Archive for June, 2010

Reliance Industries makes 7th oil discovery in Cambay

June 29, 2010

Reliance Industries Limited (RIL) has announced discovery of another oil well in Cambay basin.

This discovery, named ‘Dhirubhai–50’, the seventh oil discovery in the block so far, has been notified to the Government of India and to the Director General, Directorate General of Hydrocarbons. The potential commercial interest of the discovery is being ascertained through more data gathering and analysis. This discovery supplements the understanding of the petroleum system in the Cambay basin in general and this block in particular. Based on interpretation of the acquired 3D seismic campaign in the contract area, several more prospects with upside potential have been identified at different stratigraphic levels.

The discovery is significant, as this play fairway is expected to open more oil pool areas leading to better hydrocarbon potential within the block. The block CB-ONN-2003/1 is located at a distance of nearly 130-km from Ahmedabad, Gujarat in the Cambay basin. The block covers an area of 635-sq km in two parts, viz. Part A & Part B. RIL, as Operator, holds 100% Participating Interest (PI) in the block.
The site in Cambay basin is located at 130 km from Ahmedabad, Gujarat. “The potential commercial interest of the discovery is being ascertained through additional data gathering and analysis,” the company said in a statement to the Bombay Stock Exchange (BSE).

It is being reported that the well flowed about 410 barrels of oil per day and the company has 100 percent interest in the block. After the news, the scrip of RIL was trading at Rs. 1,081.80 which was up by 1.74 percent on the Bombay Stock Exchange (BSE).


Reliance Industries eying MTNL for 3G Franchise

June 24, 2010

Looking at the growing need of technology, every company wants to stay ahead of the competitors and one such sector that is making best use of latest technology is the telecom sector. Of late Reliance Industries Limited has opened new channels with MTNL, one of the top 3G service providers, to market its services as a franchisee. According to the reports, after this offer by Reliance Industries Limited, Mahanagar Telephone Nigam raised high in the share market with the price of each share rising by 2.59 per cent to Rs. 65.35. The reports reveal that if the deal between both the companies is cracked, then MTNL will get the rights to sell 3G services of Reliance Industries under its own name. The services will be marketed under MTNL’s name; however the billing and payments department will remain with Reliance Industries only.

According to the reports, the talks are in the nascent stage only but the move is seen as a beneficial one for both the parties. Reliance Industries looks interested in this deal as recently RIL has ventured into the broadband sector and acquired 95 per cent share of not so famous internet service provider, Infotel Broadband Services Pvt Ltd. After entering the broadband sector, Reliance Industries Limited decided to build partnership with service providers, technology firms and device manufacturers. Partnering MTNL come across as a profitable and intelligent deal as MTNL is already offering 3G services in Delhi and Mumbai with around 4 lakh subscribers.

On the acquisition of 95 per cent share of Infotel Broadband Services Pvt Ltd. one of the rating agencies said, “Its strong financial balance sheet, with current cash and cash equivalents of more than $6 billion, and $7-8 billion in projected annual cash flow, can easily accommodate the price tag for Infotel and the expected $2-3 billion in additional capital outlays (excluding licence fees) during the initial years.” As per the reports, MTNL initially invited bids in July 2009 and it also shortlisted Virgin Mobile and Spice Group, however the deal could not work out due to regulatory issues.

The experts feel that RIL’s decision to partner with MTNL is a strategic move as other licensed telecom service providers are not permitted to bid for MTNL’s 3G franchise. Since there is no confirmation about this partnership from both the parties, it seems that MTNL may look out for other bidders as the company has already floated the tenders in the market for bidding 3G service.


RIL expected to bid for upcoming mega power plant in Chhattisgarh and Orissa

June 17, 2010

Reliance Industries, India’s biggest company by market value, plans to build at least one power plant in the country marking the oil company’s entry into commercial electricity generation, two company officials said.

The Mumbai-based refiner and energy explorer is considering bidding for a 4,000-megawatt coal-fired plant in eastern India that may cost as much as Rs 16,000 crore ($3.4 billion ), according to officials briefed on the plan, who declined to be identified before a decision is taken. One megawatt is enough to power about 200 middle-class homes in India.

India’s government has invited bids for a 4,000-mw project in Chhattisgarh by July 5 and another in adjoining Orissa by July 30. Reliance may seek to build the Chhattisgarh plant, one of the officials said on Wednesday. A company spokesman didn’t reply to an e-mail seeking comments.

Reliance’s plan to start power generation follows a June 11 decision to buy a wireless Internet services company for $1 billion as it seeks to expand beyond refining oil, making chemicals and natural gas production. The diversification became possible after billionaire chairman Mukesh Ambani ended a non-compete agreement with his brother Anil Ambani on May 23.

“Power is a natural area of diversification for Reliance after the no-compete agreement ended,” said Apurva Shah, head of research at Prabhudas Lilladher, Mumbai. “They have the skills to execute large projects and the money to fund it.”

The operator of the world’s biggest refining complex and India’s largest natural gas field had outstanding debt of about Rs 62,500 crore ($13.4 billion) and cash and equivalents of Rs 21,870 crore as of March 31, the company said in April. Reliance is in talks with banks to borrow $1 billion, two people with direct knowledge of the matter said on June 4.

The world’s richest brothers split India’s second-biggest business empire five years ago after their father died in 2002 without leaving a will and squabbled as their business interests collided . Under the 2005 agreement, Mukesh, 53, kept the petrochemicals, oil and gas units and Anil, 50, got the power, financial services, telecommunications, and entertainment units.

Reliance Power, a company run by Anil Ambani won three of India’s four so called ultramega-power projects, of 4,000mw each, auctioned by the government so far. The government plans to bar companies from bidding to build more than three such power plants at a time to ensure their timely completion, HS Brahma, then power secretary, had stated on January 15. The government proposes to build nine such plants to help almost double the country’s installed generation capacity in the next seven years.

Reliance Industries fell 0.8% to close at Rs 1,057.95 in Mumbai trading, its first decline in six days. The shares have lost 1.3% in the past year compared with a 17% increase in the benchmark Sensitive Index of BSE.


RIL drawing up plans to foray into telecom space

June 10, 2010

The board of Reliance Industries (RIL) is believed to have approved plans to enter the Indian telecommunications sector when the opportunity arises, two persons familiar with the development told ET.

India’s largest private sector company is expected to go for only the lucrative corporate bandwidth market, or the business of selling telecom and internet services to companies rather than individuals.

It is likely that the company could unveil its intent to foray into telecom at its annual general meeting on June 18, the people familiar with its plans said.

The government is currently auctioning frequency spectrum for broadband wireless access, or WiMAX, a technology that speeds up internet access and RIL is likely to set up a special purpose vehicle (SPV) to acquire one of the winners.

The RIL board met recently to endorse these plans, says a person who has seen a copy of the resolution passed at the meeting.

It is widely believed in industry circles that Mahendra Nahata-owned Himachal Futuristic’s arm, Infotel Broadband Services, could be a candidate for acquisition by RIL.

Infotel is currently among the bidders in the broadband wireless auction and is competing with the likes of Qualcomm, Anil Ambani’s Reliance Communications (RCOM), and Bharti Airtel, India’s largest telecom company by subscribers.

“Himachal Futuristic doesn’t have enough money of its own to be bidding,” said a telecom analyst with a domestic brokerage. Infotel’s bid is likely to be backed by Reliance Industries, he added.

Mr Nahata declined to comment on whether RIL or any of its arms intended to buy the company. The RIL spokesman declined to comment on the company’s future telecom plans.

The bid price for all-India spectrum was Rs 12,257 crore at the end of 110 rounds of bidding on Wednesday. Bidding for Delhi, Mumbai, Kerala and Himachal Pradesh is still on while there is a surplus spectrum slot in eight service areas. Nearly 37% of the bid amount for spectrum for all circles in India is from areas that are still under contest.


Reliance Jewels Shines in City Centre Mall, Mangalore

June 8, 2010

Reliance Jewels, the jewellery store from Reliance Retail announced the launch of its first store in Mangalore at City Centre Mall on Tuesday. This is the third store in Karnataka and 23rd store in the country.

Addressing the reporters on Tuesday, Reliance Jewels Southern region Assistant General Manager Isaac said that Reliance Jewels offers its consumers an unparalleled range of jewellery, backed by the assurance of hallmarked gold and certified diamonds, in an unmatched shopping ambience.

Reliance Jewels has a special introductory offer of flat 10 per cent off on plain Gold Jewellery making charges, flat 20 per cent off on studded gold jewellery making charges and flat 100 per cent off on diamond jewellery making charges.

Reliance Jewels guarantees 100 per cent purity as it offers only BIS Hallmarked Gold. Diamonds here are Internationally Certified by Independent Certification Laboratories.
The range at the store encompasses stunning designs in South Indian Temple Jewellery, Hyderabad Ruby and Emerald collections, Timeless Naqashi Rajkot Antique, Kolkata Filigree, Kundan and exclusive Bridal Jewellery. Plus exquisite diamond jewellery in distinctive designs, finish and superior quality to celebrate every special occasion in a woman’s life.


Reliance Life Sciences and TAKE Solutions Enter Into a Strategic Alliance

June 4, 2010

TAKE Solutions Ltd. (BSE: 532890), leaders in Life Sciences and Supply Chain Management (SCM) products, announced that the company has entered into strategic partnership with Reliance Life Sciences to supply its unique and innovative PharmaReady eCTD, SPL and PPM modules. The seamless integration of TAKE Solutions’ technologically advanced products will not only support Reliance Life Sciences in strengthening product development services; but these customized IT solutions will also add a cutting-edge finesse to the present line of business. With its strong background and industry knowledge, TAKE’s Warehousing & Clinical Systems Development and Integration tools will deliver a full spectrum of Information Management Services, leveraging on industry data standards to streamline the clinical information lifecycle. “We were looking out for a submission solution that can address our current and future requirement of our organization that enables our regulatory submissions. Also, in addition to software solutions, we wanted to partner with an organization that understands our business dynamics, and could work with Reliance Life Sciences to enhance the business process and solution set over the time to come. After a detailed market search, and understanding of the solutions available, TAKE Solutions emerged as a definite choice for us as the solution set offered us flexibility and options for customization, while meeting the core requirements. Also, TAKE Solutions as an organization has the right credentials, industry expertise and resource strength that we were looking for.” said Mr. Gopal Rangaraj, Vice President IT, Reliance Life Sciences Pvt. Ltd. “We are extremely pleased to partner with Reliance Life Sciences. Our engagement with such a credible and commended Life Sciences solution major is evidence of TAKE Solutions’ comprehensive understanding of the business, the challenges and proven track record of providing intelligent and innovative clinical regulatory solutions,” said, Mr. Ramesh L, Vice President – Sales, Life Sciences APAC, TAKE Solutions Ltd. Notes to EditorAbout Reliance Life Sciences Reliance Life Sciences, is a new millennium initiative of the Reliance Group. Reliance Group is the largest private sector enterprise in India, participating in businesses in the energy and materials value chain, with group revenues of USD 30 billion. The flagship company, Reliance Industries Limited, is a Fortune Global 500 company, and ranks 103rd amongst the world’s top companies in terms of revenues. Reliance Life Sciences is developing business opportunities in the domains of medical, plant and industrial biotechnology. From a domain perspective, these opportunities cover Biopharmaceuticals, Pharmaceuticals, Clinical Research Services, Regenerative Medicine, Molecular Medicine, Novel Therapeutics, BioFuels, Plant Tissue Culture, Plant Metabolic Engineering and Industrial Biotechnology. From an integration perspective, these opportunities encompass Repositories, Research, Process Development, Pre-clinical Studies, Clinica; Trials, Commercial-scale Manufacture and Marketing, all of which are carried out in-house. About TAKE Solutions TAKE Solutions is a leading software and services provider with domain expertise in Life Sciences (LS) and Supply Chain Management (SCM). With intellectual property assets embedded within its technology solutions, and with a set of best practices executed by skilled domain and technology professionals, TAKE is constantly looking at opportunities to drive efficiencies for its clients’ businesses. Headquartered in Chennai, TAKE primarily drives its SCM Domain Excellence Centre and Global Delivery Centre from India. Company has strong presence in the USA with Life Sciences Domain Excellence centres located in Princeton, New Jersey. The Company conducts business today with more than 390 customers worldwide. TAKE has been recognized as India’s 10th fastest growing technology company by Deloitte Technology Fast 50 India 2008 and has also been assessed at Level 5 of the Capability Maturity Model Integration (CMMI) & Level 3 of the People Capability Maturity Model, Software Engineering Institute, Carnegie Mellon University, USA. TAKE is also a Microsoft Gold Certified Partner, a Charter Member of the Microsoft BioIT Alliance, and along with its subsidiary (ACI), is a Registered CDISC Solution Provider, with recognized industry leadership in Microsoft-based Solutions, Regulated Life Sciences, and Supply Chain Management.


Reliance TimeOut launches its third store in Mumbai

June 1, 2010

Reliance TimeOut, the one-stop destination for books, music and stationery enthusiasts, a specialty format of Reliance Retail, has opened its new store in Thane, at Korum mall, Thane. After successful launches in Bangalore, Gurgaon, Kochi, Ahmedabad and Mumbai, this is Reliance TimeOut’s 13th store in the country and 3rd store in Mumbai.

The new Reliance TimeOut store extends to its customers a host of books, music, stationery, toys and gifts. It offers a huge range of choice with over 24,000 books and magazines, over 15,000 music and movie titles, more than 4,000 Stationery items and a wide range of gifts and toys.

In addition to the wide range of product offerings, Reliance TimeOut has introduced ‘Summer Carnival’ which boasts of loads of events and exciting offers on a wide range of products which will go on till mid-June. As part of the summer carnival, Reliance TimeOut is offering up to 50% off on kids’ films and up to 10% off on Kids’ books, while the grown ups can take advantage of a discount of up to 25% on retro music CDs. The store has also got deals running on back-to-school products and their fragrance range.

On the occasion of the launch, Deepinder Kapany, Business Head, Reliance TimeOut said, “We are very pleased to open our third store in Mumbai and offer our customers a whole new experience to look forward to. We have received an overwhelming response from customers for our innovative and unique concept and the exciting range of interactive activities that enables customers to meet and interact with their favorite authors. We are sure that the books, music and movie enthusiasts in the city will enjoy the experience that we have especially designed for them.”

The store will also see a lot of performances from up-coming artists and will host tons of activities for children. These products combined together with services offered in a truly world class environment and with friendly, knowledgeable and energetic staff will surely make Reliance TimeOut a place to be.

Reliance TimeOut’s initiative called ‘Book Club’ launched on 2nd August 2008 is fast transforming Reliance TimeOut into a literary hub, with varied activities conducted at least twice a month at the store. The Reliance TimeOut Book Club provides its customers a platform to engage in discussions with their favorite authors and also get entertained through various book reading and enactment sessions. For people interested in books, plays, theatre, poetry and writing, membership of the Reliance TimeOut Book Club is an absolute must. A member gets invitations for all the events at Reliance TimeOut and will also enjoy a whopping 10% off on all books purchased at the store. Unisun Publications which has been organising the Unisun Creative Writing Competitions over the years, now organises the ‘Annual Writing Contest’ for budding writers in association with Reliance TimeOut every year, which gives budding authors the opportunity to win exciting cash prizes as well as a chance to get published.