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Tuesday 22 January 2013

For whom the bell tolls!Reliance Industries net profit up 24 percent, beats estimate!IMF chief urges big world economies to promote growth! Rockefeller, Omidyar, Dasra launch forum for investors!

For whom the bell tolls!Reliance Industries net profit up 24 percent, beats estimate!IMF chief urges big world economies to promote growth! Rockefeller, Omidyar, Dasra launch forum for investors!

Indian Holocaust My Father`s Life and Time, chapter: Nine Hundred Forty Eight

Palash Biswas

Mobile: 919903717833

Skype ID: palash.biswas44


Decontrolling diesel prices is not going to improve fiscal deficit situation at all. Rather it is going to add some extra meat to grave inflation.It only helped other private parties than the diesel prices!The statements of Chidambaram and Montek Singh Ahluwalia confirm the truth behind the anti people draconian move.Meanwhile, Global investors Rockefeller Foundation and Omidyar Network have teamed up with Dasra, an Indian strategic philanthropy foundation, to launch the Impact Investing Forum in India. The global investors have announced an Impact Economy Innovations Grant Fund of approximately $800,000 in India.The Fund aims to catalyse collective action and market development in India via grants that will invest in ecosystems.
The grant will be administered over the next few months by Dasra. Many young organisations have risen to the challenge of solving some of India's hardest developmental challenges through market based solutions, which has drawn the eye of global investors.

Look!India's budget-busting fuel subsidy bill for the current fiscal year ending in March is expected to remain unchanged even after a government decision to allow c to set diesel prices, Finance Minister P. Chidambaram said on Thursday.It means sterner reforms afresh!

"When they will make this small correction and how much, I can't say," he said. "So I am not factoring it."

Dismissing the contention that diesel price hike will push inflation, Planning Commission Deputy Chairman Montek Singh Ahluwalia today said it will have a benign impact on prices as consumers will be left with less money to buy other goods. The Plan Panel Deputy Chief further said that Reserve Bank (RBI) will take into account factors like government's determined action to curb subsidy and the decline in inflation while announcing monetary action in its next policy later in the month. There is pressure on RBI to cut interest rates in its third quarterly monetary policy to be unveiled on January 29 to arrest contracting industrial production and boost economic growth.

"When you have a suppressed price and you raise that prices, then the people who are paying that higher price will have less money left to buy other things and that will soften the pressure in the market on other prices.

"What is going to happen is that diesel prices are certainly going to rise but the inflation on other prices is going to be reduced...correcting those energy prices will lead to a boost of inflation is basically, in my view wrong", he told reporters here.

Satisfied with the government's decision to partially deregulate diesel by permitting oil marketing companies (OMCs) to raise prices by 45-50 paise per month, Ahluwalia said it would end under-recoveries of OMCs towards sale of transport fuel in the next 18 months.

"Basically it (under recoveries in case of diesel) is Rs 9 per litre, and if we adjust that say 50 paise per month, it will take 18 months for diesel to get back to pretty much what we call a market aligned prices...Deficit on diesel will be eliminated in 18 months", Ahluwalia said.

For whom the bell tolls!Reliance Industries net profit up 24 percent, beats estimate!The BSE Sensex rose on Friday to close above 20,000 for the first time in two years, led by gains in state-owned oil and gas companies such as ONGC, which surged for a second consecutive session after the government's diesel price hike was seen reducing their subsidy burden.The government, which fixes the retail price of diesel, told retailers on Thursday to raise the price of the subsidised fuel in small amounts every month, a move aimed at propping up public finances that should also improve revenues in the sector.Traders are now expecting more talk of fiscal consolidation in the coming days, even as December quarter earnings reports pick up pace, ahead of RBI's policy review meeting on January 29.Nations around the globe need to press forward with fiscal and reform promises, especially in the United States and Europe, to reduce the uncertainties shackling growth, the head of the IMF said on Thursday, warning that the global economy barely dodged a bullet last year.

Reliance Group

The Reliance Group, founded by Dhirubhai H. Ambani (1932-2002), is India's largest private sector enterprise, with businesses in the energy and materials value chain. Group's annual revenues are in excess of US$ 66 billion. The flagship company, Reliance Industries Limited, is a Fortune Global 500 company and is the largest private sector company in India.
Backward vertical integration has been the cornerstone of the evolution and growth of Reliance. Starting with textiles in the late seventies, Reliance pursued a strategy of backward vertical integration - in polyester, fibre intermediates, plastics, petrochemicals, petroleum refining and oil and gas exploration and production - to be fully integrated along the materials and energy value chain.
The Group's activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles, retail, infotel and special economic zones.
Reliance enjoys global leadership in its businesses, being the largest polyester yarn and fibre producer in the world and among the top five to ten producers in the world in major petrochemical products.
Major Group Companies are Reliance Industries Limited, including its subsidiaries and Reliance Industrial Infrastructure Limited.
After becoming the most influential stocks in the BSE Sensex on Thursday, Reliance IndustriesBSE 1.05 % Ltd surged over 1 per cent on Friday to hit its fresh 19 month high.

At 0930 am, RILBSE 1.05 % pared some of its morning gains and was trading 0.7 per cent higher at Rs 896.20. It has hit a low of Rs 894.15 and a high of Rs 902.70 in trade today.

The stock saw renewed buying interest after the government virtually deregulated diesel prices allowing "small" hikes over a period of time by the oil and marketing companies.

Experts said the buying interest in the stock price is much to do with expectation of healthy improvement in refining margins in its quarterly result, which will be out later today.

According to an ET Now poll, the company's net profit is likely to increase to Rs 5,078 crore, up 14 per cent, against a net profit of Rs 4440 crore in the corresponding quarter last fiscal. "The gross refining margins are seen upwards at $8.5-9 per barrel against $6.8 per barrel, year-on-year," the Poll added.

"Mukesh Ambani-led Reliance Industries is one of the biggest beneficiaries of the government move to partially deregulate diesel prices," according to analysts.

"The management of oil companies has welcomed the govt's move to deregulate prices and is getting back to their drawing boards, chalking out strategies to regain market share in selling diesel, which accounts for 40 per cent of the total refined fuel consumption," TNN reported.

On the other hand,Reliance Industries today won government approval to de-notify over 40 per cent of its Special Economic Zone in Gujarat as it plans Rs 45,000 crore projects in that area to cater to domestic market.
An official said RIL's proposal was approved at the meeting of Board of Approvals (BoA) SEZ subject to the company obtaining a no-objection certificate (NoC) from the state government for the denotification.

"The BoA today approved the proposal but they have to take an NoC from the state government and the company also have to refund the tax benefits it may have availed for operating units in the only-for-export zone," he said.

The decision was taken today by the Board of Approval for SEZ, which is headed by Commerce Secretary S R Rao. RIL's multi-product SEZ is spread over 1,764.14 hectares.

The company wants partial de-notification of an area of 728.43 hectares, leaving 1,035.72 hectares of plan for the multi-product SEZ.

Sources said that in the de-notified area RIL plans to invest Rs 45,000 crore in new projects that will cater to domestic demand.

The developer had applied for partial de-notification so as to implement a number of new projects in the domestic tariff area (DTA) in Jamnagar near the SEZ. The proposed projects will mainly cater to the significant existing domestic demand.

RIL had stated in the proposal that it plans to invest Rs 45,000 crore in projects in the de-notified area.

SEZ houses 580,000 barrels per day or 29 million tons a year oil refinery that exports fuel to far off countries
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The government has told state fuel retailers to raise diesel prices by 0.40 rupees to 0.50 rupees a litre every month to gradually align them with market rates, a source privy to the development said on Friday.The increase excludes value added tax and other taxes in various states.

The government has also told fuel retailers to sell diesel, which accounts for 40 percent of fuel consumption in the country, at free market rates to bulk consumers such as industrial clients, the source, who requested anonymity, said.

State-run Indian oil marketing companies can now raise diesel prices in line with increases in global crude oil prices, Oil Minister Veerappa Moily said on Thursday, a move that could help the government reduce its vast subsidy bill.

India's demand for diesel will stay buoyant despite its plan to hike the price of the fuel in small monthly steps, analysts and company officials said on Friday, and the country will keep up the pace of its exports of diesel.From Thursday, government allowed state fuel retailers to raise prices by up to 0.50 rupees, or one U.S. cent, a litre each month to gradually align them with market rates, and has also freed up the price of gasoil sold to bulk consumers.The plan aims to prop up public finances without triggering a popular backlash ahead of 2014 elections as India struggles to rein in fuel subsidies and hold down its fiscal deficit.Incidentally,Reliance Industries(RELI.NS) posted its first profit increase after four quarters of declining returns, buoyed by improving margins in its core oil refining business.Net profit climbed a greater-than-expected 24 percent in its fiscal third-quarter through December to 55.02 billion rupees, on net sales up more than 10 percent from a year earlier to 938.9 billion, Reliance said on Friday.The company reported an average gross refining margin of $9.6 a barrel for the quarter, compared with $6.8 a year earlier and $9.5 in the previous three months.

The country's biggest fuel retailer, Indian Oil Corp(IOC.NS), said it now loses revenue of about 9 rupees a litre on the sale of diesel, meaning the hikes will have to run for about a year-and-a-half in order to reflect market realities.

"This is a sensible approach and I don't think this will impact demand because they are going to increase the prices in a gradual way and people will get used to it," said analyst Praveen Kumar at consulting firm FACTS.

Despite paring its economic growth projections for the year, India raised its forecast for diesel consumption ahead of the decision, as the government launches a push to develop the country's infrastructure.

India expects diesel demand to rise 8.3 percent in the fiscal year ending in March, to 1.43 million barrels per day (bpd), up from a prior forecast of 5.9 percent.

It exported about 416,000 bpd of diesel in 2011/12, the bulk of that by Reliance Industries(RELI.NS), operator of the world's biggest refining complex.

"Demand is driven by broader economic activity in the country," said Kumar, adding that his firm was sticking to its forecast for growth of 4.6 percent in diesel demand in 2013, to reach 1.48 million bpd.

Analysts had expected Reliance, controlled by India's richest man Mukesh Ambani, to post a net profit of 51.2 billion rupees, according to Thomson Reuters data.

"Refining is doing sufficiently well but ... clarity is still required on where the next round of revenue growth will come from," said Rikesh Parikh, vice president for equities at Mumbai brokerage Motilal Oswal Securities Ltd.

Reliance, India's biggest company by market value, has been under pressure from investors on account of its slowing energy business and a drive into consumer-focused sectors such as telecoms, retail and financial services, in which it is yet to turn a profit.

The results were released after the close of trade in India. Shares in the Mumbai-based conglomerate, valued at $52.6 billion, closed up 1.2 percent ahead of the results.

The stock rose by a fifth in 2012, but lagged a 26 percent increase in the main stock index .BSESN.

The profit rise came despite falling production at the company's key natural gas field off India's east coast and a cut in its estimated reserves by about two-thirds.

The government is expected to increase natural gas prices by 2014, a move that would help Reliance and its partner, BP Plc (BP.L), justify higher expenditure on the block.

Reliance said it held $14.7 billion in cash at the end of December and had debts of $13.1 billion.

Demand will not be affected by the decision to raise prices gradually and diesel demand will grow about 8 percent to 8.5 percent in the current fiscal year, said M. Nene, head of marketing at state-run Indian Oil Corp.

"Industrial clients in India have no alternative to diesel, while the hike in the retail price is too small to impact demand," said Victor Shum, an oil analyst at IHS Purvin & Gertz, adding that his firm was keeping its forecast for growth of 5 percent in 2013 to 1.5 million bpd.

Regular price hikes will narrow the gap between diesel and gasoline, whose prices were freed up in 2010, and deter consumers from using it as an alternative to the fuel oil, sold at market rates and sometimes costlier than subsidised diesel.

In New Delhi, the capital, a litre of petrol costs 67.26 rupees, about 41 percent more than the equivalent volume of diesel, which costs 47.65 rupees a litre.

While analysts hope to see diesel prices freed up as well, India's key government advisory body, the Planning Commission, pointed to political challenges ahead in executing the decision.

"I would say that there is a very clear signal being given that we are going to adjust prices, but there are no iron-clad guarantees in terms of timing," Montek Singh Ahluwalia, deputy chairman of the panel, told a private news channel.

"Q3 earnings are important in the near term, but for the medium term monetary policy on January 29 would be the main trigger, followed by budget next," said Phani Sekhar, fund manager at Angel Broking.

The BSE Sensex rose 0.38 percent, or 75.01 points, to end at 20,039.04, closing above the psychologically important level of 20,000 for the first time since January 6, 2011. The index added 1.9 percent in the week.

The broader Nifty rose 0.42 percent, or 25.20 points, to end at 6,064.40, adding 1.9 percent in the week.

Besides Reliance Industries December quarter earnings later in the day, traders would watch earnings reports of many large cap stocks next week, including Hindustan Unilever (HLL.NS) on Tuesday, and those of Larsen & Toubro (LART.NS) and Maruti Suzuki India (MRTI.NS) later in the week.

Shares in state-run oil firms surged for a second day on Friday, with producer Oil and Natural Gas Corp Ltd ending 7.4 percent higher while Oil India Ltd (OILI.NS) rose 8.7 percent.

Among refiners, Hindustan Petroleum Corp Ltd gained 5.4 percent and Indian Oil Corp rose 10.6 percent, while Bharat Petroleum Corp Ltd ended 9.8 percent higher.

However, Nomura said the rally in India's state-run oil companies on Friday was excessive and that the government's move to incrementally reduce diesel prices would not lead to any improvement in the bottom line of these companies.

Maruti Suzuki (MRTI.NS) gained 3.6 percent on hopes the diesel price move would reduce chances of the government imposing duties on diesel vehicles, a scenario some investors had fretted over.

ITC Ltd, India's biggest cigarette maker, rose 0.8 percent after it beat estimates with a 21 percent rise in quarterly profit as cigarette volumes improved after four quarters of stagnant growth, aided by the launch of low-cost products during the quarter.

Shares in National Thermal Power Corporation rose 4.7 percent ahead of its December quarter earnings on Monday.

However, among stocks that fell, India's No.3 software services provider Wipro Ltd ended 7.7 percent lower, after a less-than-perfect score on its quarterly earnings report card threw a measure of doubt over the sector's near-term outlook, with new projects and contracts still elusive.

Among other IT stocks, Tata Consultancy Services fell 0.8 percent, while Infosys ended 0.4 percent lower.

Shares in Hero MotoCorp, India's largest motorcycle maker, fell 3 percent after it missed estimates for the fourth straight quarter as net profit fell 20.4 percent on rising costs and falling sales that battered margins.

Morgan Stanley said Hero MotoCorp's shares could fall relative to India's benchmark index over the next 60 days on the back of "disappointing" Q3 earnings.

India's No.3 lender, HDFC Bank (HDBK.NS), fell 0.6 percent, after its December quarter profits came in line with forecasts with a 30 percent rise in quarterly profit on Friday, led by higher loan growth, better fee income and stable asset quality.

Government's move to raise the price of subsidised diesel should help with its plans to sell shares in state companies including Oil IndiaBSE 8.95 % Ltd to help bridge the government's fiscal deficit and gives a boost to private oil refiners looking to enter the market for bulk diesel sales.

Central government, which owns about 78 per cent of Oil India, is likely to raise more than $500 million by selling 10 per cent in the explorer and producer early next month, said sources with direct knowledge of the plan, declining to be named because details are still being worked out.

Raising the diesel price may also help revive a 10 per cent stake sale in retailer Indian Oil, which hired six banks in 2010 to prepare for the sale only to shelve the issue as its earnings worsened because of the subsidies, although people familiar with the matter said such a sale was unlikely to happen soon.

Selling shares in state companies is a central plank of the government's plan to bring the deficit down to 5.3 per cent of gross domestic product for the financial year ending March and avoid a credit downgrade from global ratings agencies.

The subsidy burden of India's state oil producers and retailers has also been a worry for overseas investors, who are usually the biggest buyers of large share deals in Asia's third-largest economy.

"The element of cynicism around the public-sector oil firms will reduce a great deal after this decision," said Jagannadham Thunuguntla, equity head at SMC Global Securities. "It augurs well for the divestment programme."

The government, which fixes the retail price of diesel, on Thursday told retailers to raise prices in small amounts every month, a move that should also improve revenues in the sector. At the same time, it removed price controls for bulk sales, which account for about 18 per cent of total demand.

Indian stocks, bonds and the rupee all rallied on the government's decision with the rupee at its highest level in nearly two-and-half months on Friday.

"In aggregate the decision would help attract more investment in the oil and other sectors from foreign investors," said a senior finance ministry official, who declined to be named because of a restriction on speaking to the media in the run-up to the Indian budget release.


While shares in India's state-run oil refiners rallied, the decision to sweep away subsidies for bulk sales could create an opportunity for private rivals Reliance Industries and Essar Oil, which may look to broaden their market share.

Large-scale diesel sales account for about 18 per cent of the total demand of some 522 million barrels a year. State-run IOC, India's biggest refiner, owns about 80 per cent of the market.

"If there is a level playing field, we will be in the market and we will be competitive. We are looking at being in the market in this segment," said L.K. Gupta, chief executive of Essar Oil, India's second-largest private refiner.

Reliance, owner of the world's largest refining complex, with 1.2 million barrels per day (bpd) capacity on India's west coast, could also look to sell more in its backyard.

"There will definitely be an impact on volumes," said IOC's director of marketing, M. Nene. "Earlier there were three players, now there will be three more," he added.

Private refiners might offer better credit terms, discounts and service to bulk customers, Nene added.

Along with IOC, state-run HPCL and Bharat PetroleumBSE 9.64 % Corp sell to bulk customers, which include railways and defence industries in the state sector and cement companies, miners and power plants among private clients.

Serious competition in bulk sales is still seen some way off, with private refiners lacking the marketing infrastructure, and many big state-owned clients having annual contracts.

While a difference remains between bulk and retail prices, large-scale customers may be tempted to buy as much as they can in the market where subsidies continue.

"We have to be very vigilant at the retail level as we should not be permitting supply of diesel from the retail outlets to consumers who are not entitled to get such supplies," said Nene of IOC.

Nomura analysts said in a Friday note that "higher prices for bulk sales should reduce the bulk market size," as private companies would have lots of incentives to resort to retail purchases to cut costs.


New Delhi wants to raise $5.5 billion by selling stakes in state-owned companies in the current fiscal year that ends in March. While the plan is far behind schedule, it got a boost from a $1.1 billion offering in miner NMDC Ltd last month.

Before the NMDC sell-down, the government had raised just $148 million in the current fiscal year. Besides Oil India, the government plans to raise more than $2 billion from a stake sale in power producer NTPC LtdBSE 4.59 % next month.

Most foreign buyers stayed away from a $2.6 billion stock auction in Oil and Natural Gas Corp Ltd in March last year. Uncertainty about its subsidy burden was one of the reasons for the poor response to the issue that was bailed out by state financial investors.

State-run upstream oil companies Oil India, ONGCBSE 7.31 % and GAIL (India) LtdBSE 2.10 %, sell refined products and crude oil to state retailers at a discount, which hurts earnings and dims investor appetite.

"The biggest challenge in an offering by a public sector oil company is to answer all the investor queries around the subsidy mechanism and its impact on the earnings outlook," said a source involved in the Oil India share sale process.

"The government's diesel price move is surely a good step and brings clarity about their financials, which will boost demand for shares," said the source, who declined to be named as he was not authorised to speak to the media.

Analysts said producers such as Oil India would benefit most from the diesel price hike, given they have been selling crude oil and associate products at a discount and could be allowed to charge higher prices.

Shares in Oil India rose as much as 20 per cent on Friday, adding $1.1 billion to its market value, while the main Mumbai market index was up 0.6 per cent. The stock gave up some of its gains later and was trading up about 10.2 per cent.

At the current market price, 10 per cent of Oil India is valued at about $630 million. New Delhi usually auctions shares to investors at a discount to the market price to ensure demand.

Govt imposes 2.5 pc import duty on crude edible oils

The Union government has imposed a 2.5% import duty on crude edible oils to restrict overseas purchases and protect domestic oilseed growers. The import duty on refined varieties of palm oil, however, remains unchanged at 7.5% to check the prices.

"The Cabinet has decided to levy these duties after an in-depth consultation. The move is likely to encourage oilseed growers," said food minister KV Thomas after the meeting of the Cabinet Committee on Economic Affairs.

With the enhanced duty on crude palm oil, price payable to farmers will increase by around 150 per tonne. On the other hand, the impact of enhanced duty on prices of edible oils would be negligible at less than 1 per kg.

"The price may be further moderated on account of the huge stocks of palm oil in Malaysia and Indonesia, which may force these countries to lower the export duty currently levied in an effort to boost their exports," said an agriculture ministry official.

The agriculture ministry, which moved the proposal, had initially proposed a 7.5% duty on crude edible oil and 15% on refined palm oil. "These tariffs were quite steep and could have resulted in dearer oil prices in the country," said another minister who attended the meeting.

The tariff value will be aligned with international oil prices and fixed on a fortnightly basis.

"Since 31 July 2006, tariff values of edible oils have remained unchanged as a fiscal measure to contain inflation. The freeze has led to a significant variation between the notified tariff values and the landed prices based on international prices of edible oils, adversely affecting revenue collection and the domestic refining industry. The duty imposition will encourage domestic refiners," said a food ministry official.

The Solvent Extractors Association (SEA), an industry body, has sought that the government raise the import duty on crude palm oil by 10% and refined palmolein oil from the existing 7.5% to 20% to protect soya bean and mustard seed farmers, who are struggling to find a right price in the market due to falling oil prices following heavy imports. The prices of refined palmolein oil have come down drastically from 58,789 a tonne in December 2011 to 48,000 a tonne in December 2012.

The import of edible oil during 2011-12 (Nov to Oct) rose 19% to 99.8 lakh tonne compared to 83.7 lakh tonne during the previous year. However, the domestic availability of edible oils during 2011-12 has been 73.4 lakh tonne as against 79.2 lakh tonne during the previous year.

Edible oil companies, however, don't see any immediate change in retail prices. "There will be no change in the retail price because the duty hike may result in an increase of 50-60 paise a litre," said Angshu Mallick, COO, Adani Wilmar that sells edible oil under the Fortune brand name.

Diesel price hike could fan power costs for commercial space

The diesel price hike for bulk consumers will steeply hike the cost of operations for commercial space across all segments, including IT space, according to developers.
Oil marketing companies have announced a hike of about Rs 9-10 a litre for bulk consumers -- commercial users buying diesel for power generation.
The power cost, particularly in Tamil Nadu and other States facing a power shortage will steeply increase, say industry representatives and IT space users and developers.
For the developers, power cost is a pass through as they recover the cost of power from their tenants. It is the office space users who will feel the pinch.
In Chennai, bulk consumers buy diesel at about Rs 49 a litre and will now be shelling out over Rs 60, a hike of Rs 11. Power cost has straight away increased by over 20 per cent. A litre of diesel generates about three units of electricity.
According to Ajit Kumar Chordia of Olympia Group, a developer of commercial and residential space, IT offices typically depend on diesel generator sets for power for at least six hours a day.
The industry thumb rule is IT spaces need about three units of electricity per square feet per day. One-third of their power requirement is from diesel.
Developers typically spread their power sources across grid power, open access power from third parties and diesel generators.
But with the hike in diesel power, more consumers will depend on power exchanges which could drive up power costs again, he felt.
According to industry sources, grid power from the utility costs about Rs 5.50 a unit, on the power exchange about Rs 12 and following the diesel price hike, about Rs 20 a unit from diesel generator sets.


The Tamil Nadu Spinning Mills Association has expressed serious concern on the diesel price hike.
K. Venkatachalam, Chief Advisor to the Association, said the spinning mills were largely dependent on diesel generators to operate.
Over 15-20 tanker loads, about 12,000 litres a load, of diesel is bought from Kochi. The cost has gone up by about Rs 11 a litre to Rs 53.50.
The spinning mills are dependent solely on diesel generator sets between 6 p.m. and 10 p.m. and during load shedding and power cut.


M. Murali, Managing Director, Shriram Properties, said maintenance cost of office space will go up by about Rs 2/sq.ft a month from the present Rs 6.
Construction cost is also bound to increase as industries across the board are dependent on captive power to run their manufacturing units. A developer said lease rents are bound to take a hit. Though owners can pass on their power costs to tenants, tenants may not absorb all the costs and are bound to renegotiate or cut down on adding space.
'Hike will cripple industries'
Our Coimbatore Bureau writes: While the impact of any rise in diesel prices on captive power generation is expected to be minimal due to limited use of diesel as a fuel in gensets, any hike in transport cost would be crippling for the industrial units in Tamil Nadu, according to D. Balasundaram, Chairman, Tamilnadu Electricity Consumers Association (TECA), Coimbatore.
He, however, cautioned that if the Oil Marketing Companies (OMCs) implemented a scheme to supply bulk diesel fully-priced (without subsidy), it might lead to diversion of diesel from retail supply to bulk consumers (industrial consumers) because of significant difference in the rates for the two class of consumers.
Speaking to Business Line here on Friday, he said diesel-powered captive power plants that were new or well-maintained would be able to generate about 3.5 units of electricity for every litre of diesel. At the current retail rate of diesel of about Rs 50.50/litre in the city, per unit cost of captive power worked out to be Rs 14.40. But the power supplied by electricity board costs only Rs 5.50 making it impossible to depend entirely on captive power to run the industrial units using diesel as the fuel. It was for this reason that industries that rely on captive power plants to meet their power needs significantly use alternative fuels such as furnace oil but even these were uneconomical. Generally industries use captive power plants for short durations as it was "not just possible at all' to operate industrial units fully on diesel powered gensets."
Balasundaram said some of the large consumers have found procuring diesel from Kerala was more economical because of the tax difference that made diesel purchase cheaper by Rs 7/litre compared to the Coimbatore rates. But even this advantage would be lost if the bulk consumers were charged at market price. He was also apprehensive of the price difference between the retail price of diesel and the bulk diesel price driving large consumers to use passenger vehicles to get diesel at retail prices, at least to meet part of their needs.
He feared that industries in Tamil Nadu would suffer a major jolt because of its location disadvantage both in terms of sourcing raw materials and in sending the finished goods to the consuming centres. The hike in transport cost would make Tamil Nadu lose out its competitive edge to more strategically placed States such as Gujarat, Maharashtra, Chhattisgarh, MP, etc and this would particularly be so in case of industries such as textiles for whom transportation cost formed significant share of the production cost. Already many in Coimbatore are running their units only when the grid power was available, mostly in the night shift, leaving the workforce idle during power blackouts.


Budget 2013: Six trademark budget moves by P Chidambaram

People who have worked with him or have followed his work describe Palaniappan Chidambaram as an action-oriented and a thinking person, who has a sharp mind and is open to ideas, who is pragmatic and not hung up on ideology, who can be impatient and arrogant.

Those individual traits find rich expression in the budgets he's made for India as its finance minister. As he goes through this exercise for the eighth time, ET pored through his five earlier presentations in the UPA years and picked the minds of those who know his work to narrow six of Chidambaram's trademark budget moves.


Budgets have ceased to be about a big idea—the way, say, Manmohan Singh's presentation in 1991 was—but Chidambaram has strived to stamp each of his with one bold thought, if not more.

The boldest came in what is referred to as the 'dream budget', in 1997 in a Deve Gowda-led coalition that lasted 10 months, when he slashed the highest tax rate to 30% for individuals and 35% for companies, from 40%.

India ended up a peak tax rate that was lower than many developed countries and the 40% recommended by a Tax Reforms Committee.

"This called for considerable courage and he mustered it," says a fiscal expert who has served in various government committees in the last 20 years.

He declined to be named as he holds a government position and is not authorised to speak on such matters.

This fiscal expert says Chidambaram's thinking was that lower rates, backed by greater accountability, would increase compliance. He was proven right.

In 1995-96, a year before the cut in peak rates, personal income tax accounted for 14% of gross tax revenues.

By 2011-12, that share had increased to 18.5%. Similarly, in 2004, Chidambaram set a target to double agricultural credit in three years. It was done in two.

By 2008, when he moved from finance to the home ministry, bank credit to agriculture—which employs half of India's workers—was Rs 2,00,000 crore, against Rs 60,000 crore in 2004.

A Reserve Bank of India paper in 2009 concluded the spike in credit had a "significant impact" on agri production even though small and marginal farmers did not have great access to institutional credit.
"He takes his job seriously," says Surjit Bhalla, managing director of Oxus Investments, a Delhi-based economic advisory and research firm. "He identifies the task ahead and goes about achieving it methodically. The task now is to keep the fiscal house in order."


For all his reformist and market-friendly credentials , Chidambaram is not averse to resorting to a dose of populism to make a big political statement. Even if it challenges popular, even his own, notions of fiscal rectitude.

In 2008, a year before general elections, Chidambaram announced a scheme to waive farm loans, which ended up touching 36.8 million farmers and cost the government Rs 65,000 crore.

17 JAN, 2013, 05.00AM IST, ET BUREAU

Budget 2013: Finance Minister P Chidambaram says will not breach deficit limits

If the government sticks to the targets, the fiscal deficit is supposed to fall to 4.8% in the next fiscal and reach 3% by 2016-17.


NEW DELHI: Sending a strong signal to rating agencies on the government's commitment to cutting the fiscal deficit, Finance Minister P Chidambaram has asserted he will meet targets for the current year and the next.

"Fiscal deficit cannot be allowed to go out of hand as it may affect foreign investments. Also, you cannot lower inflation if deficit is high...I have told my colleagues in the government that the 5.3% target would not be allowed to be breached," Chidambaram told state finance ministers on Wednesday.

The finance minister was speaking at an annual pre-budget meeting. Two government officials who were present at the meeting confirmed that the FM had restated his commitment to stick to the fiscal road map. If the government sticks to the targets, the fiscal deficit is supposed to fall to 4.8% in the next fiscal and reach 3% by 2016-17.

In the past, Chidambaram has reiterated his intention to stick to the fiscal deficit target of 5.3% of GDP, but repeating the pledge a month before the budget should keep at bay ratings agencies that have been threatening downgrade.

Ratings agency Fitch had, on January 8, said India still faced a downgrade threat and said it would be closely watching the budget that will be unveiled at the end of next month.

Both Fitch and Standard & Poor's have a negative outlook on India's sovereign rating.

The odds are high that the country could be downgraded from barely investment grade BBB- to junk over the next 24 months.

Experts say Chidambaram could pull a rabbit out of the hat closer to the budget.

"There could be some surprise element on the receipt side which gives him this confidence... (such as) higher dividends...," said Abheek Barua, chief economist, HDFC Bank. The government also has the option of selling its holdings in Special Undertaking of UTI, which owns stakes in Axis Bank, L&T and ITC, he pointed out.

Budget 2013: What's inside Finance Minister P Chidambaram's mind

The renewed commitment to fiscal consolidation should also put to rest concerns over an outbreak of populism in the last full-fledged budget before the general elections in 2014.

The implications of Chidambaram's reiteration of the sacrosanct nature of the fiscal deficit is that spending will be kept in check in the upcoming budget, and there could be some innovative ideas to raise tax revenues. Another finance ministry official said all efforts will be made to ensure the target promised is kept. "The 5.3% target is sacrosanct," the official said.

Chidambaram also made a point about financing the widening current account deficit and said foreign investment is "an economic imperative and not a choice".

Ahead of the budget, the finance ministry has clamped down on allocations for ministries and departments, though subsidies could spoil the maths to some extent.

The FM's signal to his cabinet colleagues is also an indication that there will be little scope for populist measures in the next budget and spending would be kept in check. Originally, the budget presented in March 2012 had pegged the fiscal deficit at 5.1% of GDP.

16 JAN, 2013, 09.25PM IST, PTI

Budget 2013: Keep investments going, says P Chidambaram

NEW DELHI: Government's immediate priority is keeping the investment cycle going, Finance Minister P Chidambaram told the industry which asked the Centre not to consider imposing higher taxes on high income individuals.

"...there are some positive signs in the economy but no discernible trend so far," Chidambaram said during his pre-Budget consultations with industry and trade here.

According to an official release, the Finance Minister said both domestic and foreign investments are not an option but an economic imperative for the government.

"...immediate priority of the government is to keep the investment cycle going," he said. The Cabinet Committee on Investment has been constituted to resolve inter-ministerial issues and to speed-up the clearances of projects, he added.

The industry asked the government not to consider imposing higher tax on high income individuals, saying it would discourage entrepreneurship, while seeking continuance of the existing tax rates.

It also cautioned the government against imposition of Inheritance Tax and said such a step would penalise savings and investments and discourage capital formation.

"A higher rate of tax on high income group taxpayers is uncalled for as this would discourage entrepreneurship. It could lead to professionals relocating to low tax domiciles such as Singapore," FICCI President Naina Lal Kidwai said.

Assocham President Rajkumar Dhoot said: "Our opinion is tax them (the rich) but tax them reasonably. They have money and with that money they invest in the country, which generates jobs."

On the issue, CII President Adi Godrej said: "We have said any increase in taxes (on rich) will create a negative perception on investment and therefore should be avoided."

18 JAN, 2013, 05.05AM IST, ET BUREAU

Union Budget 2013: Hits and misses of the last budget

Last Budget stirred a hornet's nest with some of its tax proposals, forcing the govt to withdraw or water down some of them. But a few continue... ET takes a look:


Reliance Industries

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Reliance Commercial Corporation
Key people
(Chairman and MD)
Crude oil, natural gas,petrochemicals, petroleum,polyester, textiles, retail,telecom
* US$ 76.119 billion (2012)[1]
* US$ 4.116 billion (2012)[1]
* US$ 64.230 billion (2012)[1]
* US$ 33.263 billion (2012)[1]
23,166 (2012)[1]


Reliance Industries Limited (RIL) (BSE: 500325, NSE: RELIANCE, LSE: RIGD) is an Indian conglomerate company headquartered in Mumbai, Maharashtra, India. The company operates in three segments: petrochemicals, refining and oil & gas. Its others segment includes textile, retail business, special economic zone (SEZ) development and telecom / broadband business.
RIL is one of the largest publicly traded company in India by market capitalisation and is the second largest company in India by revenue after Indian Oil Corporation.[2] It is also India's largest private sector company by revenue and profit. The company is ranked 99th on Fortune Global 500 list of the world's biggest corporations for the year 2012.[3]



The company's petrochemicals, refining, and oil and gas-related operations form the incore of its business, other dividors of the company include cloth, retail business and special economic zone (SEZ) development. Reliance Retail has entered into the fresh foods market as Reliance Fresh.
RIL is to invest $10 billion over the next few years in its new aerospace division which will design, develop, manufacture, equipment and components, including airframe, engine, radars, avionics and accessories for military and civilian aircraft, helicopters, unmanned airborne vehicles and aerostolutions Ltd. [4]

[edit]Businesses divisions

[edit]Major subsidiaries and associates

  • Reliance Life Sciences centres its profit-making ventures around medical, plant and industrial biotechnology opportunities. Specifically, this company specializes in manufacturing, branding, and marketing Reliance Industries' products in bio-pharmaceuticals, pharmaceuticals, clinical research services, regenerative medicine, molecular medicine, novel therapeutics, biofuels, plant biotechnology, and industrial biotechnology sectors of the medical buisness industry.[5]
  • Reliance Institute of Life Sciences (Rils), established by Dhirubhai Ambani Foundation, is an institution offering higher education in various fields of life sciences and related technologies.[6]
  • Reliance Logistics (P) Limited is a single-window company selling transportation, distribution, warehousing, logistics, and supply chain-related products, supported by in-house state of the art telematics and telemetry solutions.[7]
  • Reliance Clinical Research Services (RCRS), a contract research organisation (CRO) and wholly owned subsidiary of Reliance Life Sciences, specialises in the clinical research services industry. Its clients ar primarilly pharmaceutical, biotechnology, and medical device companies.[8]
  • Reliance Solar, the solar energy subsidiary of Reliance, aims to produce and retail solar energy systems primarily to remote and rural areas and to bring about a 'transformation in the quality of life'.[9]
  • Relicord is a stem-cell banking service owned by Reliance Industries.[10]
  • Infotel Broadband is a broadband service provider which gained 4G licences for operating across India, now it is wholly owned by RIL for ₹48 billion (US$873.6 million).[11][12]

[edit]Reliance Industrial Infrastructure Limited

Reliance Industrial Infrastructure Limited (RIIL)[13] was incorporated in September 1988 as Chembur Patalganga Pipelines Limited, with the main objective being to build and operate cross-country pipelines for transporting petroleum products. The company's name was subsequently changed to CPPL Limited in September 1992, and thereafter to its present name, Reliance Industrial Infrastructure Limited, in March 1994. It has been promoted by Mr. Satyapal Jain and his associates. The company set up a 200-millimetre diameter twin pipeline system that connects the Bharat Petroleum refinery at Mahul, Maharashtra, to Reliance's petrochemical complex at Patalaganga, Maharashtra. The pipeline carries petroleum products including naphtha and kerosene. It has commissioned facilities like the supervisory control and data acquisition system and the cathodic protection system, a jackwell at River Tapi, and a raw water pipeline system at Hazira. The infrastructure company constructed a 70,000 kl petrochemical product storage and distribution terminal at the Jawaharlal Nehru Port Trust (JNPT) Area in Maharashtra.ambani RIIL is mainly engaged in the business of setting up and operating industrial infrastructure. The company is also engaged in related activities involving leasing and providing services connected with computer software and data processing.

[edit]Reliance Retail

See Reliance Retail
Reliance Retail is the retail business wing of the Reliance business. Many brands like Reliance Fresh, Reliance Footprint, Reliance Time Out, Reliance Digital, Reliance Wellness, Reliance Trendz, Reliance Autozone, Reliance Super, Reliance Mart, Reliance iStore, Reliance Home Kitchens, Reliance Market (Cash n Carry) and Reliance Jewel come under the Reliance Retail brand.

[edit]Environmental record

Reliance Industry is the world's largest polyester producer and as a result one of the largest producers of polyester waste in the world. In order to deal with so much waste, they operate the largest polyester recycling centre that uses the polyester waste as a filling and stuffing. Their idea resulting in an award in 'Team Excellence'.[14]

[edit]Awards and recognition

  • International Refiner of the Year in 2005 at the 23rd Annual Hart's World Refining and Fuels Conference[15]
  • According to survey conducted by Brand Finance and The Economic Times in 2010, Reliance is the second most valuable brand in India.[16]
  • The Brand Trust Report, 2011 has ranked Reliance industries as the 6th most trusted brand in India.[17]
  • 'Responsible Care Company' awarded by the American Chemistry Council, India in March, 2012[18]
  • RIL has been ranked at 20th position across the world, on the basis of sales, in the ICIS[19] Top 100 Chemicals Companies list.
  • RIL has been ranked No. 1 in India on the basis of average market capitalization, No. 1 in total assets and No. 2 on the basis of total income in 2012, by Business World magazine. In the same report, RIL ranked 2nd among the top 100 gainers in India.[20]


  1. ^ a b c d e "Financial Highlights". RIL Financial Highlights.
  2. ^ "RIL one of the most valuable company in India". CNBC-TV18. 14 October 2011.
  3. ^ "Fortune Global 500". CNN Money. Retrieved 9 July 2012Fortune 2012 latest rankings.
  4. ^ "RIL lines up close to $1 billion plan in aerospace sector, may hire around 1,500 people". The Times Of India. 28 July 2012.
  5. ^ "About us, Reliance Life Sciences". Retrieved 3 March 2010.
  6. ^ "Welcome to Reliance Institute of Life Sciences". Retrieved 5 November 2011.
  7. ^ "About us, Reliance Logistics". Retrieved 3 March 2010.
  8. ^ "Reliance Clinical Research Services — About". Retrieved 5 November 2011.
  9. ^ "About us, Reliance Solar". Retrieved 3 March 2010.
  10. ^ "About us, Relicord". Retrieved 3 March 2010.
  11. ^ "Reliance Industries buys 95% stake in Infotel Broadband for Rs 4,800 cr". The Times Of India. 12 June 2010. Retrieved 11 June 2010.
  12. ^ "RIL Subsidiaries & Associates".
  13. ^ Shah, Manan. "Company History". money control.
  14. ^ "Reliance Industries award". 2006. Retrieved 20 August 2010.[dead link]
  15. ^
  16. ^ "India's top 10 brands". Retrieved 26 October 2010.
  17. ^ ": Videos". Retrieved 29 April 2012.
  18. ^ "RIL gets certified as 'Responsible Care Company'". 04/03/2012. Retrieved 9 April 2012.
  19. ^ "RIL among world's largest chemical firms". The Hindu. 29 November 2010. Retrieved 9 April 2012.
  20. ^ "India's 50 Biggest Non- Financial Companies". Business World. 29/10/2012.

[edit]External links


Final Journey: Dhirubhai Ambani's funeral saw thousands of people attending. Mukesh Ambani and Anil Ambani can be seen carrying their father's body as per Hindu traditions
Dhirubhai Ambani was admitted to the Breach Candy Hospital in Mumbai on June 24, 2002 after he suffered a major stroke. This was his second stroke. The first one had occurred in February 1986 and had kept his right hand paralyzed. He was, latterly, in a state of coma for more than a week. A number of doctors were used. He died on July 6, 2002.
The country has lost iconic proof of what an ordinary Indian fired by the spirit of enterprise and driven by determination can achieve in his own lifetime.[4]
The nation has lost one of the doyens of the modern Indian corporate community, a philanthropist and above all a great human being endowed with great compassion and concern for the underprivileged sections of the society. This new star, which rose on the horizon of the Indian industry three decades ago, remained on the top until the end by virtue of his ability to dream big and translate it into reality through the strength of his tenacity and perseverance. I join the people of Maharashtra in paying my tribute to the memory of Ambani and convey my heartfelt condolences to the bereaved family.[5]
— P C Alexander, Governor of Maharastra

[edit]Majin Commercial Corporation

Dhirubhai Ambani returned from Yemen to India and started "Majin" in partnership with Champaklal Damani,[citation needed] his second cousin, who used to be with him in Aden, Yemen. Majin was to import polyester yarn and export spices to Yemen.[6] The first office of the Reliance Commercial Corporation was set up at the Narsinatha Street in Masjid Bunder. It was a 350 sq ft (33 m2) room with a telephone, one table and three chairs. Initially, they had two assistants to help them with their business. During this period, Dhirubhai and his family used to stay in a one-bedroom apartment at the Jai Hind Estate in Bhuleshwar, Mumbai. In 1965, Champaklal Damani and Dhirubhai Ambani ended their partnership and Dhirubhai started on his own. It is believed that both had different temperaments and a different take on how to conduct business. While Damani was a cautious trader and did not believe in building yarn inventories, Dhirubhai was a known risk-taker and believed in building inventories, anticipating a price rise, and making profits.[7] He was a manager of india

[edit]Reliance Textiles

Sensing a good opportunity in the textile business, Dhirubhai Ambani, along with Amit Mehra, a Delhi-based chartered accountant and company secretary residing in Ashok Vihar, Delhi, started the first textile mill at Naroda, in Ahmedabad in the year 1966. Textiles were manufactured using polyester fiber yarn.[8] Dhirubai started the brand "Vimal", which was named after his elder brother Ramaniklal Ambani's son, Vimal Ambani. Extensive marketing of the brand "Vimal" in the interiors of India madhe Reliance Textiles' Manufacturing unit, certifying it as "excellent even by developed country standards" during that period. Amit Mehra had played a pivotal role in helping and supporting Dhirubhai in this success.[9]

[edit]Dhirubhai's control over stock exchange

In 1982, Reliance Industries came up against a rights issue regarding partly convertible debentures.[10] It was rumored that the company was making all efforts to ensure that their stock prices did not slide an inch. Sensing an opportunity, The Bear Cartel, a group of stock brokers from Calcutta, started to short sell the shares of Reliance. To counter this, a group of stock brokers until recently referred to as "Friends of Reliance" started to buy the short sold shares of Reliance Industries on the Bombay Stock Exchange.[citation needed]
The Bear Cartel was acting on the belief that the Bulls would be short of cash to complete the transactions and would be ready for settlement under the "Badla" trading system operative in the Bombay Stock Exchange. The bulls kept on buying and a price of ₹ 152 per share was maintained until the day of settlement. On the day of settlement, the Bear Cartel was taken aback when the Bulls demanded a physical delivery of shares. To complete the transaction, the much needed cash was provided to the stock brokers who had bought shares of Reliance, by none other than Dhirubhai Ambani. In the case of non-settlement, the Bulls demanded an Unbadla, or penalty sum, of ₹ 35 per share. With this, the demand increased and the shares of Reliance shot above ₹ 180 in minutes. The settlement caused an enormous uproar in the market.
To find a solution to this situation, the Bombay Stock Exchange was closed for three business days. Authorities from the Bombay Stock Exchange (BSE) intervened in the matter and brought down the "Unbadla" rate to ₹ 2 with a stipulation that the Bear Cartel had to deliver the shares within the next few days. The Bear Cartel bought shares of Reliance from the market at higher price levels and it was also learnt that Dhirubhai Ambani himself supplied those shares to the Bear Cartel and earned a healthy profit out of The Bear Cartel's adventure.[11]
After this incident, many questions were raised by his detractors and the press. Not many people were able to understand as to how a yarn trader until a few years ago was able to get in such a huge amount of cash flow during a crisis period. The answer to this was provided by the then finance minister, Pranab Mukherjee in the Parliament. He informed the house that a Non-Resident Indian had invested up to ₹ 220 million in Reliance during 1982-83. These investments were routed through many companies like Crocodile, Lota and Fiasco. These companies were primarily registered in Isle of Man. The interesting factor was that all the promoters or owners of these companies had a common surname Shah. An investigation by the Reserve Bank of India in the incident did not find any unethical or illegal acts or transactions committed by Reliance or its promoters.[12]

[edit]Reliance after Dhirubhai

In November 2004, Mukesh Ambani in an interview, admitted to having differences with his brother Anil over 'ownership issues.' He also said that the differences "are in the private domain."[13]
Kundapur Vaman Kamath, the Managing Director of ICICI Bank[14] was seen in media, a close friend of the Ambani family who helped to settle the issue.

[edit]Popular in media

In 1998, a book published by Hamish McDonald titled The Polyester Prince is an unauthorized biography of Dhirubhai Ambani, outlining all his political and business conquests. HarperCollins didn't sell the book in India, because the Dhirubhai threatened legal action.[15] In 2010, an updated version went on sale in India, called Ambani and Sons; there has been no legal action against the publisher so far.[15]
A Hindi film said to be inspired by the life of Dhirubhai Ambani was released on 12 January 2007. Guru, directed by ace filmmaker Mani Ratnam, cinematography by Rajiv Menon and music by A.R.Rahman shows the struggle of a man striving to make his mark in the Indian business world with a fictional Shakti Group of Industries. Guru stars Abhishek Bachchan, Mithun Chakraborty, Aishwarya Rai,R. Madhavan and Vidya Balan. Bachchan plays Guru Kant Desai, a character implicitly based on Dhirubhai Ambani. The character is known as "Gurubhai", similar to the real-life "Dhirubhai". Mithun Chakraborty portrays Manikda who bears an uncanny resemblance to the real life Ramanath Goenka and Madhvan portrays S. Gurumurthy, who gained national fame twenty years ago, spearheading virulent attacks against the Reliance group in one of India's bloodiest corporate wars.

[edit]Awards and recognitions

  • October 2011-Awarded posthumously the ABLF Global Asian Award at the Asian Business Leadership Forum Awards.
  • November 2000–Conferred Man Of The Century award by Chemtech Foundation and Chemical Engineering World in recognition of his outstanding contribution to the growth and development of the chemical industry in India.
  • 2000, 1998 and 1996– Featured among Power 50-the most powerful people in Asia by Asiaweek magazine.
  • June 1998 - "Dean's Medal" by The Wharton School, University of Pennsylvania, for setting an outstanding example of leadership. Dhirubhai Ambani has the rare distinction of being the first Indian to get Wharton School Dean's Medal[16]
  • August 2001 – Economic Times Awards for Corporate Excellence for Lifetime Achievement.
  • Dhirubhai Ambani was named the "Man of 20th Century" by the Federation of Indian Chambers of Commerce and Industry (FICCI).
  • A poll conducted by The Times of India in 2000 voted him "Greatest Creator of Wealth In The Centuries".

[edit]Reference and notes

  1. ^ Dhirubhai Ambani on
  2. ^ [1]
  3. ^ a b [2]
  4. ^ "UK". BBC News. 2002-07-07. Retrieved 2010-12-31.
  5. ^ "Politicians, celebrities pay homage to Ambani - Rediff News". 2002-07-07. Retrieved 2010-12-31.
  6. ^ Giridharadas, Anand (2008-06-15). "Indian to the Core, and an Oligarch". The New York Times.
  7. ^ "The two faces of Dhirubhai Ambani by Paranjoy Guha Thakurta". Retrieved 2010-12-31.
  8. ^ "Indian Legends, Dhirubhai Ambani. Accessed Oct, 28. 2006". Retrieved 2010-12-31.
  9. ^ A Short Biography of Dhirubhai Ambani on Reliance Communications Ltd. (PDF File) [3]
  10. ^ "The two faces of Dhirubhai Ambani by Paranjoy Guha Thakurta". Retrieved 2010-12-31.
  11. ^ The Great Indian Scam, Story of Missing Rs. 4000 Crore by S.K. Barua and J.S. Verma (ISBN 81-70941288) P 16 & 17
  12. ^ " For this fighter, life was a big battle". Retrieved 2010-12-31.
  13. ^ "Mukesh Ambani admits to differences with Anil". 2004-11-18. Retrieved 2010-12-31.
  14. ^ "Key Players in Reliance Drama: K.V.Kamath". Retrieved 2010-12-31.
  15. ^ a b "The return of The Polyester Prince". Business Standard. 2010-10-02. Retrieved 2012-09-12.
  16. ^ Dhirubhai Ambani becomes first Indian to get Wharton School Dean's Medal [ Rediff on the net] - Accessed: January 21, 2007

[edit]External links

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