Archive for August, 2010

Mukesh Dhirubhai Ambani on World Economic Forum Board

August 27, 2010

Mukesh Dhirubhai Ambani, Chairman and Managing Director, Reliance Industries has been elected on board by the Foundation Board of the World Economic Forum.

Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, said, “We are honoured to have three distinguished new members of the Foundation Board. Mukesh Ambani will bring an extraordinary level of business acumen and his commitment to the ideals of the Forum. He has played a key role, especially related to the integration of India into all our activities.”

The Foundation Board is composed of leaders from business, politics, academia and civil society who strongly identify themselves with the Forum’s mission to improve the state of the world and who make a valuable contribution to this mission through their involvement.

Along with Mukesh Dhirubhai Ambani the other two who were elected on the board were Ben J. Verwaayen, Chief Executive Officer, Alcatel-Lucent, France; and Zhu Min, Special Adviser, International Monetary Fund (IMF), Washington DC, and a former Deputy Governor, People’s Bank of China , People’s Republic of China.

The Reliance Industries chairman will play an important role in India-WEF relationship.

Mukesh Ambani – New Role in Reel

August 20, 2010

India’s leading Industrialist Mukesh Ambani, CMD, Reliance Industries is now entering the world of Bollywood. According to sources, India’s Energy giant Mukesh Ambani and czar of Bollywood Yash Chopra might join hands to produce a film in the near future.
Mukesh Ambani’s Reliance Retail and Yashraj Films may float a 74:26 JV to set up multiplexes, run entertainment channels and produce soap operas for television. The new company formed out of this JV will use the upcoming malls of Reliance Retail nationwide to set up multiplexes.
“I love watching Bollywood movies and Yash Chopra is one of my favourite filmmakers. I have always believed that he has a Midas touch”, said Mukesh Ambani, Chairman, Reliance Industries. Mukesh Ambani has been a fan of Yash Chopra’s films since his younger days. It is said that despite the fact he has to spend lot of time in his business, he still finds time to watch latest movies with his family and friends in his Sea wind home.
The business tycoon is willing to invest a whopping amount of Rs. 200 Crores for this new venture. “Everything is at the nascent stage and no company will be forthcoming to talk about it right now,” says a source.
This move yet again demonstrates the diversity and flexibility of Reliance Industries to explore unknown territories. Mukesh Ambani may well bring about a revolution in the entertainment industry. With the amount of investments he would bring in, who knows, an Indian equivalent AVATAR may hit the box office very soon.

Reliance plans to restart fuel stations

August 12, 2010

Reliance Industries plans to reopen all of its fuel stations in the country and is currently selling petrol and diesel at the same rates as state firms, a company statement said on Wednesday. Reliance, which operates the world’s biggest refining complex at Jamnagar in Gujarat, shut down its petrol pumps in 2008 as crude prices surged towards $150 a barrel.

At the time the Indian government subsidized fuel sales by state firms, knocking private retailers out of the market. “If the government announces diesel deregulation then diesel, like petrol, will also be available at market rates. Further to this Reliance will resume operations across all pumps, pan India,” the Reliance statement said. Retail sale of petrol and diesel are again viable since the end of June when the government lifted all controls on petrol and raised administered prices of other fuels including diesel. Reliance owns more than 1,400 fuel stations in India.

The government plans to free diesel prices also, but the deputy chairman of the Planning Commission told Reuters in an interview the government would set diesel rates for the next few months. Essar Oil, the only other private refiner in India, and Reliance had together captured about 17 percent of domestic retail market for diesel and accounted for 10 percent of petrol sales by 2005 before they were forced to shut down their pumps.

“Now, with the deregulation of petrol, there is a level playing field and Reliance petrol will now be sold at the same price as that of the other oil companies,” the statement said.