the shareholders of the company their father had built.
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Anil Ambani Vs Mukesh Ambani

October 14, 2009 · Filed Under Ambani Family · 1 Comment 

Fraternal rivalry is as old as Abel and Cain. Indian businesses are hardly immune to such conflicts. For example, firms controlled by business families such as the Chhabrias, the Nandas, the Mafatlals and others have seen battles for control of power and wealth. Indian mythology, history and business are filled with examples of such discord, says Delhi-based political and business commentator Sandeep Bamzai. Emperor Ashoka ascended the throne after fighting 100 brothers.
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Reliance webstore launches Coolpad 2938 in Tamil Nadu

October 14, 2009 · Filed Under Reliance Comm · Comment 

The Reliance Webstore-Coolpad combine unveiled Coolpad 2938 in the Tamil Nadu market with the model to be made available through the over 150 Reliance World and Reliance Mobile Stores across the state.

Commenting on the market roll-out, Mr Rajeev Chandravally, Circle Head – Tamil Nadu, Reliance Webstore Limited said, Tamil Nadu is the kind of market where customers always look for greater value and quality in products. Coolpad dual-mode smartphones combine great features with superb value and offer the best of both worlds–CDMA and GSM—in the same handset. We are sure that these smartphones will win the hearts of customers in Tamil Nadu.
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RIL in talk to acquire US and Europe refineries

October 14, 2009 · Filed Under Reliance Industries · Comment 

India’s Reliance Industries RELI.Bo, the owner of the world’s biggest oil refining complex, is in advanced talks to acquire refinery and petrochemical units in the U.S. and Europe and could finalise a deal by end-2009, a senior company executive said on Wednesday.
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HTC launches HTC Touch2 in India on RCOMs GSM network

October 14, 2009 · Filed Under Reliance Comm · Comment 

HTC Corporation (TAIEX: 2498; HTC) today launched the new HTC Touch2, a compact and stylish smartphone on Microsoft’s new Windows Mobile 6.5 platform. HTC Touch2 is HTC’s first touch phone embedded with Microsoft’s newly released Mobile 6.5 and delivers a full touch experience that enables you to do all the things you want on your phone easily. HTC has launched HTC Touch2 on Reliance Communication’s GSM network. RCOM is the first telecom operator to offer HTC Touch2 handset in India.
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Reliance AutoZone opens in Hyderabad

October 14, 2009 · Filed Under Reliance Retail · Comment 

Reliance Retail’s automotive arm, Reliance AutoZone, now opened in Hyderabad. This is its first retail store in south India and located at Janaki Nagar Colony, Tolichowki Main Road in Hyderabad spread across nearly 220 sq ft. area. Automotive component sector is largely unorganized and only 20 percent of the total sales volumes are generated by organized sector. Reliance Automotive foresees great potential in this segment. It now has its retail outlets in Gurgaon, Jaipur, Ghaziabad, Jamnagar, Mumbai and Hyderabad.
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Reliance Communication revenue disputed by DoT audit

October 14, 2009 · Filed Under Reliance Comm · Comment 

India’s second largest mobile phone company by subscribers, Reliance Communication Ltd, or RCom, has been accused by government-appointed auditors of under-reporting revenue to save on licence fees and inflating numbers to the stock exchanges. The Anil Ambani-controlled company rejected the report’s conclusions, calling the auditor’s comments biased.
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Reliance Webstore ties up with Coolpad Communications

October 14, 2009 · Filed Under Reliance Comm · Comment 

Reliance Webstore has tied up with Coolpad Communications, a subsidiary of Hong Kong-based China Wireless Technologies.

The phones will be offered through Reliance World and Reliance Mobile stores across the country in stages, Circle Head, Seshadri Ramaswami, told reporters. The dual-mode smartphones will leverage Reliance’s nationwide presence in both CDMA and GSM services. Coolpad 2938 smartphone will be immediately available.
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3-judge bench ready to take up Ambani dispute case

October 13, 2009 · Filed Under Reliance Industries, Reliance Natural Res · Comment 

A three-judge bench of the Supreme Court is ready to take up the dispute between the Ambani brothers over supply of gas from the Krishna-Godavari basin.

According to the advance cause list of the apex court, which deals with the list of items for hearing, the petitions related to the KG gas slugfest will be taken up by a three-judge bench on October 20.
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Ambani family spat hits NELP

October 13, 2009 · Filed Under Ambani Family · Comment 

The deadline for submitting bids for auction of oil and gas blocks in the country under NELP VIII ended on Monday. It confirmed the suspicions that the response this time was at best lacklustre.

Did global investors keep away because of the Ambani brothers spat or is it subdued crude prices or both?

The Ambani family dispute over control of natural gas has hit where it hurts the most, the multi-billion dollar investments, as global majors stayed away from the eighth auction of oil and gas and the country received only half of what it had sought bid for.
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