A branch of the Anil Dhirubhai AmbaniGroup, Reliance Capital (R-Capital), is, now, eying on the insurance business. It is planning to invest Rs 2,000 crore in insurance businesses in the next three years. The company would also enter in the banking, home loans and consumer finance businesses as disclosed by the chairman of group, Mr Anil Amban, in a meeting between company officials and shareholders.

R-Capital Chairman, Anil Ambani told the shareholders that the group is working on many plans for next three years. The company would increase its distribution network from 4,000 to 20,000 cities across the country. The company also intends to venture into non-banking financial companies (NBFCs). It would start two separate companies for housing and consumer finance.

The Food and Drug Administration (USFDA) is not satisfied with the quality of drugs produced by Ranbaxy. The agency has issued two letters to Indian drug major, warning it about the drug quality. The agency has raised questions on the quality of more than 30 generic drugs. The company is producing these drugs at its Paonta Sahib and Dewas plants.

Uniross, the European leader in rechargeable batteries and chargers, has appointed Julien Ceran as its new Country Manager for its India operations. The appointment takes effect on 1st, August, 2008.

Mr. Ceran will look after all aspects of the Uniross’s Indian business from the company’s national headquarter, which is based in Delhi, and report directly to Asia-Pacific President – Boris Duhamel.

Country’s largest private sector offshore drilling contractor, Aban Offshore has made announcement that a subsidiary of the company has entered into a pact for the deployment of the semi-submersible rig, Aban Pearl offshore, in Latin America, for duration of 5 year.

According to the sources, the predictable revenues from the deployment, which is expected to start in third Quarter of the financial year 2008-09, is approximately Rs 31.50 billion.

The major activity of the conglomerate is to offer oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and overseas.

Shares of the company gained Rs 33.6, or 1.46%, to trade at Rs 2,342. The total volume of shares traded was 123,834 at the BSE.

World’s top engineering, construction and services company, Era Infra Engineering has revealed that it has secured a contract for upgradation of I.M.S. under PMSSY at BHU, Varanasi by Central Public Works Department (CPWD).

According to the sources, the conglomerate has bagged the proposed pact at an investment of Rs 525.5 million approximately.

Era Infra Engineering participates in broadened construction activities for airports, power projects, infrastructure, institutional and industrial complexes, multiplexes and residential buildings.

Anil Dhirubhai Ambani Group company  Reliance Infrastructure has revealed its plan to invest Rs 400 billion to set up a steel plant with a capacity of 12 million tonnes in the eastern state of Jharkhand.

While commenting on the plan, Mr. K.K. Khandelwal, industry secretary of the Jharkhand state government, stated, “We have received the proposal from Anil Ambani Group. It is still under process.”

Reliance Infrastructure, formerly known as Reliance Energy, participates in telecoms, financial services, power and infrastructure, engineering and construction businesses.