Archive for March, 2012

RIL restructures its finance wings for the first time in 37 years

March 29, 2012

In what can best be dubbed as an effort to rise up to the modern global financial challenges and improved accounting and risk management systems, Mukesh Ambani-led Reliance Industries Limited (RIL) has undertaken, for the first time in 37 years, a reorganization of sorts of its financial wing. V Srikanth, the deputy Chief Financial Officer (CFO)of Reliance Industries, appointed in August 2010, has been raised to the position of CFO alongside the current CFO of the company, AlokAgarwal, who is pegged informally as the ‘hands-on money manager’ at RIL.

As a part of this reorganization, RIL, India’s largest private sector conglomerate, has also divided responsibilities between the two finance heads. AlokAgarwal, ex-Bank of America (BankAm) executive, will be seen managing the company’s global risk management front, moving on from the tasks that entailed managing company’s treasury operations as a CFO. He will also work closely with the new M&A team, currently being headed by NavinWadhwani, responsible for acquisition and merger of global assets.V Srikanth, a former Citibank executive,will take charge of the day-to-day operations, primarily managing RIL’sextensive treasury operations and fund-raising plans.

Both V Srikanth and AlokAgarwal have been a part of institution of process altering changes within Reliance. V Srikanth was the one whoraised $500 million last month through sale of bonds to foreign investors in RIL’s latest instance of fund-raising transaction; while on the other hand, it was AlokAgarwal who brought in far-reaching changes in the companyin the mid-90s, after he moved out of BankAm operations, most significant of which was raising a 100-year Yankee bond –a bond denominated in U.S. dollars issued publically in the U.S. by foreign banks and corporations – for RIL. This was a first for an Indian company and saw RIL being the first company to raise money from overseas through external commercial borrowings and GDR issues.

This unanticipated restructuring of sorts by Reliance Industries is being eyed as an institution of a new practice to overhaul its financial management related practices on a regular basis, so as to be better equipped to take on changing global financial management challenges. At present, Reliance’s treasury holdings stand at around 37,652 crore, and given the sheer size and growing complexity of RIL’s business’s, a reorganization like this is certainly a good way to prepare for unfolding financial challenges in the years to come.

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Mickey Mouse to be the new brand ambassador of Mumbai Indians owned by Nita Ambani

March 22, 2012

Mumbai Indians with an international appeal is invariably known for its peculiarity for introducing something innovative. With its association with Walt Disney, this time it has once again proved its exclusiveness. This banding together of Mumbai Indians and Walt Disney surely opens up new doors for brand innovativeness. Other than the acquisition of the most expensive team in the year of 2008 for $111.9 million, Nita Ambani had amazed everyone by being invulnerable to criticism and has strengthened the team throughout these years. With Mumbai Indians winning the Champions League Twenty20 and being the runners – up in the IPL tournament last year, it has proven to be a competent team.

With the recent cherished century of centuries scored by the Master Blaster Sachin Tendulkar who leads the Mumbai Indians team and the beloved Mickey cheering for it, Mumbai Indians already seems to have gathered momentum.

Speaking about the financial status of her franchise, Nita Ambani commented that they will be able to break even in the long run maybe. However, their objective at present for the team is to be a strong and satisfactory brand that is financially independent without the support of the RIL (Reliance Industries Limited). Mumbai Indians has been the team with the maximum number of fans in Facebook and has appealed millions of people globally with cricketers like Sachin Tendulkar in the team.

Ronnie Screwvala who heads the Walt Disney India is quite delighted with this alliance. He mentioned that “Disney being the most acclaimed brand internationally has only bonded with brands that are commercially feasible in its nature.” He also feels that this coalition of Mumbai Indians and WaltDisney will expedite the aggrandizing of brand equity for both the brands. Besides, it is the insight and vision of Nita Ambani that has led to thisexciting coalition.

Being one of the most recognized and loved comic strip character since 1928, Mickey Mouse is surely going to excite all the fans of Mumbai Indians. Since the under 14 segment seem to make a major chunk of the fans of Mumbai Indians, Mickey Mouse seems to be a conscious choice. The former entrepreneur cum CEO of UTV (the largest media and Entertainment Company), RonnieScrewvalaalso mentioned that the under 14 segment is highly potential and will keep burgeoning in the next few years. Even though the sports channel ESPN being owned by Disney has never catered into cricket, this move will be a breakthrough one.

Also ,the retail revenues of Mumbai Indians team is believed to increase by large numbers this year in comparison with last year’s when it was ranging around 5-6 crore, according to Nita Ambani. Around 5000 outlet stores of Reliance and varied online websites will promote this merchandise is what she says. Besides, she also stated that she will be present for the practice match that will be held on March 26th in the Wankhede Stadium in Mumbai and all the other matches that the team will be playing across the country. IPL 2012 seems to be highly awaited.

Saif & Kareena to promote “Agent Vinod” at Reliance Digital, Phoenix City, Mumbai

March 20, 2012

19th March: Saif Ali Khan and Kareena Kapoor will be seen together at Reliance Digital which is the largest electronic store located at Phoenix City Mall Kurla(West), Mumbai promoting their upcoming movie” Agent Vinod”. With this movie geared to release on 23rdMarch this month, the real life couple has been leaving no stone unturned in promoting it.

This spy story filled with action and mystery is produced under the banner “Illuminati Films” owned by the Saif Ali Khan. Fans have been waiting with bated breath to watch this movie owing to the striking direction of Sriram Raghavan being the USP of the movie. Also, the refreshing music of this upcoming movie with songs like “Steal the night” and “Pungi” doles out to be an appealing factor.

All those who have wished to catch a glimpse of Saif & Kareena can visit the Ground floor of Reliance Digital Stores at Phoenix City, Kurla at 3.30pm on 20th March, 2012.

With more than 60 stores across the country, Reliance Digital is now one of the fastest growing electronics retail chain in India. Known for offering a value-for-money proposition, buying electronics from Reliance Digital is an infamous tale of value-purpose and one which has gathered a lot of positive opinion from customers across the country.

About Reliance Digital

Reliance Digital is the consumer durables and information technology concept from Reliance Retail. Reliance Digital seeks to fulfil the dream of every Indian, be it through its nationwide network of conveniently located stores or through its presence on the web, by providing a delightful shopping experience of products & solutions and helping them bring home the latest & best in technology from the widest selection at the lowest assured price with complete peace of mind through lifelong support.

With over 150 international and national brands and over 4000 products at amazing prices, Reliance Digital has the largest display of models to help you find the right solution that fits your lifestyle. The range at Reliance Digital spans, Audio and Video products (TV’s, DVD players, Car Audio players), Electronic Musical Instruments and Digital Cameras, Gaming Consoles and Games, Computers and Peripherals, Mobile and Fixed line instruments, Durables like, Air Conditioners, Refrigerators, Water Purifiers, Kitchen and Home Appliances.

At Reliance Digital, you get to touch, try and feel every product before you make your decision. The specially designed Experience Zones (for high-end entertainment systems like home theatres, televisions, home and car music systems) simulate exact conditions to familiarize you with your product. The trained staff will be only too happy to understand and advise on the optimum choice of products meeting your needs. What more, Reliance Digital is backed by Reliance ResQ, the service arm that is available for support all 7 days and fully geared to provide end to end solutions. For more information, log on to http://www.reliancedigital.in

About Reliance Retail Limited:

Reliance Retail Limited (RRL), a subsidiary of Reliance Industries Limited opened its first retail store in November 2006 and today operates more than 1,000 stores in over 86 cities, spanning 14 states and serving over 2.5 million customers every week. RRL is a multi-format retailer that operates

“Reliance Market – a concept for local traders and small businesses

” Reliance Fresh – a neighbourhood store concept

” Reliance Super- a super mart concept

” Reliance Mart – a hyper market concept

” Delight – a non-vegetarian offering

” Reliance Digital – a consumer durables and information technology concept

” iStore by Reliance Digital- an Apple specialty store concept

” Reliance Trends – an apparel specialty concept

” Reliance Footprint -a footwear concept

” Reliance Jewels – a jewellery concept

” Reliance Time-Out- a books, music & entertainment concept

” Reliance Living – a Furniture, Furnishing, Homeware and Home kitchen concept

” Reliance AutoZone – an automotive specialty concept

About Reliance Industries Limited:

Reliance Industries Limited (RIL) is India’s largest private sector company on all major financial parameters with a turnover of ` 2, 58,651 crore (US$ 58.0 billion), cash profit of ` 34,530 crore (US$ 7.7 billion), net profit of ` 20,286 crore (US$ 4.5 billion) and net worth of ` 1, 51,540 crore (US$ 34.0 billion) as of March 31, 2011.

RIL is the first private sector company from India to feature in the Fortune Global 500 list of ‘World’s Largest Corporations’ and ranks 100th in terms of profits. RIL ranks 68th in the Financial Times ‘FT Global 500’ list of the world’s largest companies. RIL is ranked amongst the ‘50 Most Innovative Companies – 2010′ in the World in a survey conducted by the US financial publication – Business Week in collaboration with the Boston Consulting Group (BCG). In 2010, BCG also ranked RIL as the second highest ‘Sustainable Value Creators’ for creating the most shareholder value over the decade in the world.

Saif Ali Khan to visit Reliance Digital, Ahmedabad

March 6, 2012

The Star of upcoming Bollywood movie ‘Agent Vinod’ Saif Ali Khan is set to visit the city of Ahmedabad for promotion of the film. He will be in the city for a press meet to be held at Reliance Digital store- a multi-brand electronics retail store- located at GC Road, Panchvati on 7th of March at 4:30 p.m. This is the first official press meet for the movie, which is slated for release on Friday, 23th March, 2012

Agent Vinod is a Spy thriller story directed by Sriram Raghavan and produced by Illuminati Films owned by Saif Ali Khan. The lead pair – Saif Ali Khan & Kareena Kapoor – will be seen together for the second time after their successful pairing in the 2010 block buster ‘Qurban’. The movie is about an Indian agent who gets killed abroad. Before dying, he sends a cryptic message to the headquarters suggesting that something is happening. Agent Vinod is sent to know the truth about the murder of his colleague.

Reliance Digital – India’s leading electronics retail chain – is a popular hot spot for film promotion events across the country and this time around the electronics giant is set to host the cast of Agent Vinod.

Venue:

Reliance Digital Retail Ltd.,
Shop No.4, 5 & 6, Turquoise, Opp Centre Point,
Near Panchvati Panch Rasta, CG Road,
Ahmedabad – 380009,
Gujarat

Time:

4:30 PM Onwards

About Reliance Digital

Reliance Digital is the consumer durables and information technology concept from Reliance Retail. Reliance Digital seeks to fulfill the dream of every Indian, be it through its nationwide network of conveniently located stores or through its presence on the web, by providing a delightful shopping experience of products & solutions and helping them bring home the latest & best in technology from the widest selection at the lowest assured price with complete peace of mind through lifelong support. With over 150 international and national brands and over 4000 products at amazing prices, Reliance Digital has the largest display of models to help you find the right solution that fits your lifestyle. The range at Reliance Digital spans, Audio and Video products (TV’s, DVD players, Car Audio players), Electronic Musical Instruments and Digital Cameras, Gaming Consoles and Games, Computers and Peripherals, Mobile and Fixed line instruments, Durables like, Air Conditioners, Refrigerators, Water Purifiers, Kitchen and Home Appliances.

At Reliance Digital, you get to touch, try and feel every product before you make your decision. The specially designed Experience Zones (for high-end entertainment systems like home theatres, televisions, home and car music systems) simulate exact conditions to familiarize you with your product. The trained staff will be only too happy to understand and advise on the optimum choice of products meeting your needs. What more, Reliance Digital is backed by Reliance ResQ, the service arm that is available for support all 7 days and fully geared to provide end to end solutions. For more information, log on to http://www.reliancedigital.in

About Reliance Retail Limited:

Reliance Retail Limited (RRL), a subsidiary of Reliance Industries Limited opened its first retail store in November 2006 and today operates more than 1,000 stores in over 86 cities, spanning 14 states and serving over 2.5 million customers every week. RRL is a multi-format retailer that operates

“Reliance Market – a concept for local traders and small businesses
” Reliance Fresh – a neighbourhood store concept
” Reliance Super- a super mart concept
” Reliance Mart – a hyper market concept
” Delight – a non-vegetarian offering
” Reliance Digital – a consumer durables and information technology concept
” iStore by Reliance Digital- an Apple specialty store concept
” Reliance Trends – an apparel specialty concept
” Reliance Footprint -a footwear concept
” Reliance Jewels – a jewellery concept
” Reliance Time-Out- a books, music & entertainment concept
” Reliance Living – a Furniture, Furnishing, Homeware and Home kitchen concept
” Reliance AutoZone – an automotive specialty concept

About Reliance Industries Limited:

Reliance Industries Limited (RIL) is India’s largest private sector company on all major financial parameters with a turnover of ` 2, 58,651 crore (US$ 58.0 billion), cash profit of ` 34,530 crore (US$ 7.7 billion), net profit of ` 20,286 crore (US$ 4.5 billion) and net worth of ` 1, 51,540 crore (US$ 34.0 billion) as of March 31, 2011.

RIL is the first private sector company from India to feature in the Fortune Global 500 list of ‘World’s Largest Corporations’ and ranks 100th in terms of profits. RIL ranks 68th in the Financial Times ‘FT Global 500’ list of the world’s largest companies. RIL is ranked amongst the ‘50 Most Innovative Companies – 2010′ in the World in a survey conducted by the US financial publication – Business Week in collaboration with the Boston Consulting Group (BCG). In 2010, BCG also ranked RIL as the second highest ‘Sustainable Value Creators’ for creating the most shareholder value over the decade in the world.