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Lyondell ignores Reliance Industries offer, files rescue plan

December 13, 2009 · Filed Under Reliance Industries · Comment 

Reliance Industries‘ (RIL’s) attempt to take over the world’s third-largest independent chemical company, LyondellBasell Industries, faces its first hurdle on Tuesday when the beleaguered company’s management argues its rescue plan for the company before the special bankruptcy court of New York South District.

Despite getting feelers from RIL for an acquisition and cash-infusion into the company, the LyondellBasell management on Friday filed an updated rescue plan centred around a $2.5 billion cash infusion by the company’s former owner and two investors. The plan, if implemented, would wipe out the rights of the current equity holders and transfer the company to the sponsors of the $2.5 billion rights issue and its existing creditors. Ratification of the plan would also significantly dampen RIL’s chances of acquiring the company on bankruptcy-induced, favourable terms.
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LyondellBasell officials meet with Reliance Industries

December 11, 2009 · Filed Under Reliance Industries · Comment 

Officials with India’s Reliance Industries and LyondellBasell Industries met in Houston this week as a pending offer by Reliance to buy a controlling stake in the bankrupt Dutch chemical giant remains on the table.

Representatives from both companies dined in a private room Wednesday evening at Kiran’s Restaurant and Bar, confirmed a manager at the upscale Indian restaurant.
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SC advised Ambanis to settle gas dispute

December 4, 2009 · Filed Under Reliance Industries · Comment 

Pulling it out of the realm of speculation, the Centre on Thursday was categoric before the Supreme Court that it had repeatedly advised warring Ambani brothers — Mukesh and Anil — to bury the hatchet and arrive at an amicable settlement over supply of gas.

It is a battle between them and we have told them time and again to resolve the issues. After all, they are captains of industry, said solicitor general Gopal Subramaniam after clarifying that notwithstanding the outcome of NTPC’s suit in Bombay High Court for supply of gas from RIL at cheap rates, the Centre would do everything to protect the PSU’s interests.
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Iran imports petrol from Reliance Industries

November 30, 2009 · Filed Under Reliance Industries · Comment 

Iran is importing petrol from Indian companies, including Reliance Industries (RIL), National Iranian Oil Company (NIOC) Managing Director Seifollah Jashnsaz said today.

Without specifying any particular company, I can say we import gasoline (petrol) and gas oil (diesel) from India, he told reporters here.

Asked if RIL was one of the suppliers, he said, The answer is positive.

The NIOC official is scheduled to travel to Mumbai tomorrow and may meet RIL executives.
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Reliance to shift 2,000 city staff to Navi Mumbai

November 30, 2009 · Filed Under Reliance Industries · Comment 

Reliance Industries, India’s largest private sector company, is relocating a large part of its staff from the island city of Mumbai to its swank new corporate office in Navi Mumbai, where Nocil once produced petrochemicals in a plant in joint venture with Royal Dutch Shell long before Reliance made petrochemicals.

The petroleum-to-retail conglomerate is emptying one of its old office space in the once textile mills dominated Central Mumbai’s Sewri. It is shifting 2,000 executives, mainly part of the human resources and finance departments to Reliance Corporate Park in Ghansoli, Navi Mumbai, touted as a new business hub. A Reliance spokesman declined to comment.
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LyondellBasell Statement on Reliance Industries

November 26, 2009 · Filed Under Reliance Industries · Comment 

LyondellBasell has received a preliminary non-binding offer from Reliance Industries Limited to acquire for cash a controlling interest in the company contemporaneously with the company’s emergence from Chapter 11 reorganization. This offer is in addition to the previous non-binding equity financing proposals received by the company and represents a potential alternative to the initial plan of reorganization previously filed by the company. Consistent with its fiduciary duties, management will continue to work with all parties to design an approach that maximizes value for the company’s creditors through the pursuit of a confirmable plan of reorganization and enhances the financial strength of the reorganized company.”
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Reliance Industries reopens 900 petrol pumps

November 25, 2009 · Filed Under Reliance Industries · Comment 

Reliance Industries Ltd has reopened 900 petrol pumps, which were shut down when state firms were selling heavily subsidized fuel, the head of the firm’s refinery business, P. Raghavendran, said.

Mostly these are in western and southern India. Wherever we can operate at PSU (public sector unit) prices, we are operating, he told reporters on Tuesday.

In March last year, a Reliance official said the company was shutting down 900 company-owned pumps as subsidized sale by state firms made private sales unviable.
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RIL hires Ciba-Sandoz advisor Perella for LyondellBasell stake buy

November 23, 2009 · Filed Under Reliance Industries · Comment 

Reliance Industries (RIL) has hired advisory boutique Perella Weinberg Partners, founded by Joseph Perella who had advised on Ciba Geigy-Sandoz merger and America Online’s purchase of Time Warner, to guide it on LyondellBasell stake buy, two persons familiar with the development told ET.

Perella Weinberg Partners was founded in 2006 by Mr Perella, a former Morgan Stanley Vice-Chairman, and Peter Weinberg a veteran Goldman Sachs investment banker. Prior to the venture, Mr Perella partnered the late Lazard CEO Bruce Wasserstein.
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RIL enters into low-cost housing

November 20, 2009 · Filed Under Reliance Industries · Comment 

After successfully dabbling in organised retail in 2006, Mukesh Ambani, chairman of India’s largest private sector company, Reliance Industries (RIL), has now set his eyes on no-frills, low-cost housing.

The initiative, still on the drawing board, could be kicked off by 2010. An RIL official said the company would do large projects and at multiple locations.

“RIL has deep pockets and excellent execution skills. It has executed two large projects like the Jamnagar refinery and the KG-D6 basin in a record time. Another such large project is only obvious for the company to get into,” said a source close to the development.
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RIL sets 27 November record date for bonus equity share allotment

November 19, 2009 · Filed Under Reliance Industries · Comment 


Reliance Industries has fixed 27 November 2009 as the ‘record date’ for determining the shareholders of the company entitled to receive one fully-paid bonus equity share for every one existing fully-paid equity share of Rs10 Each.

Shareholders whose names appear on the register of members of the company and/or the register of beneficial owners maintained by the depositories as at the close of business hours on 27 November 2009, will be entitled to receive the bonus shares, RIL said in a release.
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