Archive for November, 2012

Reliance InfotelWill BolsterThe Team Before Rolling Out 4G

November 23, 2012

While RIL (Reliance Industries Limited) proved everyone wrong by not participating in the bid for 2G bid, it once again may seem to be unpredictable with its decision of postponing the 4G rollout by taking sufficient time to strengthen the core team before the launch. Reliance Infotel, the telecom arm of RILensured that it would not rush through the process and would rather focus on providing the best services for which it willrequire a considerable amount of time and efforts.

RIL forayed into the telecom sector with its acquisition of 95% stake in Infotel Broadband and later winning the fourth generation (4G) broadband spectrum PAN India, in June 2010 with an agreement to give out an additional Rs.12,848 crore for the spectrum. The entire contract came with an obligation to roll out the services within five years.

Everybody predicted the behemoth led by MukeshAmbanito participate in the 2G auction, as it was a part of the pre- bid conference and considering the fact that the company will augment its services by bundling data with voice services. By providing voice cum data services, RIL will be able to gain ground and have its hands on a market of $ 8bn revenue.

When asked about the same, an executive who caters to the provision of service to Reliance Infotel claimed that rather than rushing through the process, the company is focusing on strengthening its eco-system for the long-term evolution technology based broadband wireless service. Besides, it has sufficient time to meet the rollout obligation. According to him, the company may, however, proceed for a soft launch of the service, in Delhi and Mumbai next year. The company is done with the process of equipment buying for the installation of 1000 towers and has embarked on site selection.

It is also, at present, laying emphasis on hiring the right people to spearhead the process. SumitChowdhary is the new Chief Information Officer (CIO) who heads the systems, technology and product platform after having a successful stint at IBM where he served as the vice – president and partner. Previously, he also worked with Anil Ambani’s venture, Reliance Communications. The company has also roped in ArvindRao as the Head of Innovation and Platform who was the former Managing Director and Chief Executive Officer of OnMobile Global.The company has, at present,decided not to reveal its strategies and comments about the recruitment process.

RIL Gets a Go- Ahead to Drill a Well in D-19 field

November 19, 2012

As a part of its USD 1.529 billion plan for developing four satellite gas fields in the eastern offshore KGD6 block, the Upstream Oil Regulator DGH sanctioned the proposal of RIL to drill a well. The Directorate General of Hydrocarbons (DGH) approved the drilling of one development well KG-D6- G2 in the Dhirubhai -19 or D-19 to the Joint Secretary (Exploration).

There are 18 Gas and one oil find in the KGD6 block in the Bay of Bengal that RIL has made till date. Among them, the largest ones including Dhirubhai 1 and 3 were effectuated in April 2009 while the other one was put into effect on September 2008. The DGH had given a go ahead for four satellite gas fields including D19 this January mentioning that the OFDP (Optimized field development plan) for the predicted eight-development gas wells with a peak gas production of 10.30 million standard cubic meters per day. It has been waiting for almost three years to develop new oil fields in the KGD6 block.

Owing to the problem caused due to water and sand soaking into the wells, the output of D1 and D3 witnessed a setback this month. These satellite fields can act as an impetus to increase its output from the block. RIL had earlier presented OPDPF for four satellites (D-2, 6, 9 and 22) gas discoveries on December 19, 2009. They have mentioned the peak gas production rate to be 10.30 mmscd and the recoverable reserves are estimated to be 617 billion cubic meters for inplace reserves of 1.343 tcf. The Management Committee mentioned that DGH had approved the OFDP that was proposed. Consequently, we can foresee the initiation of this gas supply from mid-2016.

The company is presently waiting the sanctioning of its investment to USD 2.338 bn. for the production of 15mmscd of gas from D-24 in the same block.

It had earlier proposed to drill an exploration well at its own cost and expressed its desire to study about the reservoir features and working. It also opined about the need to drill exploration well in the D1 –D3 development area to study about the Mesozoic synfrint clastic reservoir that lies underneath D1-D3 Mining Lease Area.

RIL (Reliance Industries Limited), India’s largest private sector company led by Mukesh Ambani has also recently made it to the top position in the BT500 rankings, toppling TCS this year.

HSBC Apologizes ForErroneously Including MukeshAmbani’s Name In The List of Beneficiary Account Holders

November 9, 2012

Realizing the error of including MukeshAmbani’s name in the List of Beneficiary Account holders in Switzerland, the Swiss Unit of HSBC Plc. has expressed their regret, and apologized for involving him in an investigation by the Income Tax Authorities in India, as his name was included in the list of people who have beneficiary accounts in Switzerland, mistakenly. The bank in a letter to MrMukeshAmbani clearly stated that neither he nor his company, RIL (Reliance Industries Limited) have a beneficiary account with the private banking division of the bank.

Petra Muheim Quick, the bank’s deputy General counsel in Switzerland and Stephen Barney, director of the private banking businesshave in the letter mentioned that they were sorry about the confusion after an internal review and investigation, owing to a data theft. Now, they can assure that MukeshAmbani is neither a holder nor the beneficiary owner of any account with their bank in Switzerland.Itdeemed administrative errors responsible for the entire faux pas and regretted for the inconvenience caused to MukeshAmbani. His earlier association with Flag Telecom has been a reason for the entire gaffe.Until 2005, hehas served to be the director of Flag Telecom, which had a commercial account with the bank from the period of December 2004 to August 2007, where he was an authorized signatory to the account. The bank believes MukeshAmbani’s HSBC account with Flag to be a reason for the erroneous listing. The company is at present under the helmsman ship of Anil Ambani Group.

The letter also ensured that they have rectified the errors and mentioned that they understand that it is clearly an unacceptable situation for Mukesh Ambani, Chairman, and CEO of RIL (Reliance Industries Limited) and has requested him to accept their unreserved apologies for the same.

India received a detailed list of people with beneficiary accounts in HSBC, Switzerland from the French Authorities, a few months back. The Indian authorities used this information to impose additional taxes on people who were suspected to have unofficial overseas accounts for hoarding money. Following the theft of data by an HSBC employee who handed over the data to French authorities, the situation came out of the closet. In July 2011, the Swiss Government directed the Swiss division of the London headquartered bank of the HSBC Private Bank to pass on the data to India.

Spreading Happiness is a big deal-Priyanka Chopra

November 2, 2012

“Spreading Happiness is a big deal,” says Priyanka Chopra, acknowledging Reliance Digtial’s ‘ Happiness campaign,’ where it has been offering free Skype calls to kids staying abroad to connect with their parents. This initiative by Reliance Digital, to bridge the distance barrier, has been a reason for happiness, to scores of kids and parents who have been connected to each other without any disturbances or interruption. Priyanka Chopra, former Miss World and a successful actress,visited Reliance Digital Store to promote her maiden album ‘In My City’ and expressed her joy over the success of the album across the globe.