Archive for July, 2010

IMG Reliance to train sixteen U-14 Indian footballers to US

July 30, 2010

The joint venture by Reliance Industries Limited (RIL) and IMG to develop, market and manage sports in India has turned out to be a boon for Indian football as the first part of their partnership with the All India Football Federation (AIFF), the group has decided to sponsor 16 India U-14 boys to spend nine months at the IMG Soccer Academy at Florida for nine months.

Back in March, when RIL and IMG announced their partnership, they decided to initiate a scholarship program which would identify Indian athletes with exceptional talent and thereby provided academic scholarships to their residential academy in the US.

It was in January this year that the AIFF held an U-14 festival in Jamshedpur from which the gifted ones were selected. These boys joined the U-13 team from last year and following a camp, the selected 22 boys were sent for the AFC U-14 festival in Iran in May where they managed to hold the hosts twice with the scoreline reading 1-1 and 2-2 respectively.

From these 22 players, 16 were chosen and shall be sponsored by Mukesh Ambani, the fourth richest man in the world according to Forbes, and the IMG group. The players have been summoned to attend a camp in Gurgaon from the 7th of next month until the 27th following which they shall depart for the US along with the coach. When contacted the AIFF, they chose to remain mum on the deal.

The IMG Soccer Academy has seven soccer fields and their facilities are used by the Bradenton Academy who run the US Soccer Residency Program which has provided a steady flow of talent for the US national team with the likes of Landon Donovan, Oguchi Onyewu, Freddy Adu, Michael Bradley and Jozy Altidore coming through their ranks.

This deal marks a new era for sponsorship as it’s the first of its kind in football in India and it’s heartening to see corporates coming forward to support the cause of the most beautiful game.

Interestingly, six of the 16 boys are hailing from Punjab and Chandigarh while the traditional hubs of Indian football, West Bengal and Goa, contributing a player each.

Mukesh Ambani, Reliance Industries, RIL



Mukesh Ambani named in UN Development Group

July 23, 2010

Reliance Industries remain on top of the list when it comes to being socially responsible or active. This time again they have hit it right with the United Nations naming Reliance Industries Chief Mukesh Ambani to a key advocacy group on Millennium Development Goals. As per the reports, this is an achievement for the corporate as it will increase its stature on the global front. According to the sources, Mukesh Ambani is the only Indian to be part of the MDG advocacy group along with other eminent personalities on board including Microsoft Chairman Bill Gates, Nobel Laureate Muhammad Yunus and philanthropist Ted Turner. The mandate of this Millennium Development Goals advocacy group includes finding various ways to fight socio-economic evils such as poverty which is a blazing issue these days. As per the sources, Mukesh Ambani will be in charge of global partnership for development which will include formulation of an open, rule bases, non discriminatory and predictable financial and trading system.

According to the United Nations representative, Mukesh Ambani, the top Indian industrialist will also look at the special needs of the least developed countries of the world as well as other landlocked developing countries along with other small islands and developing states. As per the sources, the Millennium Development Goals are eight international goals which at least 23 global organizations and 192 United Nations member states have agreed to achieve by the tear 2015. All these goals are developmental goals and will work for the benefit of the underprivileged sections of the society worldwide.

This golden opportunity will also strengthen the presence of Reliance Industries globally. Reliance Chief Mukesh Ambani feels proud to be associated with this noble cause which includes reducing poverty, reducing child mortality rates, fighting disease epidemics like AIDS and developing a global partnership for development. According to the world body, this MDG advocacy group will support the UN Secretary General Ban Ki-Moon in mobilizing global action and building political will. To set this initiative rolling, the first task of the advocacy group is the preparation for the MDG Summit which will be held in September this year and this Summit can be seen as a turning point in the collective effort to achieve the set goals by 2015.

The elder of the two Ambani siblings, Mukesh is also the member of the Prime Minister’s Council on Trade and Industry and the Board of Governors of the National Council of Applied Economic Research. Not just on the national front, Mukesh Ambani is also active in the international scene. He also holds the position of the Vice Chairman of The World Business Council for Sustainable Development.


Reliance Industries’ Vimal launches DEO2 fabric

July 16, 2010

Vimal, the flagship textile brand of Mukesh Ambani-led Reliance Industries, today announced pan-India roll out of its new range of anti-microbial suiting fabrics. The in-house innovation, called DEO2, is thought to be a first for an Indian textile firm. It can arrest growth of fungi and bacteria to keep garments odourless in hot and humid conditions, the company said.

“This breakthrough innovation in textiles will give our product a cutting edge in market. It has been found safe for human use,” Reliance Industries president (Textile Business) Anand Parekh told newspersons. The company has filed an India patent for this in-house technology developed at its facility at Naroda.

“Vimal offers fabrics in the range of Rs 150 per metre to Rs 5,000 per metre, and customers will not have to pay a penny extra for addition of this technology,” Parekh claimed.

RIL manufactures more than 12,000 design-shade combinations every year in polyester wool and woollen, polyester viscose and woollen fabrics under the Vimal brand. “The size of suiting market in India is to the order of Rs 6,500 to Rs 7,000 crore only for the manmade fibre.”

“Currently, we are number two in the organized textile sector in terms of market share. With the launch of this new range our share should grow substantially,” he said. “Our new technology follows American Association of Textiles Colours and Colourist-147 Protocol, the highest protocol for any such fabric to pass, besides certifications from Indian agencies like ATIRA and BITRA,” Parekh said.

“The company is looking to introduce this technology in the shirting range of fabrics too,” he said. Vimal, which has supplies in the defence sector in India, is looking to introduce this fabric range for uniforms for armed forces, besides other government departments.


Reliance Industries makes it to Fortune 500 list

July 12, 2010

Eight Indian companies, including oil major Indian Oil Corporation (IOC) and Mukesh Ambani-led Reliance Industries (RIL), have made it to the list of the world’s 500 largest companies compiled by Fortune.

The league of 500 elite companies for 2010 is topped by US retailer Wal-Mart Stores, followed by oil giant Royal Dutch Shell and another oil major, Exxon Mobil, in that order.

Besides IOC and Mukesh Ambani’s RIL, the other Indian companies in the list are steel-maker Tata Steel, auto company Tata Motors, oil entities Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Oil & Natural Gas Corporation (ONGC) and State Bank of India (SBI).

Tata Motors has made an entry into the list for the first time this year, while seven other Indian entities, which were part of the list in the previous year as well, are also featured in this list.

The list also features Citigroup, ArcelorMittal, Pepsico and Motorola, four companies led by people with Indian roots.

IOC has the highest rank of 125 among the featured Indian companies, followed by RIL at the 175th spot, SBI (282), BPCL (307), HPCL (354), Tata Steel (410), ONGC (413) and Tata Motors (442).

According to the magazine, IOC had revenues to the tune of $54.28 billion, RIL $41.08 billion, SBI $28.21 billion, BPCL $26.59 billion, HPCL $23.88 billion, Tata Steel $21.58 billion, ONGC $21.44 billion and Tata Motors $19.5 billion.

Vikram Pandit-led Citigroup is at 33rd place, with revenues of $108.78 billion, while NRI billionaire L N Mittal’s ArcelorMittal bagged the 99th position with revenues worth $65.11 billion.

Pepsico, run by Indira Nooyi, was ranked at 171st place with revenues of $43.23 billion and Sanjay Jha’s Motorola is at the 391st place, with $22.06 billion in revenues.


RIL and D.E.Shaw to close deal

July 1, 2010

The Mukesh Dhirubhai Ambani Group is close to signing an equal joint venture agreement with global private equity and hedge fund company DE Shaw to enter the financial services sector, the Economic Times reported today.

The tie-up will enable the Mukesh Dhirubhai Ambani group, whose flagship is Reliance Industries (RELI.BO), to offer services like energy and carbon trading and related derivatives in which DE Shaw has expertise. It will also enter more conventional sectors such as private equity, mutual funds, and other security-linked offerings, reports said. Financial terms are not available yet and it was not clear whether the joint venture would be set up under Reliance or held directly by Mukesh Ambani.

Earlier this year, the Indian government had said that it would reconsider norms for issuing banking licences but the RBI has indicated that it would not allow industrial houses such as the Tatas or RIL to enter this sector. Whether even a JV will get such a licence is debatable. However, the JV is unlikely to encounter too many problems if it sets up a non-banking finance company or NBFC which can offer an array of services ranging from broking to investment banking. Many business groups, such as the Tatas and the Adiyta Birla Group, house an NBFC in their ranks. Unlike banks, NBFCs cannot offer checking deposits to individuals and are therefore more lightly regulated than banks.

Mukesh Ambani is on the DE Shaw, India, controlling board, an entity which oversees the operations here. The negotiations are being handled by Manoj Modi, a close lieutenant of Mr Ambani, according to ET. The JV may eventually seek a banking licence in India.