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Sunday, June 20, 2010

Reliance AGM Focused on HURRIBLE Horrible GREED of INDIA INCs to GROW Beyond Democratic Set UP as PROFIT Oriented Manipulation is DEFINED as Governance, Financial Regulation and Fiscal Policy in LPG Mafia Raj!

Reliance AGM Focused on HURRIBLE Horrible GREED of INDIA INCs to GROW Beyond Democratic Set UP as PROFIT Oriented Manipulation is DEFINED as Governance, Financial Regulation and Fiscal Policy in LPG Mafia Raj!

RIL aims to double enterprise value to Rs 5,00,000-cr in 10yrs!


Indian Holocaust My Fathers Life and Time- Three Hundred NINETY NINE

Palash Biswas


http://indianholocaustmyfatherslifeandtime.blogspot.com/

RIL aims to double enterprise value to Rs 5,00,000-cr in 10yrs!


Provided the stories about Dhirubhai Ambani Saga of Miracles are TRUE, his connection to the Zionist Brahaminical Gandhi Nehru Dynasty decisively changed the Ways of Indian Economics and Economy!What the GUJJU dare devil dared, it would Never come in the wildest dreams of a desettled ten resettled, Marxist then Ambedkarite, Partition Victim Bengali Refugee as my late Father PULIN Babu was.But as an All India Refugee Leader, I may say that the non recognised SC Refugee Peasant leader had known New Delhi Ministries, Avenues and Streets better than the Great Dhirubhai.Even he had the Access! Mrs Indira Gandhi did visit DINESHPUR before the Great Return after Emergency Debacle in 1980.The Iron lady had a meeting with my Father in New Delhi as she wanted to secure the Bengali Refugee Vote Bank and my father did support her.

At the time, I had suggested that the REFUGEES should demand Seats in Parliament and Assemblies. It was the best time for the Bargain! My father was RELUCTANT to any such idea. In fact, he had NEVER the Empowerment, Courage, Cash and Capacity as Dhirubhai had.He was simply Duped by the Hegemony as his  People continue to be! This is the story of Indian Free Market Democracy, quite Identical with Dhirubhai AMBANI and RELIANCE Saga at the on one hand, and on the Other hand the MULTITUDE of Millions, according to SARAMGO, who are just born to SUFFER!

I had been writing and speaking about the Manipulation and did write that the Big Billionaire Brothers are Playing with the System with their MONEY Machine upgraded. As the so much so hyped Judicial FARSE behind, the AMBANIES Combined have ENSURED Sector to Sector SUPREMACY and Mukesh has set the BALL Run to win something more Vital than the FIFA World Cup. The AMBANIES have bettered in Skill, Power, Technique, Speed,Stamina, Ball Play, Dribbling, One touch One Play, Tackling, Dead Ball Situations even better than any MESI or MARA DONA Himself! Indian Economy on SELL OFF has stripped naked to tell the TRUTH so disguised!

ET: Business, Financial, India Stock Market NewsCorporate
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The rise of Indian-Americans in US politics

WASHINGTON: Meet Reshma, Surya, Manan, Raj, Ami, Ravi, Nimrata and Kamala — a new wave of Indian-American politicians. At least eight children of

Indian immigrants are running for Congress or statewide office, the most ever. The star of this trend is Nikki Haley, born Nimrata Nikki Randhawa, who is favoured to win polls for governor of South Carolina.

Indian heritage is where Haley's similarity with the other candidates seems to end. She is the only Republican, the only one who has been widely mistaken for a white woman, the only one who has been accused of abandoning her heritage for converting to Christianity.

Manan Trivedi, a doctor and Iraq war veteran who recently won a Democratic primary for Congress in eastern Pennsylvania, said he did not view his ethnicity as a handicap: "The American electorate is smarter than that."

He called criticism of Haley's name and religion unfounded. "Nikki Haley and (Republican Louisiana gov.) Bobby Jindal are on the wrong side, but they worked their butts off, they had the bonafides to get the votes, and I think it had so much more to do with their work ethic than the fact that they may have changed their names and adopted a different religion."

Christianity is a more critical issue for white Republicans than other groups — could a Hindu who worships multiple gods, or a turbaned Sikh who doesn't cut his hair, survive a statewide Republican primary in the Bible Belt?

Vidya Pradhan, editor of India Currents magazine, thinks not. Haley and Jindal "were really ambitious about their politics, and they could not do it being Hindu or their old religion," Pradhan said. "I do think it was a political move. They felt that not being a Christian would hurt them."

"This campaign is all about vision and values and policies," said Raj Goyle, who is battling for the Democratic congressional nomination in his hometown of Wichita, Kan. "I don't spend time thinking about differences, I think about ways that Kansans can come together."

He said he doesn't worry about appearing more American or more Indian. "I am who I am, I'm proud of my background and what I've accomplished and my family. Kansas voters absolutely will choose the best candidate based on the merits."

In California, Kamala Harris won the Democratic nomination for state attorney general and is favoured to win the election this fall. "Slowly, perhaps, people will start to understand the diversity of the people." she said.

Indians began immigrating to the United States in large numbers about 50 years ago, but just two have been elected to Congress: Dalip Singh Saund in 1954 and Jindal, who entered Congress in 2004 and became governor midway through his second term.

In 2008, J Ashwin Madia, a Minnesota Democrat who lost a congressional election in 2008, says he was the only major Indian-American candidate for Congress.

Today there are six, including Goyle and Trivedi. Ami Bera in California, Ravi Sangisetty in Louisiana and Reshma Saujani in New York face upcoming primaries, and Surya Yalamanchili won a primary in Ohio.

There were no major surprises at the Reliance AGM (Annual General Meeting) as far as a family reunion was concerned. At 11 a.m. RIL Chairman Mukesh Ambani walked into Mumbai's Birla Matoshree auditorium to deliver his address. At his side were his mother Kokilaben and wife Neeta Ambani.


Missing in action was younger brother Anil whom many expected to turn up as a sign of the truce between the two brothers.
The 31st AGM of Reliance Industries Ltd in 2005 was the last time when Mukesh and Anil Ambani addressed the shareholders from the same platform. The two brothers demerged their business in 2005 in a family agreement brokered by their mother Kokilaben Ambani.
Mukesh started his address by reiterating Dhirubhai's vision of creating a world class enterprise.
But soon the focus was on the truce and its antecedents. Mukesh recounted the Supreme Court decision on the KG basin gas row with brother Anil, highlighting the fact that the apex court upheld RIL's stand.
 
Anil wanted the gas to be sold at a below-market rate agreed upon in a family understanding mediated by Kokilaben in 2005.  Mukesh, however, argued that the price had to be raised after the government objected to the rate decided upon by the Ambanis.
The Supreme Court ruled that gas is a national asset and therefore, the government alone decides on its prices and supply.  The court also gave the brothers six weeks to work out a new agreement in keeping with government guidelines on prices and supply.
However, Mukesh today promised that the company will commence supply of gas to ADAG group as and when their plants are operational. (Read; RIL to supply gas to ADAG plants when ready: Mukesh Ambani)
 
Mukesh then said that he was looking forward to a harmonious and constructive relationship with Anil's ADAG Group.
The two brothers had agreed to dump their differences and non-compete agreements on 23 May. This allowed the two companies to compete with each other.
The biggest announcement Mukesh made was about the company's foray into the power sector. He said that RIL is drawing up specific plans for mega investment in coal, hydro and nuclear power projects. As a goodwill gesture, RIL would not enter the gas-based power generation arena till 2022. (Read; Power business to drive RIL's growth)
Mukesh then announced his company's foray into the telecom space citing the billion dollar acquisition of Infotel – the only company to win a pan India broadband licence. 'We are faced with much larger opportunity in broadband," Mukesh added. He said that the BWA spectrum is an extremely valuable resource and the company plans to set up a wireless innovation centre in Mumbai soon. (Read; Mukesh sees huge opportunity in broadband)
The markets, anticipating a drama at the AGM, were mute in reaction. The Sensex, barometer of the Bombay stock exchange, fell 0.16 per cent.
RIL's share fell 0.21 per cent to Rs 1,069. Anil's ADAG companies stocks, however, sold off.
RNRL declined 6.41 per cent after Mukesh said that the company will start gas supply to ADAG once their plants are ready.
 
Reliance Media declined 4.54 per cent. Reliance Capital declined 2.10 per cent.
Reliance Communications declined 2.38 per cent. Mukesh Ambani announced his company's foray into telecom.
 
RIL announced a dividend of Rs 7 per share for the 2009-10 fiscal. That is 70 per cent on the face value of Rs 10.



Reliance Industries aspires to double its enterprise value and transform itself into an over Rs five-lakh-crore company in the next decade,
its Chairman Mukesh Ambani said today.

"I feel hopeful and confident that Reliance can accomplish value-creation of a similar magnitude in less than a decade," Ambani said, pointing out that it took three decades for Reliance to create an enterprise value of USD 80- billion or over Rs 3,70,000-crore.

Ambani, who was speaking at the annual general meeting (AGM) of the company, said Reliance has never been stronger than what it is today and is an "ignited corporation" determined to make greater contribution to India's prosperity.

Reliance, whose business interests span oil and natural gas, petrochemicals and retail, recently re-entered the telecom space with a promise to offer fourth-generation broadband connectivity to the people of India.


Also Read
 → RIL plans mega foray into power; to supply gas to ADAG
 → Sensex snaps winning streak; RIL, ADAG stocks decline
 → 'RIL drop not setting any trend'
 → RCOM may sell tower, fibre optic biz to RIL
 → Mukesh Ambani to detail growth plans to RIL shareholders
 → RIL may bid for UMPPs in Chhattisgarh, Orissa


The primary focus of the company will be to create "new fountainheads of value creation within India" while it will also "seize" opportunities elsewhere in the world, Ambani said.

"As India marches ahead to become one of the four largest economies in the world in the foreseeable future, Reliance aspires to be counted amongst the most valuable corporations in the world," Ambani said.
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Reliance Industries

From Wikipedia, the free encyclopedia

Jump to: navigation, search
Reliance Industries Limted
Type Public
BSE: 500325‎
LSE: RIGD
Industry Conglomerate
Founded 1966 As Reliance Commercial Corporation
Founder(s) Dhirubhai Ambani
Headquarters Mumbai, Maharashtra, India
Area served Worldwide
Key people Mukesh Ambani
(Chairman & MD)
Products Petroleum
Natural gas
Petrochemicals
Retail stores
Polymers
Polyesters
Chemicals
Textile
Telecommunications
Revenue Rs 200,400 crore (US$ 42.69 billion) (2010)[1]
Operating income Rs 33,041 crore (US$ 7.04 billion) (2010)[2]
Net income Rs 16,236 crore (US$ 3.46 billion) (2010)[3]
Total assets Rs 245,706 crore (US$ 52.34 billion) (2009)[4]
Total equity Rs 146,328 crore (US$ 31.17 billion) (2009)[5]
Employees 24,679 (2009)[6]
Subsidiaries Reliance Petroleum
Reliance Life Sciences
Reliance Industrial Infrastructure Limited
Reliance Institute of Life Sciences
Reliance Logistics
Reliance Clinical Research Services
Reliance Solar
Relicord
Infotel Broadband
Website RIL.com
Reliance Industries Limited (BSE: 500325‎, LSE: RIGD) is India's largest private sector conglomerate company by market value, with an annual turnover of US$ 44.6 billion and profit of US$ 3.6 billion for the fiscal year ending in March 2010 making it one of India's private sector Fortune Global 500 companies, being ranked at 264th position (2009).[7] It was founded by the Indian industrialist Dhirubhai Ambani in 1966. Ambani has been a pioneer in introducing financial instruments like fully convertible debentures to the Indian stock markets. Ambani was one of the first entrepreneurs to draw retail investors to the stock markets. Critics allege that the rise of Reliance Industries to the top slot in terms of market capitalization is largely due to Dhirubhai's ability to manipulate the levers of a controlled economy to his advantage. Though the company's oil-related operations form the core of its business, it has diversified its operations in recent years. After severe differences between the founder's two sons, Mukesh Ambani and Anil Ambani, the group was divided between them in 2006. In September 2008, Reliance Industries was the only Indian firm featured in the Forbes's list of "world's 100 most respected companies".[8]

Contents

[hide]

[edit] Stock

  • According to the company website "1 out of every 4 investors in India is a Reliance shareholder." . Reliance has more than 3 million shareholders, making it one of the world's most widely held stock. Reliance Industries Ltd, subsequent to its split in January 2006 has continued to grow. Reliance companies have been among the best performing in the Indian stock market.

[edit] Products

Reliance Industries Limited has a wide range of products from petroleum products, petrochemicals, to garments (under the brand name of Vimal), Reliance Retail has entered into the fresh foods market as Reliance Fresh and launched a new chain called Delight Reliance Retail and NOVA Chemicals have signed a letter of intent to make energy-efficient structures. The primary business of the company is petroleum refining and petrochemicals. It operates a 33 million tonne refinery at Jamnagar in the Indian state of Gujarat. Reliance has also completed a second refinery of 29 million tons at the same site which started operations in December 2008. The company is also involved in oil & gas exploration and production. In 2002, it struck a major find on India's eastern coast in the Krishna Godavari basin. Gas production from this find was started on April 2, 2009. As of the end of 3rd quarter of 2009-2010, gas production from the KG D6 ramped up to 60 MMSCMD.

[edit] Subsidiaries

[edit] Major Subsidiaries & Associates

  • Reliance Petroleum Limited (RPL) was a subsidiary of Reliance Industries Limited (RIL) and was created to exploit the emerging opportunities, creating value in the refining sector worldwide.Currently, RPL stands amalgamated with RIL.[9]
  • Reliance Life Sciences is a research-driven, biotechnology-led, life sciences organization that participates in medical, plant and industrial biotechnology opportunities. Specifically, these relate to Biopharmaceuticals, Pharmaceuticals, Clinical Research Services, Regenerative Medicine, Molecular Medicine, Novel Therapeutics, Biofuels, Plant Biotechnology and Industrial Biotechnology.[10]
  • Reliance Industrial Infrastructure Limited (RIIL) is engaged in the business of setting up / operating Industrial Infrastructure that also involves leasing and providing services connected with computer software and data processing.[11]
  • Reliance Logistics (P) Limited is a single window solutions provider for transportation, distribution, warehousing, logistics, and supply chain needs, supported by in house state of art telematics and telemetry solutions.[13]
  • Reliance Clinical Research Services (RCRS), a contract research organization (CRO) and wholly owned subsidiary of Reliance Life Sciences, has been set up to provide clinical research services to pharmaceutical, biotechnology and medical device companies.[14]
  • Reliance Solar, The solar energy initiative of Reliance aims to bring solar energy systems and solutions primarily to remote and rural areas and bring about a transformation in the quality of life.[15]
  • Relicord is the first and one of the most dependable stem-cell banking services of South East Asia offered by Mukesh Ambani controlled Reliance Industries.[16]
  • Infotel Broadband is a broadband service provider, it is wholly owned by RIL for Rs 4,800 crore.[17]

[edit] Reliance's oil and gas discovery

In 2002, Reliance found natural gas in the Krishna Godavari basin off the coast of Andhra Pradesh near Vishakapatnam.[18] It was the largest discovery of natural gas in world in financial year 2002-2003[19]. On 2 April 2009, Reliance Industries (RIL) commenced natural gas production from its D-6 block in the Krishna-Godavari (KG) basin.[20]
The gas reserve is 7 trillion cubic feet in size. Equivalent to 1.2 billion barrels (165 million tonnes) of crude oil, but only 5 trillion cubic feet are extractable.[21]
On 2008 Oct 8, Anil Ambani's Reliance Natural Resources took Reliance Industries to the Bombay High Court to uphold a memorandum of understanding that said RIL will supply the natural gas at $2.34 per million British thermal units to Anil Ambani.[22]

[edit] 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, and Reliance Jewel come under the Reliance Retail brand.

[edit] Environmental record

Reliance Industry is the worlds largest polyester producer and as a result one of the largest producers of polyester waste in the world. In order to deal with this large amount of waste they had to create a way to recycle the waste. They operate the largest polyester recycling center that uses the polyester waste as a filling and stuffing. They use this process to develop a strong recycling process which won them a reward in the Team Excellence competition.[23]
Reliance Industries backed a conference on environmental awareness in New Delhi in 2006. The conference was run by the Asia Pacific Jurist Association in partnership with the Ministry of Environment & Forests, Govt. of India and the Maharashtra Pollution Control Board. The conference was to help bring about new ideas and articles on various aspects of environmental protection in the region. Maharashtra Pollution Control Board invited various industries complied with the pollution control norms to take active part in the conference and to support as a sponsor. The conference proved effective as a way to promote environmental concern in the area.[24]

[edit] Awards & Recognition

[edit] Awards for managers

  • Mukesh D. Ambani received the United States of America-India Business Council (USIBC) leadership award for "Global Vision" 2007 in Washington in July 2007.
  • Mukesh D. Ambani was conferred the Asia Society Leadership Award by the Asia Society, Washington, USA, May 2004.
  • Mukesh D. Ambani ranked 13th in Asia's Power 25 list of The Most Powerful People in Business published by Fortune magazine, August 2004.
  • Mukesh Ambani was ranked as the 74th Most Trusted Individual in India in an early 2010 survey conducted by the Indian edition of Readers' Digest magazine.

[edit] See also

[edit] External links

[edit] References

  1. ^ http://http://www.ril.com/rportal1/DownloadLibUploads/1272026409625_Q4PR23042010.pdf
  2. ^ http://www.ril.com/html/investor/10_yearshighlight.html
  3. ^ http://www.ril.com/html/investor/10_yearshighlight.html
  4. ^ http://www.ril.com/html/investor/10_yearshighlight.html
  5. ^ http://www.ril.com/html/investor/10_yearshighlight.html
  6. ^ http://www.ril.com/html/investor/10_yearshighlight.html
  7. ^ [1]
  8. ^ http://timesofindia.indiatimes.com/RIL_among_worlds_100_most_respected_companies/articleshow/3453197.cms
  9. ^ "About us, Reliance Petroleum". http://www.reliancepetroleum.com/html/aboutus.html. Retrieved 2010-03-03. 
  10. ^ "About us, Reliance Life Sciences". http://rellife.com/aboutus.html. Retrieved 2010-03-03. 
  11. ^ "About us, Reliance Industrial Infrastructure". http://riil.in/. Retrieved 2010-03-03. 
  12. ^ "About us, Reliance Institute of Life Sciences". http://www.rils.ac.in/html/aboutus.html. Retrieved 2010-03-03. 
  13. ^ "About us, Reliance Logistics". http://reliancelogistics.com/html/aboutus/aboutus.html. Retrieved 2010-03-03. 
  14. ^ "About us, Reliance Clinical Research Services". http://www.relclin.com/aboutus.htmll. Retrieved 2010-03-03. 
  15. ^ "About us, Reliance Solar". http://relsolar.com/aboutus.html. Retrieved 2010-03-03. 
  16. ^ "About us, Relicord". http://www.relicord.com/#. Retrieved 2010-03-03. 
  17. ^ "Reliance Industries buys 95% stake in Infotel Broadband for Rs 4,800 cr". http://economictimes.indiatimes.com/news/news-by-industry/telecom/Reliance-Industries-buys-95-stake-in-Infotel-Broadband-for-Rs-4800-cr/articleshow/6037260.cms. Retrieved 11 Jun 2010. 
  18. ^ rediff.com 2002 10 31 article on Reliance gas find
  19. ^ REL.co.in press release on gas find
  20. ^ Energy boost for India as Krishna-Godavari gas flows
  21. ^ rediff 2002 10 31 rel article on gas find
  22. ^ Telegraph India 2008 10 07 article on court case
  23. ^ Reliance Industries award
  24. ^ "Conference on "Environment-Awareness-Enforcement" New Delhi."


Broad consensus on apex higher education regulator: Sibal 
19 Jun 2010, 2130 hrs IST

Broad consensus has been reached on a draft bill aimed at creating an apex regulator for higher education in the country.

Govt revises rules for MLA fund use 
19 Jun 2010, 1300 hrs IST

The urban development department of the state government came out with comprehensive and revised norms on Friday to ensure better utilisation of MLA local area development (MLALAD) funds to help deliver infrastructure development to residents.

Independent director selection may get easier 
19 Jun 2010, 0106 hrs IST, Souvik Sanyal

THE government is planning to reform rules guiding the selection and appointment of independent directors in state-owned companies, a move aimed at instilling greater transparency and haste into a ponderous process.

Miners may get some flexibility in offering relief to displaced 
19 Jun 2010, 0102 hrs IST, Subhash Narayan

The government could dilute a clause in a draft legislation that requires miners to offer a 26% stake to families losing land to projects so that companies have more flexibility while providing relief.

Income tax benefits for new SEZs not possible: Revenue Sec 
18 Jun 2010, 1850 hrs IST

Dashing industry's hopes for a rethink by on the proposal for doing away with I-T exemption for SEZs, Revenue Secretary said it's not possible.

New tax slabs after studying inputs: Pranab Mukherjee 
18 Jun 2010, 1754 hrs IST

Pranab Mukherjee said that the Centre would take a view on new tax slabs after receiving inputs from different stakeholders on the revised draft of the Direct Taxes Code (DTC).

RBI: will keep to calibrated policy exit 
18 Jun 2010, 1329 hrs IST

Inflation is getting more generalised and demand-side pressures are building, but a calibrated exit from loose monetary policy remains the central bank's stance for now.

Immediate rate hike by RBI unlikely: Gajendra Nagpal, Unicon Financial Solutions 
18 Jun 2010, 1210 hrs IST

Gajendra Nagpal, CEO, Unicon Financial Solutions, in a chat with ET Now talks about the anticipated rate hike by RBI.

HRA not a right but a compensatory allowance: HC 
17 Jun 2010, 1555 hrs IST

A government employee is not entitled to claim house rent allowance (HRA) as a matter of right, the Delhi High Court has held, saying that it is compensatory allowance paid in exchange of accommodation facilities.

1 | 2 | 3 | 4 | 5 10 >





UPA-II : Searching for direction

19 Jun 2010, 0409 hrs IST,C P Bhambhri,
The Congress felt liberated after the Lok Sabha election results of 2009, and on the basis of its own sizeable strength of 207 MPs, it developed a
UPA-11.jpg



Rupee gains 9 paise against dollar
Jun 18, 2010


RIL likely to bid for mega power plant
Jun 17, 2010


India's annual inflation enters double digits at 10.16 percent
Jun 14, 2010


Kalanithi all set to fly with 37% in SpiceJet
Jun 12, 2010


Nifty ends above 5000; telecom, auto,realty up
Jun 2, 2010


Metals, realty weigh Sensex down
Jun 1, 2010


Mahindra, Ruia group bid for Korean car company
May 29, 2010


BP Method to Seal Oil is riskier?
May 27, 2010


Prepare to shell out more road tax
May 25, 2010


Sensex firm: Reliance stocks rise sharply
May 24, 2010


Mukesh Ambani's RIL mkt value up by Rs7500cr, Anil's group loses Rs 9000cr
May 7, 2010


Federal Reserve Interest Rate raises value of Dollars
Feb 19, 2010


Dollar Hits Euro Zone, Euro gets weaker
Feb 5, 2010


Toyota picked as Japan's best global brand
Jan 30, 2010

Reliance AGM 2010


Reliance AGM (Annual General Meeting) 2010 held today at Birla Matoshree Auditorium in Mumbai. Mukesh Ambani, Chairman of Reliance arrived at the venue around 11:00 AM in the morning to give his speech in this year's AGM. He was not the only person of the family who attended the meeting but Kokilaben (his mother) and Neeta Ambani (his wife) were also there with him.
But the interesting part of this Reliance Annual General Meeting was, younger brother of Mukesh Ambani was not there in the meeting. The name of this younger brother is Anil Ambani. Still unknown that why he did not attend the meeting but it was an opinion of most of the people that they will see the reunion of brothers in this year's Annual General Meeting of the company.
Reliance called its first Annual General Meeting this year after 2005 when a verdict had been given by Supreme Court. It was the same forum in year 2005 when people heard the news of demerged of both the brothers as they had separated the business of their father in the Annual General Meeting of year 2005. Now it was being considered by many that brothers will announce to combine their business once again but we did not see Anil Ambani in the Annual General Meeting of Reliance today.
Speech of Mukesh Ambani today was started by recalling the vision of his late father who wanted to build a reputed and world class enterprise. Share price of the company dropped to Rs. 1,069 which is 0.21 percent decline today.
http://economictimes.indiatimes.com/articleshow/6065859.cms



Reliance

Reliance


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http://news.puggal.com/reliance-agm-43042/

Reliance Industries' 36th AGM: Analysts views

18 Jun 2010, 0027 hrs IST,REUTERS
MUMBAI: Mukesh Ambani, chairman of energy major Reliance Industries, said the firm is ready to provide gas to power plants controlled by his
brother Anil Ambani's Reliance ADAG and looks forward to a "harmonious and constructive" relationship with the company. (
Watch )

Following are comments from analysts:

ARUN KEJRIWAL, DIRECTOR OF RESEARCH FIRM KRIS IN MUMBAI: "There were a lot of unrealistic expectations built around Reliance AGM. The hype is now fading, which is reflected in the share price movement."

NITIN ZAMRE, MANAGING DIRECTOR AT CONSULTANCY ICF INTERNATIONAL, NEW DELHI: "The AGM is on expected line. The two brothers coming together throws open opportunity for both RIL and ADAG, but more for RIL. "Given the fact Reliance has core competency in building very large projects, power is the next opportunity mainly ultra mega power Projects, data management and shale gas."

GAJENDRA NAGPAL, CEO OF UNICON FINANCIAL, NEW DELHI: On expansion into power: "They are sitting on so much cash. It's a natural extension of Reliance's business of energy. To that extent, it seems like a well thought of move. I am extremely bullish on the counter in the long run. He is absolutely making all the right moves." On share movement: "Expectations are slowly tickling down. I see no reason why shares should fall now. It's just profit taking. "One would want to hear about his financial services foray. That also seems like a big opportunity."

K.K. MITAL, HEAD OF PORTFOLIO MANAGEMENT SERVICES, GLOBE CAPITAL, NEW DELHI: "Mukesh's vision is quite clear. He wants to concentrate on 4G spectrum; he wants to concentrate on power. He wants to do global acquisitions. "There were lot of speculations that Reliance Industries may buy a stake in Reliance Communications; Mukesh may support Anil's Reliance Power. "There were also speculation that Anil Ambani might turn up at the AGM. But let's remember that this is just the beginning. Going forward there will be many more opportunities (for tie up between the brothers)"

TEJAS DOSHI, HEAD OF RESEARCH, SUSHIL FINANCE IN MUMBAI: "People had built unrealistic expectations that there would be big-bang announcements at the meeting. "The disappointment is showing in the stock price of the companies led by both Ambani brothers."

SUSHANT GUPTA, SENIOR ANALYST WITH WOOD MACKENZIE, SINGAPORE: "Refinery-wise they are the most competitive in the region. If you look at refining margins, there is a downward trend which I expect to continue for at least next few years. "Even companies like Reliance are finding it challenging to push products in the global markets at better margins. Reliance should diversify and step up focus on petrochemical sector, which is one of the major contributory to its profit."

MITEN MEHTA, FUND MANAGER BELLWETHER CAPITAL, MUMBAI: "Mukesh Ambani words were more or less expected after the end of the non-compete agreement. In fact there were more expectations than what was actually announced. Reliance Industries needs to get into other areas now and power is an obvious choice for them."

GUL TECKCHANDANI, INDEPENDENT ANALYST, MUMBAI: "His announcements on the power sector sound good. Mukesh has the record of being conservative in his announcements but delivering on what he says. "India needs more power and the more people that enter the sector, the better."
Rajesh Jain, Market Strategist: 'Mukesh Ambani's AGM speech focussed on RIL's core competencies': Mukesh Ambani's AGM speech should be signalled out for the fact that he has focussed most of it on driving the core competence and the world class scale that he enjoys in the refining, petrochemical and the exploration business. That is the biggest takeaway from this speech today aside from announcements for the power and the telecom in the broadband space.

Essentially what Mukesh has signalled today is that we are not going to be trading on each others' stores. We have our domain cut out. We are going to be thinking big in power but it will be nuclear, it will be hydel, it will be the cleaner coal based projects.

Guru (2007 film)

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Guru

Movie poster for Guru
Directed by Mani Ratnam
Produced by Mani Ratnam
G. Srinivasan
Written by Mani Ratnam
Vijay Krishna Acharya
Starring Abhishek Bachchan
Aishwarya Rai Bachchan
Mithun Chakraborty
Vidya Balan
Madhavan
Music by A. R. Rahman
Cinematography Rajiv Menon
Editing by A. Sreekar Prasad
Distributed by Madras Talkies
Kaleidoscope Entertainment
Release date(s) 12 January 2007
Country  India
Language Hindi
Gross revenue $24,108,727 [1]
Guru (Hindi: गुरू; Tamil: குரு; [ˈɡʊɾuː]) is a 2007 Indian film co-written and directed by Mani Ratnam. It stars Abhishek Bachchan, Mithun Chakraborty, Aishwarya Rai, R. Madhavan, Vidya Balan in the leading roles. The movie also has Mallika Sherawat in a guest appearance. The score and soundtrack for the film is composed by A. R. Rahman. Similarities between Gurukant and India businessman Dhirubhai Ambani have led to speculation that Guru is based on his life.[2] The movie was also dubbed in Tamil as Guru and in Telugu as Gurukanth.[3] The film was released on 12 January 2007, and premièred at the Elgin Theatre in Toronto, Ontario, Canada, making it the first Indian film to have a mainstream international premiere in Canada.[4][5]

Contents

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[edit] Synopsis

In a small village of Idar in Sabarkantha District North Gujarat, a young man dreams of making it big some day. His father (Rajendra Gupta), the headmaster of the village school, tells him that dreams never come true. Gurukant Desai (Abhishek Bachchan) decides to go to Turkey and enters the spice trade and then later is promoted but refuses the job because he wants to work for himself and not another man.
Manik Dasgupta a.k.a. Nanaji (Mithun Chakraborty), who publishes a newspaper Swatantra, treats Guru as his son. Guru likewise looks to him as a father figure who gives him support during his early struggling days in Bombay. He also develops a strong friendship with his granddaughter, Meenu (Vidya Balan). Meenu develops multiple sclerosis as she grows up, and begins using a wheelchair later on in the film.
As Gurukant Desai's business grows into one of the largest in India, he ruthlessly pursues success. He smuggles in parts for his polyester mills, illegally creates goods, and manipulates stocks to make a higher profit. But when Manik Dasgupta learns that Guru's means of success are not always honest, he, along with a reporter of his newspaper, Shyam (Madhavan), decide to expose Guru's increasingly corrupt ways.
The stress of his battle with the newspaper causes Guru to have a stroke, and he is paralyzed on his right side. Meanwhile, Meenu (Vidya Balan), who is now married to Shyam, is slowly weakening from her illness, and eventually dies. In the end, Guru is brought before a government inquiry into his unethical actions, but he persuades the panel to clear him of most of the charges. He is charged with less allegations and is allowed to return to his company, and the film ends with Guru continuing to dream of the future, and even greater success.

[edit] Production

Guru was written and directed by Mani Ratnam, while Vijay Krishna Acharya wrote the Hindi dialogues. Shooting for the film took place in Mumbai, Turkey, Badami and Melkote (both in Karnataka), as well as in Chennai, Pollachi, Madurai, Chettinad region Tamil Nadu, and Athirapilly in Kerala. Much of the film was shot on the Express Estates, the former home of The New Indian Express and Dinamani. During one musical number, Aishwarya Rai fell from a bicycle and received bruises on her hands and feet. Filming had to be suspended for a few hours while she received first aid[6] and the number was cut from the film and eventually replaced with "Barso Re".[7] The music is composed by A. R. Rahman, with lyrics by Gulzar. Cinematography for the film is handled by Rajiv Menon.[8] Several scenes were deleted from the final theatrical version, including a scene in which Sujata first gives birth to a stillborn child and a scene in which Guru becomes angry with Sujata for visiting Manik Dasgupta.
Guru has others involved in the production as a film that is reflective of a man's desire for ambition and success, and how times have changed from the period immediately after the country's independence to the present. Some reports have speculated that this film is a biopic of, one of India's biggest industrial tycoons, Dhirubhai Ambani. Like Guru, Ambani also had roots in Gujarat as the son of a schoolteacher, went abroad to work for the gas company Shell, and returned to India to import polyester.[9] Ratnam has described Guru as inspired by stories both past and present.

[edit] Cast

The cast of Guru.

[edit] Soundtrack

[edit] Response

[edit] Box office

Guru opened well upon release, gaining momentum as the days went by.[10] In the United States, Guru, opening on a limited release, registered very good collections in its opening weekend, fetching 3 crores during this period, with a very high screen average.[11] By its seventh week, the film has netted 41.65 crores in India,[12] collecting 13 crores in the U.S. and the U.K..[13] As of 23 February 2007 Guru, released 12 January has grossed approximately Rs.80 crores across the world.[14]

[edit] Reviews

Guru has generally received good reviews. The New York Times said of the film "You might think it would be difficult to fashion an entertaining account of the life of a polyester manufacturer, even a fictitious one. But the Tamil director Mani Ratnam, known for intelligent political dramas, has done so with "Guru," an epic paean to can-do spirit and Mumbai capitalism."[15] The New York Post gave it three out of four stars, and the Los Angeles Weekly called it the best Hindi film since Lagaan: Once Upon a Time in India.[16] Richard Corliss of TIME Magazine compared the film to Frank Capra's It's a Wonderful Life and said that one of the main highlights of the film was its climax. He further noted "For movies to celebrate an entrepreneur is rare..."[17] Taran Adarsh of IndiaFM.com claimed in his review that "Guru ranks as one of Mani Ratnam's finest efforts and one of the best to come out of Hindi cinema,"[18] but also claimed there were "under developed characterisations of Shyam Saxena and Meenu", played by R. Madhavan and Vidya Balan respectively. Praising both the actors for their performances in the film, he added "Madhavan's role could have been stronger and Vidya Balan also suffers due to a weak characterisation", something Raja Sen of Rediff.com agreed with.[19] Sen also said that "the point in the end when Gurukant Desai vociferously likens himself and his fight for more to Mahatma Gandhi's freedom struggle was ridiculous." Khalid Mohammad questioned what he viewed as the message at the end, asking "as long as public welfare is on the agenda, it doesn't matter if you use bribes and cross legal limits?."[20] Abhishek Bachchan received almost unanimous praise for his performance while Aishwarya Rai also garnered good feedback.

[edit] Awards

Filmfare Awards

[edit] References

  1. ^ http://www.boxofficemojo.com/movies/?id=guru07.htm
  2. ^ http://timesofindia.indiatimes.com/articleshow/msid-1186226,prtpage-1.cms
  3. ^ K, Sangeetha Devi (2007-05-01). "Regional films are more rooted". The Hindu. http://www.hinduonnet.com/thehindu/thscrip/print.pl?file=2007010501040100.htm&date=2007/01/05/&prd=fr&. Retrieved 2009-02-27. 
  4. ^ Canadian Press (2007-01-11). "Thousands attend 'Guru' premiere". Toronto Star. http://www.thestar.com/News/article/170274. Retrieved 2008-08-15. 
  5. ^ "Canada mayor invites 'Guru' crew for world premiere". Indo-Asian News Service. http://mangalorean.com/news.php?newstype=local&newsid=37940. Retrieved 10 January 2007. 
  6. ^ Jha, Subhash K. (2006-04-25). "Ash is back!". Times of India. http://timesofindia.indiatimes.com/articleshow/1504315.cms. Retrieved 2009-02-27. 
  7. ^ "Rahman on how the music of Guru was born". The Telegraph. http://www.telegraphindia.com/1061222/asp/etc/story_7144101.asp. Retrieved 18 February 2007. 
  8. ^ "Guru". Guru production. http://www.rogernairproductions.com. 
  9. ^ Mukherjee, Krittivas. "Rags-to-riches story". http://www.star-ecentral.com/news/story.asp?file=/2007/1/17/movies/16534800&sec=movies. Retrieved 2009-02-27. 
  10. ^ "Indian B.O.: 'Guru' strong in parts". IndiaFM. http://www.indiafm.com/trade/business_talk/250.html. Retrieved 18 February 2007. 
  11. ^ "Overseas: 'Guru' is a smash hit". IndiaFM. http://www.indiafm.com/trade/overseas_boxoffice/140.html. Retrieved 18 February 2007. 
  12. ^ "Domestic Box Office". IBOSNetwork. http://www.ibosnetwork.coml. Retrieved 18 February 2007. 
  13. ^ "Overseas: Realism bites the dust". IndiaFM. http://www.indiafm.com/trade/overseas_boxoffice/144.html. Retrieved 18 February 2007. 
  14. ^ Glamsham: Like Guru, Mani knew 'Guru' would be a hit
  15. ^ Webster, Andy (2007-01-15). "Polyester and Power at Play for a Mogul and His India". NYTimes.com. http://movies2.nytimes.com/2007/01/15/movies/15guru.html. Retrieved 2007-02-09. 
  16. ^ Times, Hindustan (2007-01-17). "Guru opens with a big bang in the U.S.". Hindustan Times. http://www.hindustantimes.com/news/181_1902491,001100030009.htm. Retrieved 2007-01-17. 
  17. ^ Corliss, Richard (2007-01-12). "Guru - Review". TIME Magazine. http://www.time.com/time/arts/article/0,8599,1578636-3,00.html. Retrieved 2007-02-09. 
  18. ^ Adarsh, Taran (2007-01-12). "Guru". IndiaFM. http://www.indiafm.com/movies/review/12838/index.html. Retrieved 2007-01-17. 
  19. ^ Sen, Raja (2007-01-17). "Guru". Rediff. http://www.rediff.com/movies/2007/jan/12guru.htm. Retrieved 2007-01-12. 
  20. ^ "Good value for Mani". Paper. 2007-01-12. 

[edit] External links

Dhirubhai Ambani

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Dhirubhai Ambani
Born December 28, 1932(1932-12-28)
Chorwad, Gujarat, India
Died July 6, 2002 (aged 69)
Mumbai, Maharashtra, India
Nationality Indian
Occupation business tycoon; Chairman of Reliance Industries
Net worth US$6.10 billion
Religion Hinduism
Spouse(s) Kokilaben Ambani
Children Mukesh Ambani
Anil Ambani
Website
www.ril.com
Dhirajlal Hirachand Ambani, also known as Dhirubhai, 28 December 1932, - 6 July 2002, was an Indian rags-to-riches business tycoon who founded Reliance Industries in Mumbai with his cousin. Ambani took his company (Reliance) public in 1977, and by 2007 the combined fortune of the family (sons Anil and Mukesh) was 60 billion dollars, making the Ambani's the second richest family in the world, next to the Walton family. Dhirubhai has been one among the select Forbes billionaires and has also figured in the Sunday Times list of top 50 businessmen in Asia.[1]
Dhirubhai started off as a small time worker with Arab merchants in the 1950s and moved to Mumbai in 1958 to start his own business in spices. After making modest profits, he moved into textiles and opened his mill near Ahmedabad. Dhirubhai founded Reliance Industries in 1958. After that it was a saga of expansions and successes.
Reliance, acknowledged as one of the best-run companies in the world has various sectors like petrochemicals, textiles and is involved in the production of crude oil and gas, to polyester and polymer products. The companies refinery at Jamnagar accounts for over 25% of India's total refining capacity and their plant at Hazira is the biggest chemical complex in India. The company has further diversified into Telecom, Insurance and Internet Businesses, the Power Sector and so on. Now the Reliance group with over 85,000 employees provides almost 5% of the Central Government's total revenue.
In 1986 after a heart attack he has handed over his empire to his two sons Anil and Mukesh. His sons are carrying on the successful tradition of their father.[1]

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[edit] Early life

Dhirubhai was born on 28 December 1932 at Kukaswada near Chorwad, Junagadh district (now the state of Gujarat, India) to Hirachand Gordhandhas Ambani and Jamnaben[2] in a Modh family of modest means. Hirachand Gordhandhas Ambani was a village school teacher with little earning. But his wife, Jamanaben knew how to stretch every dollar in a long way. Hirachand and Jamanaben had two daughters - Trilochanaben and Jasuben and three sons - Ramnikbhai, Dhirubhai and Natubhai. Dhirubhai was the second son.[1] Dhirubhai was precocious and highly intelligent. He was also highly impatient of the oppressive grinding mill of the school classroom. He chose work which used his physical ability to the maximum rather than cramming school lessons. When Jamnaben once asked Dhirubhai and Ramnikbhai to help his father by earning money. He angrily replied "Why do you keep screaming for money? I will make heaps of money one day". During weekends, he began setting up onion/potato fries stall at village fairs and made extra money which he gave to his mother.

[edit] Life in Aden

When he was 16 years old, he moved to Aden, Yemen. He worked with A. Besse & Co. for a salary of Rs.300 (Present Day $6.49). Two years later, A. Besse & Co. became the distributors for Shell products, and Dhirubhai was promoted to manage the company's filling station at the port of Aden. He was married to Kokilaben and had 2 sons, Mukesh, Anil and two daughters, Nina Kothari, Deepti Salgaonkar. He also worked in Dubai for some time during his early years.
During those days of him, the Yemini Rial was made of pure silver coins and was in much demand at the London Bullion Exchange. Young Dhirubhai bought the Rials, melted them into pure silver and sold it to the bullion traders in London. During the latter part of his life, while talking to reporters, it is believed that he said "The margins were small but it was money for jam. After three months, it was stopped. But I made a few lakhs. In short, I was a manipulator. A very good manipulator. But I don't believe in not taking opportunities.[1]

[edit] Majin Commercial Corporation

Ten years later, Dhirubhai Ambani returned to India and started "Majin" in partnership with Champaklal Damani, his second cousin, who used to be with him in Aden, Yemen. Majin was to import polyester yarn and export spices to Yemen.[3] The first office of the Reliance Commercial Corporation was set up at the Narsinatha Street in Masjid Bunder. It was 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 Jaihind 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 Mr. Damani was a cautious trader and did not believe in building yarn inventories, Dhirubhai was a known risk taker and he believed in building inventories, anticipating a price rise, and making profits.[3] In 1968, he moved to an upmarket apartment at Altamount Road in South Mumbai. Ambani's net worth was estimated at about Rs.10 lakh by late 1970s.
Asia Times quotes[4]: "His people skills were legendary. A former secretary reveals: "He was very helpful. He followed an 'open-door' policy. Employees could walk into his cabin and discuss their problems with him." The chairman had a special way of dealing with different groups of people, be they employees, shareholders, journalists or government officials. Ambani's competitors allege that he bought off officials and had legislation re-written to suit him. They recall his earlier days and how he picked up the art of profiteering from the then-Byzantine system of controls of Indian officialdom. He exported spices, often at a loss, and used replenishment licenses to import rayon. Later, when rayon started to be manufactured in India, he exported rayon, again at a loss, and imported nylon. Ambani was always a step ahead of the competitors. With the imported items being heavily in demand, his profit margins were rarely under 300 percent."

[edit] Reliance Textiles

Sensing a good opportunity in the textile business, Dhirubhai started his first textile mill at Naroda, in Ahmedabad in the year 1977. Textiles were manufactured using polyester fibre yarn.[5] Dhirubhai 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 made it a household name. Franchise retail outlets were started and they used to sell "only Vimal" brand of textiles. In the year 1975, a Technical team from the World Bank visited the Reliance Textiles' Manufacturing unit. This unit has the rare distinction of being certified as "excellent even by developed country standards" during that period.[6]

[edit] Initial public offering

Dhirubhai Ambani is awarded with starting the equity cult in India. More than 58,000 investors from various parts of India subscribed to Reliance's IPO in 1977. Dhirubhai was able to convince large number of small investors from rural Gujarat that being shareholders of his company would be profitable.
Reliance Industries was the first private sector company whose Annual General Meetings were held in stadiums. In 1986, The Annual General Meeting of Reliance Industries number of first-time retail investors to invest in Reliance. Ambani's net worth was estimated at about Rs.1 billion by early 1980s.

[edit] Dhirubhai's control over stock exchange

In 1982, Reliance Industries came up against a rights issue regarding partly convertible debentures.[7] It was rumored that company was making all efforts to ensure that their stock prices did not slide an inch. Sensing an opportunity, a bear cartel which was a group of stock brokers from Calcutta started to short sell the shares of Reliance. To counter this, a group of stock brokers till recently referred to as "Friends of Reliance" started to buy the short sold shares of Reliance Industries on the Bombay Stock Exchange.
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 Rs. 152 per share was maintained till 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" (a penalty sum) of Rs. 35 per share. With this, the demand increased and the shares of Reliance shot above 180 rupees 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 Rs. 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.[8]
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 till 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 Rs. 22 Crore 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.[9]

[edit] Diversification

[edit] Criticism

He was accused of acting unethically, having manipulated government policies to suit his own needs, and has been known to be a king-maker in government elections [10]. Although most media sources tend to speak out about business-politics nexus, the Ambani house has always enjoyed more protection and shelter from the media storms that sweep across the country.

[edit] Tussle with Nusli Wadia

Nusli Wadia of Bombay Dyeing was, at one point in time, the biggest competitor of Dhirubhai and Reliance Industries. Both Nusli Wadia and Dhirubhai were known for their influence in the political circles and their ability to get the most difficult licenses approved during the times of pre-liberalized economy.
During the Janata Party rule between 1977–1979, Nusli Wadia obtained the license to build a 60,000 tonnes per annum Di-methyl terephthalate (DMT) plant. Before the letter of intent was converted into a licence, many hurdles came in the way. Finally, in 1981, Nusli Wadia was granted the license for the plant. This incident acted as a catalyst between the two parties and the competition took an ugly turn.

[edit] The Indian Express Articles

At one point in time, Ramnath Goenka was a friend of Dhirubhai Ambani. Ramnath Goenka was also considered to be close to Nusli Wadia. On many occasions, Ramnath Goenka tried to intervene between the two warring factions and bring an end to the enmity. Goenka and Ambani became rivals mainly because Ambani's corrupt business practices and his illegal actions that led to Goenka not getting a fair share in the company. Later on, Ramnath Goenka chose to support Nusli Wadia.
As days passed by, The Indian Express, a broadsheet daily published by him, carried a series of articles against Reliance Industries and Dhirubhai in which they claimed that Dhirubhai was using unfair trade practices to maximise the profits. Ramnath Goenka did not use his staff at the Indian Express to investigate the case but assigned his close confidant, advisor and chartered accountant S. Gurumurthy for this task. Apart from S. Gurumurthy, another journalist Maneck Davar who was not on the rolls of Indian Express started contributing stories. Jamnadas Moorjani, a businessman opposed to the Ambanis was also a part of this campaign.
Both Ambani and Goenka were equally criticized and admired by sections of the society. People criticized Goenka that he was using a national newspaper for the cause of a personal enmity. Critics believed that there were many other businessman in the country who were using more unfair and unethical practices but Goenka chose to target only Ambani and not the others. Critics also admired Goenka for his ability to run these articles without any help from his regular staff. Dhirubhai Ambani was also getting more recognition and admiration, in the meantime. A section of the public started to appreciate Dhirubhai's business sense and his ability to tame the system according to his wishes.[11]
The end to this tussle came only after Dhirubhai Ambani suffered a stroke. While Dhirubhai Ambani was recovering in San Diego, his sons Mukesh Ambani and Anil Ambani managed the affairs. The Indian Express had turned the guns against Reliance and was directly blaming the government for not doing enough to penalize Reliance Industries. The battle between Wadia - Goenka and the Ambanis took a new direction and became a national crisis. Gurumurthy and another journalist, Mulgaokar consorted with President Giani Zail Singh and ghost-wrote a hostile letter to the Prime Minister on his behalf. The Indian Express published a draft of the President's letter as a scoop, not realizing that Zail Singh had made changes to the letter before sending it to Rajiv Gandhi. Ambani had won the battle at this point. Now, while the tussle was directly between the Prime Minister Rajiv Gandhi and Ramnath Goenka, Ambani made a quiet exit. The government then raided the Express guest house in Delhi's Sunder Nagar and found the original draft with corrections in Mulgaokar's handwriting. By 1988-89, Rajiv's government retaliated with a series of prosecutions against the Indian Express. Even then, Goenka retained his iconic stature because, to many people, he seemed to be replaying his heroic defiance during the Emergency regime[12].

[edit] Dhirubhai and V.P.Singh

Dhirubhai didn't enjoy cordial relations with Vishwanath Pratap Singh, who succeeded Rajiv Gandhi as the Prime Minister of India. In May 1985, V. P. Singh suddenly stopped the import of Purified Terephthalic Acid from the Open General License category. As a raw material this was very important to manufacture polyester filament yarn. This made it very difficult for Reliance to carry on operations. Reliance was able to secure, from various financial institutions, letters of credit that would allow it to import almost one full year's requirement of PTA on the eve of the issuance of the government notification, changing the category under which PTA could be imported. In 1990, the government-owned financial institutions like the Life Insurance Corporation of India and the General Insurance Corporation stonewalled attempts by the Reliance group to acquire managerial control over Larsen & Toubro. Sensing defeat, the Ambanis resigned from the board of the company. Dhirubhai, who had become L&T's chairman in April 1989, had to quit his post to make way for D. N. Ghosh, former chairman of the State Bank of India. It is also believed that V. P. Singh's move as Defence Minister came as a direct result of him catching Dhirubhai's tax evasion.
ὶΨῖἸἸ≈==Death==
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 in a state of coma for more than a week. A battery of doctors were unable to save his life. He died on July 6, 2002, at around 11:50 P.M. (Indian Standard Time).
His funeral procession was not only attended by business people, politicians and celebrities but also by thousands of ordinary people. His elder son, Mukesh Ambani, performed the last rites as per Hindu traditions. He was cremated at the Chandanwadi Crematorium in Mumbai at around 4:30 PM (Indian Standard Time) on July 7, 2002.
He is survived by Kokilaben Ambani, his wife, two sons, Mukesh Ambani and Anil Ambani, and two daughters, Nina Kothari and Deepti Salgaonkar.
Dhirubhai Ambani started his long journey in Bombay from the Mulji-Jetha Textile Market, where he started as a small-trader. As a mark of respect to this great businessman, The Mumbai Textile Merchants' decided to keep the market closed on July 8, 2002. At the time of Dhirubhai's death, Reliance Group had a gross turnover of Rs. 75,000 Crore or USD $ 15 Billion. In 1976-77, the Reliance group had an annual turnover of Rs 70 crore and it is to be remembered that Dhirubhai had started the business with just Rs.15,000 (US$350)
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.[13].

Atal Bihari Vajpayee, Former Prime Minister of India

The nation had 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 till the end by virtue of his ability to dream big and translate it into reality through the strength of his tenacity and perseverance His legacy will remain shrouded in the fact that his practices have brought bribery and corruption to indian business for years to come. I join the people of Maharashtra in paying my tribute to the memory of Ambani and convey my heartfelt condolences to the bereaved family.[14].

– P C Alexander, Governor of Maharastra

[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." He was of the opinion that this will not have any bearing on the functioning of the company saying Reliance is one of the strongest professionally-managed companies. Considering the importance of Reliance Industries to the Indian economy, this issue got an extensive coverage in the media.[15]
Kundapur Vaman Kamath, the Managing Director of ICICI Bank[16] was seen in media, a close friend of the Ambani family who helped to settle the issue. The brothers had entrusted their mother, Kokilaben Ambani, to resolve the issue. On June 18, 2005, Kokilaben Ambani announced the settlement through a press release.
With the blessings of Srinathji, I have today amicably resolved the issues between my two sons, Mukesh and Anil, keeping in mind the proud legacy of my husband, Dhirubhai Ambani.

I am confident that both Mukesh and Anil, will resolutely uphold the values of their father and work towards protecting and enhancing value for over three million shareholders of the Reliance Group, which has been the foundational principle on which my husband built India's largest private sector enterprise.

Mukesh will have the responsibility for Reliance Industries and IPCL while Anil will have responsibility for Reliance Infocomm, Reliance Energy and Reliance Capital.

My husband's foresight and vision and the values he stood for combined with my blessings will guide them to scale new heights.[17].

– Kokilaben Ambani

The Reliance empire was split between the Ambani brothers, Mukesh Ambani getting RIL and IPCL & his younger sibling Anil Ambani heading Reliance Capital, Reliance Energy and Reliance Infocomm. The entity headed by Mukesh Ambani is referred to as the Reliance Industries Limited whereas Anil's Group has been renamed Reliance Anil Dhirubhai Ambani Group (Reliance ADA Group). Ambani wished if he could make Mr. Abraham Koshy from Kerala as his CEO. Unfortunate accident and aftermath he joined TCS later in Chennai.
Reliance Institute of Life Sciences, a Dhirubhai Ambani Foundation Initiative, was established to promote higher education in various fields of life sciences and related technologies.

[edit] In Fiction

A film said to be inspired by the life of Dhirubhai Ambani was released on 12 January 2007. The Hindi Film 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. The film stars Abhishek Bachchan, Mithun Chakraborty, Aishwarya Rai, R. Madhavan and Vidya Balan. In the film, Abhishek Bachchan plays Guru Kant Desai, a character implicitly based on Dhirubhai Ambani. The character is known in the film 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 ever.
A book published by Hamish McDonald titled "The Polyester Prince" is also an unauthorised biography of Dhirubhia Ambani, outlining all his political and business conquests. it has been banned in several countries and is also out of print.

[edit] Awards and recognitions

  • 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 [18]
  • 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". He is the true son of India'

[edit] Reference and notes

[edit] External links

Persondata
NAME Ambani, Dhirubhai
ALTERNATIVE NAMES Ambani, Dhirajlal Hirachand
SHORT DESCRIPTION Industrialist/Entrepreneur
DATE OF BIRTH 28 December 1933,
PLACE OF BIRTH Chorwad, Gujarat, British India
DATE OF DEATH 6 July 2002
PLACE OF DEATH Mumbai, Maharashtra, India


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