Despite the best assertions of oil ministry, Mukesh Ambani led Reliance Industries Limited (RIL) stands to recover costs it incurred in the development of its much talked about oil and gas acreage – KG-D6 fields, after gathering a majority support from stake holders in the gas field.
Oil ministry and its technical arm Directorate General of Hydrocarbons (DGH) have tried to prevent this from happening by stating that Reliance Industries can be penalized for fall in output from KG-D6 blocks which were vehemently noted to contain zealous resource acreage. However, RIL, along with other industry officials, have duly noted that geological constraints and uncertainty cannot possibly be gauged by any operator until they are knee deep in the actual process. KG-D6 failed to generate speculated oil and gas resources but, as per recent findings from a study conducted by RIL and its partner BP Plc, the region around KG-D6 continues to hold much promise as against any other field at present.
And while DGH would have liked to amend the action by enabling a resolution in KG-D6 Management Committee (MC), neither the government nor any state run firm has any stake in operations of KG-D6 fields. The MC takes a decision only if it is backed by parties representing at least 70% stake in the block, along with support from government nominee, if any. And if majority outranks the veto presented by a government nominee, the decision is taken in favor of the majority. Because KG-D6 does not have a government nominee, individual stake holders are the ones to decide the fate of KG-D6 cost recovery issue. At present RIL and Niko have stakes in D6 operations, while BP Plc, which signed a deal with RIL to claim 30% stake in its oil and gas acreage, is yet to formally join the production sharing contract (PSC).
DGH has claimed that operator RIL is at fault for not drilling enough wells but it has failed to overlook the extensive work that has gone into KG-D6 over the years. While output has not lived up to its expected mark, it has shown prospect for growth. Plus, this issue has brought to the shore the lack of government’s trust in oil and gas operators. While discrepancies arising from natural factors cannot be avoided or overlooked, government ought to show consideration for development efforts that go into functioning of a major undertaking as KG-D6.

Reliance Industries has been given a reprieve by the DGH in the KG-D6 basin case. The official Statement from the DGH states that INdian govt cannot stop Reliance Industries not recover cost from D6 basin.

Reliance Trends, a retail subsidiary of Mukesh Ambani run Reliance Industries Limited (RIL), has opened its first store in the city of Kolkata, marking its entry into one of India’s biggest metropolitan cities. The store, now open at Axis Mall, spans across 16,000 square feet of space and offers a wide range of products in men’s wear, women’s wear and children’s apparel and accessories category. It offers more than 100 different brands- both Indian as well as international brands – at affordable price points.
Reliance Trends is a fashion apparel and accessories specialty format from the house of Reliance, having its presence in many Indian cities and townships including cities such as Delhi, Bangalore, Hyderabad, Mumbai, Ahmedabad, Kochi, Nashik, Indore, Chennai, Thane, Vijayawada, Baroda, Mangalore, Jaipur, Ranchi, Nagpur, Mysore and many others. Following the launch in Kolkata, Arun Sirdeshmukh, CEO, Reliance Trends, said, “We are thrilled to bring Reliance Trends to Axis Mall, New Town. We are confident this store, with the latest fashion, high quality products and affordable prices, will be welcomed by our discerning consumers.”
This store marks the 41st flagship store to be opened under the brand name. Reliance Trends, established in the year 2008, was recently rated the most preferred department store as per a survey conducted by Right Choice magazine. It received four stars for service, in-store experience, price and product quality, and five stars for having extensive product range. Offering fashion-forwards apparel and creative range of accessories at affordable prices, Reliance Trends has been able to carve for itself a niche in the urban markets within a short period of time, slowing paving its way towards the interiors. As it collaborates with leading global fashion labels and private brands, Reliance Trends is expected to hit 56 stores mark by the end of 2011.

Reliance Industries Limited (RIL), run by India’s corporate head-honcho Mukesh Ambani, has announced that the planned Maintenance and Inspection (M&I) shutdown that had been previously undertaken for the Fluidized Catalytic Cracking Unit (FCCU) of the DTA Refinery at Jamnagar has now been completed and the unit is set to resume functions post its shutdown for a period of nearly 5 weeks starting from 07 February 2011.
The FCC unit of the refinery was shutdown in the month of February. In its official statement, RIL sources have informed that a number of initiatives implemented during the above shutdown would lead to significant improvement in reliability and overall performance of the Unit including product yields.
The FCC converts vacuum gas oil into light value-added products like liquefied petroleum gas, gasoline-blending components and diesel. Every few years, the unit is shutdown in order to overhaul the systems and functionalities for improved performance. This M&I was carried out after five years of continuous function of FCCU. Most oil refineries across India go into maintenance in the March-April bracket so as to rev up their processes and check for abnormalities in operations.
In its annual report for the 2009-2010 fiscal quarters (April-March), Reliance said the refineries achieved peak capacity utilization rate of 120 % during the period. The two Refineries at Jamnagar Complex are planned to operate at maximum crude processing capacity i.e. 1.3 Million bbls per day during this period. All other major secondary processing units at Jamnagar Complex are also planned to operate at normal capacity including FCCU of SEZ Refinery. The fluid catalytic cracker (FCC) of about 200,000 barrels per day (bpd) is expected to resume full functions by Monday evening.

Reliance industries recently took its Global presence to a whole new level when Mr.Mukesh Ambani was appointed to the Board of the Bank of America. Mukesh Ambani, chairman and managing director of Reliance Industries, will be a part of the 2011 Bank of America annual meeting of shareholders. Bank of America is definitely looking forward to the association due to the amount of industry expertise that Ambani will be bringing to their board. Bank of America Chairman, Charles O. Holliday, has stated that Ambani has intricate knowledge in subjects like risk management and strategic planning, which will definitely contribute towards the growth of the Bank.
Mukesh Ambani is the first non-American citizen and Indian to be a part of the Bank of America Board of Directors. Ambani is delighted with this honor and is keen to be an active part of the board and provide his inputs and expertise.
Ambani has headed Reliance Industries, an organization with over 44.6 billion USD in annual revenues and a part of the Global Fortune 500, since 2002. He became a part of the organization in 1981 and eventually went on to lead the company. His strategic vision and keen eye, which contributed towards the growth of the organization, will undoubtedly bring profits for Bank of America.
Mukesh Ambani is also a member of Indian Prime Minister’s council on trade industry, Indo-US CEO’s Forum, Indo-Russia CEO council and the UN advocacy group. He is also the Co-Chair of the Japan-India Business Leaders Forum and is also an active member of the Foundation Board of the World Economic Forum.

The Reliance Industries – BP partnership has been one of the biggest corporate deals to head India’s way in a long time. It is a matter of immense significance and noteworthy because a deal of such magnanimous proportions was a result of persistent effort and resilience of Reliance Industries Limited (RIL’s) chairman Mukesh Ambani.
Recently, RIL – BP joined forces to collaborate into a deal that will see two global giants in the energy quarters pushing the mettle into deriving superior output with world-class technical excellence. This deal will see India draw the largest FDI in the recent history, subjecting India’s energy reserves to world-class buttressing of sorts.
For almost four years, Mukesh Ambani had been on the look for a strong global partner that will help RIL realize its pursuit of collaborative growth. Even though, unlikely forces halted the process many times, Mukesh Ambani was resolute on gaining the partnership of a global leader that would enable Reliance’s core enterprise to evolve into a world-class, technically sound and fiscally amplified entity.
The U.K. based British Petroleum (BP) fit bill perfectly. BP showed interest in Reliance’s ambitious outing, but a deal failed to materialize initially due to the economic meltdown of 2008. This period of economic slowdown saw many major economies of the world cave in to the recession in world trade. Even in such ferment state of things, Reliance was able to stay afloat and beat the vice formidably. Although, the period saw a tremendous crash in global oil prices, RIL put in efforts to channelize resources towards its subsidiaries that enabled a successful run through.
Later, when Mukesh Ambani resumed talks with BP for a prospective deal, the global giant encountered a massive setback with the Gulf of Mexico oil spill. Relentlessly, BP moved ahead of this chapter with resilient and extricable efforts.
Eventually, RIL and BP picked up the talks and finally settled on deal that will be inked in history as one of the paramount. The mutual collaboration of these giants will see a marriage of two super-powers that will orient benefits both industrially and economically.

The greatest men who have walked this earth have always emphasized on giving back to the society. And Mukesh Ambani, chairman of Reliance Industries Limited (RIL), thinks no different. On the appendage, he has been advocating a change CSR model (corporate social responsibility) into a “continuous social business through enterprise and entrepreneurship”.
RIL has had a long tradition of supporting larger societal institutions in the field of education, healthcare, youth empowerment and much more. At Ficci AGM held on Tuesday, Mukesh Ambani suggested many a fine reform models quoting that, “The purpose of any business cannot be only profit. Profit for the shareholders is important. But unless entrepreneurs have a larger purpose and businesses that change lives of millions of people, a sustainable business cannot be created.”
And who better to suggest reform in CSR than the man who knows the significance of co-operative augmentation for the larger good the best. Just last week, Mukesh Ambani struck a $9-billion deal with British energy major BP that would bring India its biggest FDI so far. And RIL’s gas and oil finds off the Andhra coast is estimated to save India some $9 billion in import bill; a rather huge sum of money that can be diverted towards the making provisions for healthcare, education and skills for those who are deprived access to these basic necessities.
Ambani also suggested that outlays on healthcare need to grow manifold in terms of its repute, quoting that, “Our demographic dividend, the youth and the young, are largely unprotected and uncared for. We will need to radically transform healthcare delivery to all our people.”
He emphasized the surging need to invest in economic growth and development from inside out in this spate of inflation. He suggested that the focus of development should be agricultural and rural development and empowerment, as it is this section of people who form the larger section of end users who are most directly affected by fluctuation in the economy.
He spoke of the under-leveraged consumer class from the tier II and tier III regions, which are still at the pith due to their backwardness in economic know-how and functions of modern day world. It is this class of people who are in dire need of transformation in terms of awareness, education and basic societal skills, and only then can the economy prosper in tune with the larger vision the government hones dear to its plans.
A visionary like Mukesh Ambani, a philanthropist of the modern world, is one of the many leaders who today realize and understand the need for personal empowerment and co-operative growth rather than isolated vertical advancement. His vision for transforming CSR towards improving the overall societal utility value is definitely a noble endeavor with immense reflection.

Mukesh Ambani, chairman of the ever so dynamic Reliance Industries Limited (RIL) has decided to sign a two year pact with Hazira LNG Pvt Ltd, to import a spot liquefied natural gas (LNG) from April onwards.
Recently, BP- world’s largest energy enterprise- announced its joint venture with Reliance Industries whereby it would acquire a 30% stake in 23 of Reliance’s oil and gas exploration blocks in India and as part of this deal, the two firms have decided to form an equal joint venture for sourcing and marketing of gas. Although, it is not clear whether the LNG cargoes from Hazira LNG will be imported as a part this joint venture or by Reliance Industries alone; but an indispensable requirement of the same is incontrovertible.
As the present state of things goes, Reliance is in need for LNG cargo for its processes and units located in Jamnagar, Gujarat. This refining complex can process 1.24 million barrels per day – making it the world’s biggest petrochemical and energy producing plant. In order to continue the functions at the estimated rate, Reliance needs additional cargo of gas, as its D6 production block gas is allocated to other companies. Thereby, Reliance is set to import regassified LNG equivalent to a spot cargo at an estimated 3.6 million tonne a year from the Hazira terminal on the west coast starting April this year.
Shell Gas, via its Royal Dutch Shell subsidiary, owns a 74% stake in Hazira LNG, while Total Gaz Electricite France, a unit of France’s Total, holds the remainder.
The RIL-BP joint venture, set to commence its functioning within next six months, will seek to meet the growing demand for fuel in the world’s second-fastest growing economy. According to BP’s Energy Outlook 2030, India’s daily gas consumption in 2010, estimated at 6.1 billion cubic feet (bcf) is expected to surpass15 bcf mark by 2030.
There is a mounting anticipation to produce energy products at a faster pace, and Reliance’s dealings with BP and now the Hazira LNG Pvt Ltd will prove to be a marginal effort in accounting for the same.

Renowned publishing house Hachette India recently tied up with Reliance Time – Out to launch Samit Basu’s latest thriller novel titled “Turbulence” which is also the Fiction Super Lead of the Year. The launch happened at the Reliance TimeOut Cunningham Road outlet and was followed by a conversation by the author with Zac O’Yeah who is the author of a popular book – “Once upon a time in Scandanavistan”.

Reliance truly wants to build up on the passion of reading and want to keep providing book lovers with the best possible material. The company also wants to give people the opportunity to meet up with their favorite authors up close and personal and to get a feel of the book before they pick it up.

Ever wished you could have super powers? Ever wanted to wake u one day with the ability to achieve anything? Samit Basu’s latest is everything about the charm of super powers and more. The book tells us the tale of a group of people on a flight who get out of it with sudden super powers; powers that they didn’t know that they really wanted. Managing these powers is a task that brings with it several challenges. As they are being tracked down by the proverbial evil anti-hero, these ‘Superheroes’ have to fight against the odds and learn to channel their powers in a way that will help them stand up against evil. The book brings with it nail biting action that claims to keep readers hooked on right from the first page, to the last.

Samit Basu is renowned for his wacky stories and his ability to provide readers with something that hasn’t been read or experienced before. He has written several novels and screenplays; most of which have gained fame and popularity amongst readers across several age groups. Reliance TimeOut has definitely unearthed a gem in the literary world.

Executive Director of India’s largest private sector holding Reliance Industries Limited (RIL), Nikhil Meswani is set to take on new responsibilities and that too in style. This ardent member from the house of Mukesh Ambani run RIL conglomerate has been appointed as the Chairman of India Fashion Forum (IFF) 2011, a global fashion retail business summit.
To be held on February 17-18 in Mumbai, the 11th edition of India Fashion Forum will see many world visionaries and think tanks share their visions with frontrunners of the Indian fashion industry. Many of India’s top retail chains and franchises are likely to be pro-active participants in this year’s summit as global fashion brands will fight tooth and nail to find a footing in the booming Indian fashion sector.
On being appointed as the leader of this revolutionizing and inspiring course of events, an excited Nikhil Meswani quoted, “It is my proud privilege to chair the IFF. Textile industry has grown significantly from Farm (cotton) to Fabrics in the last few decades. Now the industry is in the journey of converting Fabrics into Fashion trends of tomorrow. IFF will be an initiative that helps to integrate the industry across the value chain and give it due recognition in international arena. I look forward to interacting with captains of the business of fashion from India and overseas and explore new paths of expansion and growth for Indian market and industries.”
The torchbearers of the Indian fashion retail industry will flock the summit to snatch global fashion partners. Reliance Retail will obviously find itself in the front row as the likes of Future Group, Arvind Mills, Gitanjali group, Hidesign, Bata, Giordano Fashions, Mahindra retail, Madura garments, Tommy Hilfiger, Aditya Birla retail, reliance retail, Spencer retail, Westside, Globus, Lifestyle, G&B, Koutons, ITC, SKNL, Reebok, Adidas, Puma, Fila, Nike, Lotto, Biba, Estee Lauder, L’Oreal, Chanel, Pepe follow suit.
With tremendous growth in Indian fashion industry in last 5 years, many leading international retailers are vying for Indian market. Reliance Industries has already set the ball rolling for international partnerships as it enters into a joint venture with the likes of Quiksilver and many more. As organized retail defines for itself a definite outline, it is now up to the likes of Nikhil Meswani to take the industry forward. His expertise and insight acquired from the proficient house of Relaince will definitely play to his tune and make the summit a successful one.

One of world’s largest conglomerates in energy sector, Reliance Industries Limited (RIL) is set to take stock of options so as to decide whether or not to challenge Chevron Corp’s bid for Atlas Energy Inc.

RIL was reported quoting, “We believe Reliance, as Atlas Energy’s joint venture partner and a company with substantial financial resources, would have been the most natural and obvious potential transaction partner for Atlas Energy.”
This Indian energy major, led by dynamic Mukesh Ambani, has reportedly roped in Perella Weinberg Partners and Kirkland & Ellis to evaluate its options and look for possible directions in this matter.

Last April, Reliance had agreed to pay Atlas Energy Inc. $1.7 billion to form a joint venture and own 40 percent of Atlas’s Marcellus Shale operations in the eastern United States. Following November, Chevron Corp announced their plans to buy Atlas for $3.2 billion.

In a bolt of surprise, Reliance said in the letter, filed by Atlas with the U.S. Securities and Exchange Commission on Tuesday, that it would like to evaluate options including whether it could be able to ‘create incremental value’ for Atlas anymore. Claiming that Atlas never approached Reliance to gauge the deal, even though they were left under the pretence that Reliance would be the ‘preferred partner’ should Atlas choose to pursue a whole-company transaction, RIL is now uncertain of the party.

The Reliance letter also said that Chevron’s deal valued the Marcellus assets at a significant discount to the value attributed to them in the joint venture with Reliance. In their response, Chevron merely noted that Atlas stockholders would meet in Philadelphia on February 16 to vote on the deal.

Chevron at one point owned a 5% stake in the Jamnagar facility of Reliance Industries; which Chevron ultimately sold back to Reliance in 2009.
RIL has lately invested in areas such as shale gas so as to establish a foothold overseas and to expand its interests beyond petrochemicals, refining, conventional oil and gas exploration, and retail. This investment has the potential to not only one-up Reliance footing in the overseas quarter but also boost relative investments and expansion in sectors that Reliance Industries is associated with.