Archive for March, 2011

Mukesh Ambani’s home observed Earth Hour this Saturday

March 30, 2011

As people across the globe get ready to support the cause of saving energy this Saturday, support for this global sustainability movement has comes from a stalwart source that goes by the name of Mukesh Ambani. The staff at Mukesh Ambani’s towering magnificence of an abode – Antila – is planning to switch of non-essential lights this Saturday evening in an effort to contribute towards saving power on the occasion of Earth Hour.

Earth Hour is intended to inspire awareness and encourage sustainable actions towards conserving energy and preventing wastage. A pro-active member of society, Mukesh Ambani hones social responsibility as a crucial stepping stone towards economic development and progress. This gallant effort by Mukesh Ambani will invariably invoke many others to consider this cause and work towards it; a high point for the initiative as the leader of the corporate world steps up to the cause of environment protection and energy conservation.

Due to the rising concern for energy conservation, the concept of Earth Hour has been put into practice for some years now. Earth Hour is an initiative by the World Wide Fund for Nature (WWF), held on the last Saturday of the month of March every year. This initiative asks the people across the globe to switch-off unnecessary power for a period of one-hour. At 8:30 PM on Saturday 26th March 2011, the Earth Hour 2011 will be flagged off by the Delhi Chief Minister Sheila Dixit and Earth Hour 2011 Ambassador and Bollywood actress Vidya Balan in the presence of Mr.Jim Leape, Director General, WWF International. Other landmarks that will observe Earth Hour include the Asiatic Library, the administrative building of the Chhatrapati Shivaji Terminus (CST), the Gateway of India, and the RBI and Air India buildings. Also, the Maharashtra State Road Development Corporation (MSRDC) has decided to switch off decorative lights on the Bandra-Worli sea link (BWSL) in an effort to contribute to the initiative.

RIL’s D-6 output to double following its tie up with BP

March 25, 2011

The much talked about tie-up between Mukesh Ambani run Reliance Industries Limited (RIL) and British Petroleum (BP) is speculated to generate more than double the current gas output in D-6 block to an estimated level of 120 million cubic meters a day; thereby allowing Reliance to sanction the resulting capital expenditure towards developing the country’s biggest gas field. Despite many an eyelids batting at project, Reliance is expected to boost its output and expand its recoverable resources significantly.

According to BP’s estimates, Reliance already has 15 trillion cubic feet of reserves, which can be doubled with the help of its technical assistance and guided expertise. D-6 block currently generates 50-55 million cubic meters of gas output per day. With the access to BP’s deepwater exploration technology, the output is set to increase to almost 240% of the current level.

Over the last year, the D6 block, in function since 2009, had developed some technical issues, rousing concerns among investors and trade analysts on the competency of the project. Reliance had a projected target of 80 mmscmd output by 2011, but it could only accomplish 60 mmscmd by the end of last year. The resulting alliance has now guaranteed for Reliance assured success in achieving the target. Given BP’s sub-surface development technologies and Reliance’s execution expertise, the pressure from D6 field can be boosted extensively.

The RIL-BP deal allows BP 30% stake in the 23 of Reliance’s offshore exploration blocks for an estimated $ 9 billion, in return enabling RIL to enter the big league alongside energy majors of the world. Reciprocally, BP will be able to break into newer markets, channeled by Reliance. The two companies have also agreed to form an equal joint venture to source and market gas in India. BP is expected to make a total investment of $20 billion in these ventures, making it one of the largest foreign investments (FDI) in the country.

Mukesh Ambani’s Global Footprint gets larger

March 17, 2011

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 ‘Dabangg’ Indian Entrepreneur; Mukesh Ambani is all praises

March 8, 2011

Coming from a man who is listed in Forbes as one of the most dynamic and successful CEO’s and entrepreneurs of his time, spearheading a company that is listed as one of world’s supreme Fortune 500 enterprises, the words spoken will inevitably be the one to bank upon without the need for any reflection. But Mukesh Ambani, chairman of Reliance Industries Limited (RIL), would rather speak from example than just on some assumption.

At the recently held 83rd annual general meeting FICCI, Mukesh Ambani was all praises for the modern day Indian entrepreneurs who have made their mark so notably and globally too. He is one those impressive entrepreneurs of the modern day world who work determinately to create substantial value-both for customer and shareholders- rather than just profit. Ambani struck a tangent with everyone present at the meeting as he praised the modern day sensibilities of entrepreneurs and their modus operandi that speaks volumes of co-operative integration. In his note, he quoted stalwartly that the primary responsibility of any business today is to get the business right and seek social improvement.

“To me, the purpose of business is growth, welfare and enrichment of the nation at large—by creating jobs and generating wealth. And for that, businesses need to constantly innovate and expand-or else it will stagnate and wither away,” he said. He maintained that unless entrepreneurs have a larger purpose and businesses that change lives of millions of people, a sustainable business cannot be created.

As the conversation proceeded, he did reflect on the fact that today’s entrepreneurs from Indian are crème de la crème of some of the world’s finest and this trend is likely to continue protracted. When asked how that is, he gleeful cheered on the fact that India’s economy has grown ten folds since 1990’s liberalization resurgence and the development so far and in future will be possible due to efforts put in by today’s headstrong visionary of entrepreneurs who know better than to advance on a vertical tread. The emphasis today is, and should remain, job creation, value addition and value generation- something he and Reliance vouch for day after day.

Mukesh Ambani: The Delta Force

March 8, 2011

For a person like Mukesh Ambani, chairman of India’s largest private sector company Reliance Industries Limited (RIL), business is not just a matter of numbers. It is a matter of making any deal, a cracker one. A simple man with high ambitions is what truly epitomizes this personality and his work ethics, and this is what makes him more than just an avid deal maker.

Son of a school teacher, Mukesh Ambani’s lineage speaks proud of the heritage of purist of excellence in each and every endeavor of life, and perhaps this is one principal has stuck to its gun when it comes to this man. In every business undertaking, Mukesh Ambani sees the big picture, the picture that speaks volumes of growth, prosperity and value addition.

Lately he has push the mettle even higher by taking Reliance to a whole new pedestal, where it is not just about excellent self-derived goods but world-class collaborative output that has taken a prime stand in all of RIL’s processes.

With avid deals being signed every other week, Mukesh Ambani is a bolt of lightning that refuses to stop. He just recently signed a deal with world’s largest energy enterprise ‘BP’, which is expected to sweep Reliance to higher international grounds. The deal with BP will see the British energy giant pumping at least $ 7.2 billion into gas projects developed by his Reliance Industries, accounting for one of India’s largest foreign direct investments so far. And just when the mantle was supposedly galore with opportunist deals, came the deal with IL&FS, a venture that will augment Reliance’s image into financial services sector.

The paradigm shift which RIL is currently focusing on has lots to do with the fact that Mukesh Ambani realizes that it is time to take the company forward in terms of image and footing. From being a domestic value adding corporation to a globally collaborative force de true that aims to pursue the higher archetype of good virtue is truly a soaring quest.

For a delta force like Mukesh Ambani, Reliance Industries Limited is that alluvial foothold that is deeply rooted in value based ethics yet with an eagle eye for only the latest and the best.

RIL-Hazira LNG sign a two year pact

March 2, 2011

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.