Archive for January, 2010

Mukesh Ambani – World’s Most Powerful Billionaire

January 29, 2010

Two Indians, energy mogul Mukesh Ambani and steel czar Lakshmi Mittal, have made it to the Forbes list of ‘World’s Most Powerful Billionaires’ combining massive fortunes with political clout.
“Through his industrial might, Mukesh Ambani, ranks eighth,” in the US business magazine’s annual list topped by Michael Bloomberg, mayor of New York City. Mittal ranks 13th on the list.
Bloomberg also “lords over the media, finance and fashion capital of the US and arguably the world”.
“Mukesh Ambani controls oil and gas conglomerate Reliance Industries. With a market value of more than $73 billion, the firm is India’s biggest independent company.”
Compatriot Lakshmi Mittal – India’s second wealthiest with a net worth of $30 billion – heads ArcelorMittal, the world’s largest steel maker, and ranks 13th on the list. The steel giant operates in 60 countries and has market value of $65 billion.
Mukesh Ambani, Forbes noted, has grown his section of the business inherited from father Dhirubhai’s massive industrial empire with brother Anil in 2002. Anil leads banking and telecom companies while Mukesh controls energy entities. Reliance Industries Ltd, let by Mukesh Ambani is a power to reckon with in oil, gas and petroleum exploration and production along with several solar energy initiatives under the banner of Reliance Solar Group.”
Mittal started in the family steel business in the 1970s, broke out on his own in 1994 and is now planning joint iron venture in Liberia and Guinea with miner BHP Billiton, it noted. “Bought 12-bedroom mansion in Kensington for more than $100 million in 2004; was London’s most expensive home at the time.”
Billionaire Sebastian Piñera who won Chile’s presidential election, defeating incumbent Eduardo Frei in a runoff vote is ranked 15th on the list which has two other billionaires currently running countries.
“Media and banking titan Silvio Berlusconi is prime minister of Italy and ranks second on Forbes list. Billionaire industrial heir, Saad Hariri, who was appointed prime minister of Lebanon Iast June, ranks fifth.
Rounding out the top five: Mexican telecom titan Carlos Slim and Russian oil magnate Vagit Alekperov.
Apple’s Steve Jobs ranks as the 18th most powerful billionaire in the world. Billionaires falling from the ranks this year include Oprah Winfrey, Roman Abramovich and Prince Alwaleed Bin Talal Alsaud.



Reliance’s Allahabad Division now five star certified by British Safety Council

January 27, 2010

The Allahabad Manufacturing division of RIL had received five star certification from British Safety Council on health and safety standards. The audit was conducted between November 19-21, 2009. The health and safety documentation and systems were reviewed, followed by an on-site inspection to verify the effectiveness of implementation of standards down the line.


Reliance helps double India Fuel Exports to US

January 27, 2010

India more than doubled its exports of petroleum products to the U.S. last year after Reliance Industries Ltd. started a refinery for exporting, according to tanker data collected by Clarkson Research Services Ltd.

At least 610,000 metric tons of gasoline (about 5.19 million barrels) was shipped to the U.S. from India, using 10 Aframax tankers, Clarkson data showed. India exported 2 million barrels of fuel to the U.S. in 2008, according to the Department of Energy.

Reliance, India’s biggest non-state company, started an export-oriented 580,000-barrel-a-day refinery in December 2008. It’s next to an older plant that can process 660,000 barrels a day. Together, they make up the largest refining complex in the world, according to Reliance.

“Most of India’s exports are from Reliance, which set up the new export-oriented refinery to get tax breaks from the government,” said Seema Desai, a London-based analyst at Eurasia Group. “The government-owned refineries are for the domestic market.”

India’s state-owned refineries, such as Indian Oil Corp., receive government subsidies to sell gasoline in the domestic market below cost, unlike privately owned refiners.

Reliance Exports

About 57 percent of Reliance’s refined output is for exports, Alok Agarwal, Reliance’s chief financial officer, said in an e-mail.

“The decision on the mix between the two depends on where we get better profits and the capacity of the markets to absorb the output,” Agarwal said. “We are today dealing with all the major oil companies of the world to sell our output in Asia, Europe and the U.S.”

The Baltic Clean Tanker Index rose for a third session today, up 2 points to 900 on the London-based Baltic Exchange. Crude oil for March delivery gained 72 cents, or 1 percent, to settle at $75.26 a barrel on the New York Mercantile Exchange.

As a result of rising exports, Reliance became for the first time in 2009 one of the top 10 charterers of Aframax tankers to ship petroleum products, according to a report released by Poten & Partners, a shipbroker.

Hess Corp., the fifth-largest U.S. oil company, chartered a tanker to transport gasoline for Reliance in June, according to Millennium Chartering Pte., a ship brokerage based in Singapore. Hess hired at least five Aframax tankers last year to ship gasoline to the U.S. from India, the Clarkson data showed. Aframaxes can carry 830,000 barrels.

Reliance Exports Rise

Reliance’s exports of refined products increased to 23.6 million metric tons in the nine months ended December, up from 16.2 million metric tons a year ago, the company said Jan. 22.

Domestic sales also increased, to 20.65 million metric tons from 8.01 million a year earlier, according to Bloomberg calculations based on export figures.

Indian exports rose as U.S. and European refineries process less oil because of lower profit margins. said James Williams, an economist at energy research firm WTRG Economics in Arkansas.

Plants in the U.S. ran at 78.4 percent of capacity in the week ended Jan. 15, the lowest level since September 2008, according to the DOE.


Akash Ambani turns out lucky for Mumbai Indians

January 21, 2010

Sons of two of the biggest Indian business empires made their presence felt at the auction. Mumbai Indians owner Nita Ambani had son Akash besides her on the auction table. She let him hand-over the envelope with the biding amount for Kieron Pollard to Lalit Modi. He sure was lucky as they grabbed Pollard for an undisclosed sum.

Bangalore Royal Challengers owner Vijay Mallya had son Siddhartha with him. They were seen involved in pensive discussions during bidding.


Reliance Footprint turns cash positive at store level

January 19, 2010

Reliance Footprint has become cash-positive at the chain store-level and the company expects to breakeven in the next two years.

Mr G. Sankar, Chief Executive, Reliance Footprint, said the company’s plans to take the number of stores from 16 now to 100 by March 2012 would enable it to break even. The footwear chain has 1.07 lakh sq ft and plans to take the store count to 30 by June 2010.

The footwear market in the country, currently estimated at Rs 14,000 crore, is expected to go up to Rs 25,000 crore in the next four years. About one-third of the market is in the organised segment, he said.

Reliance Footprint has tied up with ASICS Corporation of Japan to bring the 60-year-old sports brand into India. The footwear chain will sell the Japanese brand through Footprint stores and open exclusive brand outlets (EBOs) across the country. The first one would be launched in Bangalore soon and would have 10 EBOs in the first year, Mr Sankar said.

Reliance Footprint would not be averse to opening EBOs for other brands, especially in the men’s footwear segment, said Mr Sankar. The chain sells footwear, handbags and accessories totalling 20,000 SKUs across 50 brands. “We are also looking at launching footwear for specialised segments such as for diabetics and for the disabled,” he said.


Hello world!

January 18, 2010

Welcome to This is your first post. Edit or delete it and start blogging!