"There are eight companies (who have put in expression of interest)... RNRL is one of them," said A K Ahuja, managing director, Ratnagiri Gas and Power Pvt Ltd, the company that operates the nation's biggest gas-fired power plant and the adjacent LNG import facility. Others in the fray include state power utility NTPC and GMR. Ahuja said RGPPL will frame the bidding criteria and call for financial bids by next month.
Petroleum secretary RS Pandey declined to comment on the court verdict till the Government received a copy of the order. The Bombay high court on Monday upheld Anil Ambani group firm Reliance Natural Resources Ltd's contention to buy 28 mscmd of gas from Reliance Industries Ltd at USD 2.34 per mmBtu for 17 years.
Reliance Infratel, a subsidiary of the group's telecom arm RCom, is looking to dilute 10-15 per cent stake in a private placement of shares with the PE firms, investment banking sources said. The company had last year scrapped plans to raise about Rs 6,000 crore (Rs 60 billion) through sale of about 10 per cent shares in an IPO due to adverse market conditions.
Reliance MF, the country's largest fund house, has witnessed an increase of about 13 per cent with the average AUM crossing the Rs 1,00,000 crore mark in May as compared to Rs 88,387.98 crore at the end of April. In May 2008, it had crossed the Rs 100,000 crore mark, but in terms of total assets under management. This time, the level has been crossed in the average monthly AUM, which is taken into consideration in the data released by the Association of Mutual Funds of India.
"The new name reflects the branding philosophy followed by the ADA Group, where name signifies the space in which business operates and create a sharper brand presence among the stakeholders. The name change will not affect any of the rights of the company or the shareholders of the company," a senior company official said. The board of directors has decided to change the name of the company, subject to the shareholders approval and compliance with related formalities.
Mukesh Ambani-led RIL and Anil Ambani's RNRL are locked in a dispute over the terms of the gas supply master agreement, whereby RIL is to supply gas for RNRL's power projects. Earlier, the division bench of Justices J N Patel and K K Tated had said it would like to finish the hearing before Diwali, so that the judgment could be written during the vacation. But now, with the government's entry into the litigation, the hearing may not get over before the Diwali vacation.
Anil Ambani Group firm Reliance Capital has initiated the process of divesting up to 26 per cent stake in its life insurance subsidiary and is mulling options like bringing in a strategic foreign investor and an initial public offer. The company, which has been going solo so far, has decided on this divestment at this point of time because it will give a better shareholder value, besides sentiments in the market is also looking bright.
Three special economic zones promoted by Mukesh Ambani and Anand Jain in Navi Mumbai are among among 36 proposals that got cleared by the Board of Approval on Friday.
Anil Ambani Group's Reliance Money today signed an agreement with Tata group's IT arm CMC Ltd for setting up financial retail kiosks, besides training students of the software solutions provider in finance.
Having cleared over 200 special economic zone proposals, the Board of Approval will take up 46 fresh cases on Friday.
Banking on the recent cable landing station regulations, Reliance Communications is planning to launch global video transmission services on its new international long distance network.
The shares of the Mukesh and Anil Ambani group companies were on fire on Monday following the brothers burying their hatchet, with RIL gaining 2.58 per cent and Reliance-Power rallying 7.86 per cent.
Reliance Money has launched its UAE arm and plans to tap 1 lakh customers there.
Indian mobile operators led by Reliance Communications, BSNL and MTNL on Friday announced a bonanza for their users who are frequent travellers by waiving or nearly eliminating roaming charges.
Reliance Industries has inked deals to supply gas from its eastern offshore KG-D6 fields to most power sector consumers, including Essar Power and an Anil Ambani Group firm.
In another twist to the feud between the Ambani brothers, the younger sibling Anil's Group is understood to have filed a defamation suit for a whopping Rs 10,000 crore (Rs 100 billion) against elder Mukesh Ambani for remarks purported to have been made by him in an interview with the New York Times several weeks ago.
Billionaire Mukesh Ambani-run Reliance Industries will sell natural gas from its eastern offshore KG-D6 fields to Anil Ambani Group firm's power plant in Andhra Pradesh at government approved rates.
Mukesh Ambani-led Reliance Industries on Friday said it may sell gas from its KG-D6 fields to RNRL at $4.20 per mmBtu if the government allocates fuel to the Anil Ambani Group firm.
Passing an interim order, Telecom Dispute Settlement and Appellate Tribunal also directed BSNL to restore RCom's inter- connection within 48 hours of such payment. TDSAT Chairman Justice Arun Kumar said: "I am of a view that the petitioner (Rcom) should deposit an amount of 65 per cent of disputed claim in one week and respondent should restore the connection with 48 hours of the deposit."
The move by Reliance Communications to outsource its IT requirements would result in an upfront cost savings of around $200 million (Rs 900 crore), with the company seeking a guarantee to this effect from the vendors.
Lalit Jalan, the younger Ambani's Wharton classmate and CEO of R-Infra, tells Nevin John that the company will put in Rs 2,800 crore (Rs 28 billion) over the next three years as equity in various projects.
The monopoly of the state-owned State Bank of India in managing provident fund totalling about Rs 2.5 lakh crore (Rs 2.5 trillion) on Tuesday ended with government allowing three private players including ICICI and HSBC a piece of the cake.
Anil Ambani Group company, Reliance Communication Ventures Ltd said on Monday it will raise upto $1 billion through its Sponsored Global Depository Receipts and American Depository Receipts programme.
The much-touted deal between Anil Ambani group company RCOM and South African telecom giant MTN was called off on Friday. "The two sides were unable to conclude the transaction due to certain regulatory issues," RCOM spokesperson said in statement on Friday night.
Anil Ambani group company Reliance Communications Infrastructure Ltd has moved the Supreme Court seeking to recover more than Rs 58 crore (Rs 580 million) of outstanding loan from a Mukesh Ambani group firm.
As the time draws closer to the expiry of exclusivity agreement between Rcom and MTN for negotiations, one newspaper after another in Britain and the US is commenting on the eruption of a battle between the two richest brothers in the world. The controversy over the possible deal started with Mukesh Ambani-led Reliance Industries asserting its Right of First Refusal over the younger brother's company with legal notices to Rcom and MTN.
Anil Ambani group company FLAG Telecom on Wednesday announced the appointment of Punit Garg, who was heading Reliance Infocomm's international business, as its president.\n\n
Videsh Sanchar Nigam Ltd said on Tuesday it is studying FLAG Telecom's claim of a monetary relief of about 406 million dollar and will file its response with the Tribunal in due course.
The COAI decision comes in the wake of Anil Ambani group company Reliance Communications and two other CDMA players receiving approvals to offer GSM services in their respective circles of operation from the Department of Telecom on Friday.
Anil Ambani group firm Reliance Natural Resources on Friday posted a marginal increase in its net profit for the third quarter and said it hopes to get gas from Reliance Industries' KG-D6 fields once the group's Dadri power plant begins operations.
The 7,480 MW project will be the largest gas-fired power project at a single location in the world and will cost about Rs 20,000-25,000 crore (Rs 200-250 billion). Mukesh Ambani-controlled RIL for the supply of gas from the Krishna Godavari basin, where RIL is developing the largest gas reserves in the world. The matter is currently under litigation in the Bombay HC and a decision is expected soon.
The MoU says the gas supply agreement is with Reliance Energy and for the Dadri power project, senior counsel Harish Salve representing RIL said. "Nowhere does it say that the gas will go to RNRL," Salve told the division bench of Justices J N Patel and K K Tated. REL and RNRL are both Anil Ambani group companies.
RFRL Group President A N Sethuraman on September 3 filed three separate applications with the Petroleum and Natural Gas Regulatory Board for licences to sell CNG to automobiles and piped gas to households in Mumbai, Delhi, Gurgaon, Faridabad etc.
Reliance Communications has received a $750 million (Rs 3,000 crore) loan from China Development Bank that would be invested in building a nationwide GSM footprint for the telephony major. The Anil Ambani group company has received the loan for a ten-year period and at a rate of Libor (London Inter-Bank Offered Rate) plus 80 basis points. RCom had received the Reserve Bank of India (RBI) approvals for the loan, sources close to the development said.
Reliance Mutual Fund has the highest asset under managment among all the Indian mutual fund houses, as on June 30 its AUM was over Rs 59,857 crore (Rs 598.57 billion) and had 32.8 lakh investors.
Anil Ambani Group firm Flag Telecom on Monday announced the acquisition of US-based Ethernet services provider Yipes Communications for 300 million dollars (Rs 1,200 crore) in cash.
Anil Ambani group distanced itself from CBI's action on Monday accusing top officials of Reliance Infocomm for illegal call routing (before the split between Ambani brothers).
Reliance group adopted a new name, Reliance Infratel, before filing DRHP for its IPO.
FIIs have turned out to be the biggest buyers of Reliance Power's IPO. Reliance Power's FII are holding over ten-times of mutual funds.
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