Ambani brothers starts fresh dispute over gas supply from Krishna-Godavari basin

RelianceThe Ambani brothers are again caught in a controversy over gas supply from the Krishna-Godavari basin, with Mukesh Ambani-owned Reliance Industries Ltd (RIL) threatening to stop gas supply to Andhra power plant operated by Anil’s Reliance Infrastructure, in case the latter fails to clear its pending dues for the first fortnight of September.

Reliance Industries (RIL) said, “The notice has been issued due to default committed by Reliance Infrastructure in payment of the amounts due, under the invoice for gas supplied during the first fortnight of September 2009.”

Reliance Infratel files DRHP with SEBI

Anil Dirubhai Ambani Anil Dirubhai Ambani led Reliance Infratel has filed a draft red herring prospectus (DRHP) with market regulator, the Security and Exchange Board of India (SEBI).

Reliance Infratel, a passive telecom infrastructure provider, is planning an IPO for divesting 15.60 crore equity shares of Rs 10 each for cash at a premium to be decided through a 100 per cent book building process.

The company had revenues of Rs 4,934-crore in FY 09. At present, it has 48,000 towers and 75,000 tenants.

Reliance Communications holds 95 percent stake in Reliance Infratel.

Reliance inks ‘Gas Sale and Purchase Agreements’ with NTPC

Reliance inks ‘Gas Sale and Purchase Agreements’ with NTPCIndia's largest private sector company Reliance Industries (RIL) has entered into Gas Sale and Purchase Agreements (GSPAs) with state-run NTPC to supply gas for some of its power plants for five years.

Under the arrangement, Reliance will supply gas of 0.61 million standard cubic metres a day (mscmd) from KG-D6 block to the power plants of NTPC in Anta, Dadri and Faridabad.

The supply of gas to NTPC is expected to commence within a week.

NTPC challenges Bombay HC order

NTPC challenges Bombay HC orderState- run National Thermal Power Corporation (NTPC) has approached the Supreme Court challenging Bombay High Court’s order in which the court had allowed Mukesh Ambani’s Reliance Industries Ltd (RIL) to amend its plea in the Krishna Godavari D6 block gas issues.

The firm, through its special leave petition, said, “The subject matter of disputes between petitioner (NTPC) and the Respondent (RIL) was under a global tender invited by the petitioner for supply of gas and was not as per any directive of the Central government".

Dell to offer ‘Reliance NetConnect Broadband Plus’ with its products

Dell-RelianceDell, the largest seller of PCs and servers, has announced a special bundle offer for a select range of notebooks/ netbooks with specially designed wireless broadband package from Reliance.

The Reliance’s wireless broadband device, which is presently known as ‘NetConnect Broadband Plus’, will include a USB card and 6 months of unlimited wireless broadband with the notebook/ netbook on purchase.

RIL appoints two talented professionals as Executive Directors

RIL appoints two talented professionals as Executive DirectorsReliance Industries Ltd (RIL), major player in the Indian petrochemicals sector, on Friday announced that it has appointed two new Executive Directors.

The company appointed its senior executive Mr. PMS Prasad, who directs its upstream and refining business, and Mr. R Ravimohan, former Chairman and MD of Crisil, the premier credit ratings organization, as executive directors on its board with immediate effect.

Punjab’s Industry Minister justifies scrapping of RIL's project

Manoranjan Kalia, the Industry Minister of PunjabManoranjan Kalia, the Industry Minister of Punjab, has said that the state government will welcome industrialists to invest in the state provided they brings economically viable project for the state. Punjab has recently adopted the new SEZ Act.

The Minister justified the cancellation of agreement with Reliance Industries Ltd aimed to set up mega agricultural projects worth Rs 5,000 crore in the state.

Indraprastha Gas inks ‘Gas Sale & Purchase Pact’ with Reliance, NECO

Indraprastha Gas LimitedIndraprastha Gas Limited (IGL), the sole CNG (Compressed Natural Gas) supplier in the national capital, has entered into a Gas Sale and Purchase Agreement (GSPA) with Reliance Industries Ltd (RIL) and its partner NIKO (NECO) Ltd.

Under the agreement, 0.308 mscmd of natural gas from D6 block of Krishna-Godavari basin will be made available to IGL to meet the growing demand of CNG and PNG in NCT of Delhi.

According to sources, the delivered D6 gas price is expected to be close to Rs 12 per standard cubic metre (approximately $6.8/mBtu).

Oil Ministry allays biasing charges by Anil Ambani

Oil Ministry allays biasing charges by Anil AmbaniUnion Oil Ministry, in a reply to PMO, said that it never wished to interfere in the ongoing tussle between Ambani brothers, fighting over gas pricing and supply issue from KG basin in AP. The ministry maintained that it has never shown any favor towards Mukesh Ambani in the corporate battle in the Supreme Court as alleged by Anil Ambani few days back.

The ministry apprised PMO that government's policy is above family Memorandum of Understanding and it had intervened in the case only to protect sovereign right on gas and the government's gas utilization policy.

RIL-led consortium bags Mumbai Metro-II project

MetroThe only bidder in the second phase of Mumbai metro, a consortium led by Reliance Infrastructure, has bagged contract worth Rs 11,000 crore from the Mumbai Metropolitan Region Development Authority (MMRDA). The company will develop the 32-km stretch under Metro-II project, which is expected to be operational by 2015.

RIL acquires 67% stake in KGGNL

Mukesh Ambani-led Reliance(RIL) has acquired 67 per cent stakes in Krishna Godavari Gas Network Ltd (KGGNL), promoted by the Andhra Pradesh government. KGGNL is a joint venture between Gujarat State Petroleum Corporation (GSPC), IDFC Private Equity Company Ltd and the state-owned Infrastructure Corporation of Andhra Pradesh (Incap), formed for distributing gas in various cities across the state.

Reliance Power to raise Rs 20k crore more this year

Reliance Power posts net profit of Rs 248.90 crore     The Reliance group-owned Reliance Power is planning to raise debt to the tune of Rs 20,000 crore to fund its various power projects. The company has already raised similar amounts from banks and financial institutions to meet its cash needs.

Yousuf and Jadeja brand ambassadors of RIL

Yusuf Pathan, Ravindra JadejaReliance Industries Limited has appointed two cricketers of Gujarat, all rounder Yusuf Pathan from Vadora and Ravindra Jadeja from Jamnagar, as brand ambassadors of their company at a ceremony organized at Ahmed Nagar on Tuesday.

The RIL Gujarat group president (corporate affairs), Parimal Nathwani, was also present at the ceremony and he welcomed both cricketers in their group. The wicket- keeper-batsman, Parthiv Patel has already joined RIL group. Parthiv Patel joined the group five years ago on June 25, 2004.

Anil Ambani hits at Petroleum Ministry for being biased

Anil Ambani hits at Petroleum Ministry for being biased Targeting Union Petroleum Ministry for alleged inclination towards the Mukesh Ambani-led Reliance Industries, Reliance Natural Resources chairman Anil Ambani said that the government should play a neutral role in the ongoing dispute between the two brothers over the price of natural gas from the Krishna-Godavari basin.

Addressing the shareholders, Mr. Anil Ambani said that the government is not going to gain or lose by selling gas from the fields off the Andhra Pradesh coast at the original contractual price of $2.34 per unit.

Reliance Capital plans IPO for insurance arm

Reliance Capital announces expansion plansReliance Group's financial arm, Reliance Capital is working out plans to sell stake in its four-year-old life insurance business, paving a way for its entrance in private equity and investment banking business.

Confirming the development at the company's annual general meeting, Reliance Capital Chairman Mr. Anil Ambani said, "A final decision in this matter will be taken shortly."

Declare Ambani MoU null and void: Government to SC

Mukesh Ambani and Anil AmbaniThe government of India, through a special leave petition filed in the Supreme Court, has urged the apex court to scrap the private Memorandum of Understanding (MoU) of Ambani family as it does not conform with the Gas Utilization Policy.

Both Mukesh and Anil Ambani are fighting battle since 2006 over gas from the Krishna-Godavari basin.

Reliance Digital to pump Rs 110 crore on the setup of new stores

Mukesh Ambani Mukesh Ambani owned Reliance Retail (RRL) has decided to invest about Rs 110-crore in the current fiscal to roll-out 31 stores across India.    

The company plans to take the total number of stores including Reliance Digital and iStore to 55, by this year.

Reliance Digital provides home appliance, consumer electronics, IT and telecom products. While i store is a Apple Premium Reseller store, which exclusively deals with Apple products.

The company intends to open 10 iStore and 21 Reliance Digital outlets by March 2010.    

SC to hear RIL-RNRL case on July 20

SC to hear RIL-RNRL case on July 20The Supreme Court Bench, comprising Chief Justice K. G. Balakrishnan, Justice P. Sathasivam and Justice J. M. Panchal, has sent a notice to Mukesh Ambani-led Reliance Industries (RIL) and Anil Ambani-run Reliance Natural Resources (RNRL), in response to their appeal against the orders of the Bombay High Court regarding gas supply.

The bench also sent a fresh notice to the central government and fixed the next date of hearing as July 20.

MF assets grow 5 per cent

MF assets grow 5 per cent Reliance MF has emerged as the top gainer and the largest fund house in the country in June, raising funds worth Rs 5,000 crore and increasing assets under management (AUM) to Rs 1,08,332.36 crore. The MF industry reported five per cent increase in its average assets under management with its AUM growing by Rs 31,863.31 crore.

The combined average AUM of the 35 fund houses was Rs 6,37,609.41 crore in May, which stood at Rs 6,70,993.13 crore in June, according to the figures released by the Association of Mutual Funds in India (AMFI).

iStock lunched by Reliance BIG TV

iStock lunched by Reliance BIG TV  It has been learnt that Reliance Big TV, in association with Reliance Money, has rolled out iStock, which is India's maiden portfolio tracking application through the DTH platform. This is being seen as a move taken by Reliance to provide its customers with unique and differentiated content.

An extraordinary iStock zone has been created by Reliance Money, on Reliance BIG TV's DTH platform, which offers information about Indian and international indices, currencies, commodity, stock and market news.

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