RESIGN! Just Resign, PETRO MIC MURALI DEORA! For the Super Profit of RIL, You Have Put the Nation into Gas Chamber! Ambani Saga Unfolds NAKED TRUTH of OIL and GAS Empire as well as the TRUTH of the GREEDY,Killer ILLUMINATI Hegemony and its Government! Parliament Diverted not to Discuss and Congress Applies SUB JUDICE Logic for Self Defence!
Murli Deora
From Wikipedia, the free encyclopedia
Murli Deora is the Indian Union Minister of Petroleum and Natural Gas.
Contents[hide] |
[edit] Early life
He was born in Mumbai, and did his BA from Mumbai University.
[edit] Political career
The industrialist and social worker-turned-politician began his innings from the Bombay Municipal Corporation way back in 1968 when he was elected corporator . Later, in 1977, Deora was elected mayor of Mumbai with Shiv Sena's support. Known for his close relations with politicians of all political parties, the arts graduate first contested the Lok Sabha polls from Mumbai South constituency in 1980 but lost to the Janata Party's Ratansingh Rajda though, in the subsequent election, Deora defeated BJP's Jayawantiben Mehta by a huge margin. He was re-elected in 1989, 1991 but lost to Mehta in 1996 and 1999 before his son, Milind, defeated Mehta to go to the Lok Sabha from the same constituency in 2004. Deora is a trusted aide of the Gandhi family in Mumbai. He was elected to the Rajya Sabha in 2004 and was inducted in the Union cabinet as petroleum minister in January 2006. His high point was countering the oilmen's strike with an iron fist, breaking his image as a soft person. He did his bit to shield consumers from the impact of oil's high run, but couldn't stop state-run oil companies from going into the red for the first time, posting historical quarterly losses. Appointment of ONGC chairman also became controversial. Deora, who has literally ruled the Mumbai Congress for well over a decade, is closely associated with the Bhartiya Vidya Bhavan and the Indian Red Cross Society.
He was president of the Mumbai Regional Congress Committee for 22 years from 1984 to 2006.[1]
His appointment in 2006 as cabinet minister in Minister of Petroleum and Natural Gas replacing Mani Shankar Aiyar was seen by some observers as taking place at the behest of pro-American and pro-business lobbies.[1][2][3][4][5]
[edit] Personal life
His son Milind Deora is a Lok Sabha member from Mumbai.
[edit] References
- ^ Deora quits post The Hindu
[edit] External links
Anil Ambani puts Deora in gas chamberEconomic Times - 10 hours ago MUMBAI: Anil Ambani on Tuesday launched a bare-knuckled verbal assault targeting Murli Deora, India's petroleum minister and an old friend of Dhirubhai ... Ministry should not try to fix gas price: Anil Ambani Hindu Business Line Anil Ambani lashes out at oil ministry, RIL Business Standard Ambani's remarks won't go as contempt of court: SC Advocate Moneycontrol.com FIIs up ante on Ambani stocks; small investors pull outHindu - Jul 25, 2009 On the other hand, the Anil Ambani group's Reliance Power saw the shareholding of both FIIs and domestic individual small investors remain unchanged during ... Govt happy to let SC resolve Ambani tangle Times of India Financial services sector has bright future: Anil AmbaniEconomic Times - Jul 21, 2009 21 Jul 2009, 1622 hrs IST, PTI MUMBAI: Painting a bright future for the Indian financial services sector, Anil Dhirubhai Ambani Group (ADAG) Chairman, ... Government plea in Ambani gas war may be misleading Daily News & Analysis Rel Cap plans to foray into investment banking Times of India Economy can't be held hostage by Ambanis bros: GovtTimes of India - - Jul 18, 2009 While the stinging comments could seriously hurt the pride of the Ambani brothers, it is also a serious setback to Anil Ambani's claim over an agreed supply ... Centre scales up role in Ambani brothers' gas row Economic Times LS adjourned amid demand for OilMin's resignation on gas issuePress Trust of India - 1 hour ago Anil Ambani had yesterday hit out at the Petroleum Ministry for colluding with elder brother Mukesh's RIL in blocking gas supply for its power projects ... Options open on listing of Reliance Entertainment: Anil AmbaniEconomic Times - Jul 15, 2009 15 Jul 2009, 2053 hrs IST, PTI NEW YORK: Industrialist Anil Ambani on Wednesday hinted at listing his group's media and entertainment business Reliance ... Deal done, Ambani, Spielberg speak to CNN-IBN IBNLive.com Anil Ambani, Spielberg ink $825m deal; Adlabs stock surges Moneycontrol.com RIL net dips 12%, 3rd time in rowTimes of India - Jul 24, 2009 Currently RIL is involved in a legal tussle over the supply of gas from the KG D6 block to Reliance Natural Resources--a company promoted by Anil Ambani, ... Ambanis knock on SC door over gas supplyTimes of India - Jul 4, 2009 NEW DELHI: A day after Anil Ambani-led Reliance Natural Resources Ltd filed a petition in the Supreme Court to direct Mukesh Ambani-led Reliance Industries ... RNRL to approach Supreme Court NDTV.com Reliance counters Anil plea Calcutta Telegraph SEBI to hear ad norm violation by Reliance MF on July 30Hindu Business Line - Jul 28, 2009 ... the alleged violation of advertisement guidelines for promoting a fund by an Anil Ambani Group company, which subsequently had withdrawn the commercial. ... Reliance Life seeks govt nod for floating early IPOEconomic Times - 21 hours ago 28 Jul 2009, 1705 hrs IST, PTI NEW DELHI: Wishing to hit the market with an initial public offer for its life insurance business, an Anil Ambani group firm ... |
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| Ambani gas explodes on govt | |
| OUR BUREAU | |
July 28: Anil Ambani today launched a ferocious attack on the petroleum ministry and Mukesh Ambani's Reliance Industries Ltd (RIL), suggesting the two were conspiring to deny his claim to gas from the Krishna-Godavari basin. Ambani blasted the petroleum ministry for its "biased and partisan" role in the dispute and for trying to become an interested party in a case now before the Supreme Court. The younger Ambani scion said the petroleum ministry's actions were motivated by "the sole purpose of attempting to bail out RIL and help them renege on their contractual obligations". Anil's Reliance Natural Resources Ltd (RNRL) has been asserting its right to 28 million cubic metres of gas a day at a price of $2.34 per million British unit — which is at a 44 per cent discount to the $4.20 price set by an empowered group of ministers in September 2007. The company's claim has been upheld by Bombay High Court. "RIL has tried every trick in the book to back out of its legal and contractual obligations," Ambani said, drawing a round of applause from the shareholders of RNRL, many of whom also hold shares in RIL — India's largest private sector company. Anil labelled RIL's conduct in the gas supply contract as dishonourable: "…RIL has no morality in its headlong pursuit of corporate greed." The gas dispute between the Ambani brothers — two of the richest men in India — is moving towards its denouement with the Supreme Court due to start hearing the case from September 1. The case has all the makings of a cause celebre: a bitter war between siblings after the founder of India's largest private company dies without leaving a will behind, the carve-up of the group's assets, and a bitter court battle in which the government signs up as an interested party to protect its interests. Anil did not name individuals but said the petroleum ministry had adopted a biased position on the gas dispute since 2006 when there was a change of guard in the ministry. That was the year Murli Deora, said to be close to Mukesh Ambani, took over as petroleum minister from Mani Shankar Aiyar. "I am sure all private companies in India wish that if they made commercial decisions they wanted to get out of, they too had a saviour to help bail them out – as is apparently the case for RIL," Anil told the shareholders. Deora refused to join issue with Anil in public, saying: "I have no comments to make... as the matter is sub judice. All I can say (to Anil) is best of luck." Reliance Industries maintained silence in the face of the broadside. Finance minister Pranab Mukherjee this evening held a meeting with Deora and law minister Veerappa Moily. "We are not partisan in the (RIL-RNRL) case … we moved (court) to protect the larger public interest. We can answer whatever is being said in the court," said Mohan Parasaran, the additional solicitor-general who is representing the government in the case. "I think we should have the decency to reserve our comments and let this case be heard by the Supreme Court instead of trying to create a public hysteria around the issues involved," Harish Salve, counsel for RIL, told a television channel. Sovereign rights One of the key questions the case throws up is this: who owns the gas? Anil said he was only staking claim to the gas that would legitimately go to RIL under the terms of the production-sharing contract signed with the government in April 2000. He said the petroleum ministry's intervention in the case would erode investor confidence and thwart the government's efforts to attract investments into India. "Will this not set a precedent, allowing any ministry to alter contracts in the future at will?" |
| Delhi huddle after gas flare-up | |
| OUR SPECIAL CORRESPONDENT | |
New Delhi, July 28: Anil Ambani's sharp outburst over the gas dispute with Reliance Industries prompted finance minister Pranab Mukherjee to go into a huddle here today with the ministers of law and petroleum to consider the government's stand in the whole episode. Sources said additional solicitor-general Mohan Parasaran and the secretaries of the law and petroleum ministries were also present at the 70-minute huddle. Mukherjee had headed the group of ministers that approved a gas price of $4.20 per million British thermal unit in September 2007. All those present at the meeting agreed that the government's move to file a petition before the Supreme Court to assert its ownership of the gas was the right step and that it could not be accused of taking a partisan stand in the dispute between the Ambani brothers. Sources in the petroleum ministry said they could file a contempt petition against RNRL and Anil Ambani for discussing the issues before a public forum when the matter was sub judice. However, RIL counsel Harish Salve told a television channel late tonight that he didn't think that Ambani's attack amounted to contempt of court though it did smack of disrespect to the highest court in the country and its traditions. Petroleum minister Murli Deora — who is in the eye of the storm — brushed off all accusations of a partisan and biased attitude. "I have no comments to make as the matter is sub-judice. All I can say (to Anil) is best of luck," he said. Petroleum secretary R.S. Pandey also refused to comment. "We are not partisan in the (RIL-RNRL) case. We moved (court) to protect the larger public interest. We can answer whatever is being said in the court," Parasaran told reporters. In its special leave petition before the Supreme Court, the petroleum minister said the government was the owner of the gas and asked the court to declare as "null and void" the Ambani family settlement that formed the basis for the supply of gas to RNRL. If the family pact is allowed, the petition had claimed that the "whole country will be subservient to RIL (for gas) and RIL will dictate the industrial development of the country." Sources in the oil ministry said the government would stick to its stand that the natural gas in the country was owned by it and RIL was only a contractor. It did not have the right to enter into a contract to sell to any firm without the consent of the government. Officials argued that the government's role was not just restricted to collecting royalty and profit petroleum, but also to ensure equitable industrial development. The KG-D6 gas field is producing over 30 million cubic metres of gas a day that will go up to over 80 MMSCMD by the end of the year. Under the government's directions, RIL is supplying 15 million cubic metres of gas a day to fertiliser plants. It has earmarked up to 18 MSCMD for power plants, 3 MMSCMD for LPG plants and 5 MMSCMD for households and the transport sector. The government SLP said 15 MMSCMD of gas to fertiliser plants would lead to a national saving of Rs 3000 crore a year on account of the fertiliser subsidies it pays out. http://www.telegraphindia.com/1090729/jsp/business/story_11295396.jsp |
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| RBI could have reduced key rates: India Inc 28 Jul 2009, 1853 hrs IST, PTI NEW DELHI: Describing the RBI's credit policy review as maintenance of status-quo, India Inc on Tuesday said reduction in policy rates at this stage "There are signs of revival in business confidence and some reduction in policy rates at this stage would have helped to provide fillip to corporate investment  The RBI in its credit policy has kept unchanged all the key policy rates and ratios like bank rate, repo and reverse repo rates and cash reserve ratio. PHD chamber President Satish Bagrodia also held similar views, "RBI could have considered reducing the repo rate to 4.5 per cent and reverse repo rate to 3 per cent to facilitate reduction in lending rates by banks." While, Ficci said the projected growth rate for the current fiscal should have been in the range of 6-6.5 per cent. The RBI has forecast a growth rate of 6 per cent with upward bias. CII Director General C Banerjee said that GDP growth is likely to exceed the RBI's expectation of six per cent in the current fiscal. "In fact the economy could grow at around 7 per cent, as the fiscal and monetary measures have impact on domestic demand," he said. Commenting on the central bank's policy Assocham President Sajjan Jindal expressed hope that the RBI would continue to follow accommodative monetary policy to ensure sufficient credit flow to the industry. | ||||
The American Petroleum Institute (API) reported that US crude oil stockpiles jumped 4.1 million barrels last week, countering analysts' expectations for a 1.3 million-barrel draw, as imports rose and refiners slowed their processing rates.
But traders are looking more towards data from the US Energy Information Administration (EIA), due later at 1430 GMT, in which a Reuters poll forecast a 1.3 million-barrel decline in crude inventories instead, as lower imports offset tepid refinery demand.
The survey also showed a 400,000-barrel rise in gasoline stocks and a 1.3 million-barrel increase in distillates.
"The API data tends to be skewed," said Mark Pervan, head of Commodity Research at ANZ Bank.
"The DOE is expecting a drop in crude supplies. But the API data is the latest indicator of weak demand. Overall, the crude stock level is too high for this time of year."
US crude fell 44 cents to $66.79 a barrel by 0252 GMT, after settling $1.15 lower on Tuesday, after the US consumer confidence index dropped below analysts' expectations, recording its second-straight decline as sentiment remained dampened by a difficult job market.
London Brent shed 11 cents to $69.77 a barrel.
Equities markets in Asia, which had rallied for over a week, were mixed in early trade, with Hong Kong stocks falling but Japan's Nikkei average barely up, after disappointing corporate earnings results pushed down US markets.
"The oil market declined because of the equities market. But that's a fickle strategy to use, and the underlying demand-supply fundamentals are being pushed aside," said Pervan.
Hopes that a recovery in the global economy could lift slumping fuel demand has propped up crude prices this year, but analysts said the inconsistent show of US economic data is a timely reminder that the world is barely emerging from recession.
Crude fell from records near $150 a barrel last July to below $33 in December, as the recession battered world consumption, before recovering to near $70 recently.
Stubbornly weak demand, especially for distillates, has hit profits for refiners in Asia and the West, forcing them to rein in output.
Leading US refiner Valero Energy Corp would run its 16 plants at 78 percent of capacity in the third quarter. And Mexican oil producer Pemex said lower crude prices and export volumes battered its sales and squeezed profits.
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New Delhi, July 22 (PTI) The Prime Minister's office is believed to have asked for urgent comments from the Petroleum Ministry, which has been accused by industrialist Anil Ambani of siding with Mukesh-led RIL in an ongoing gas dispute.
Forwarding a letter written to Prime Minister Manmohan Singh, wherein the younger Ambani had sought a direction to the Ministry of Petroleum and Natural Gas "to cease from overtly and covertly attempting to intervene in our commercial dispute with RIL," the PMO asked the ministry to examine the matter and submit their comments urgently.
Anil Ambani had said: "We have recently seen a spate of unfortunate public utterances with unusual frequency, by various functionaries in the Petroleum Ministry to the print and electronic media in a manner not witnessed in any other part of the government that too on a matter that is sub- judice in the Hon'ble Supreme Court.
Addressing shareholders of the company, he also said the government would not lose a single rupee even if the gas from the fields off the Andhra Pradesh coast were to be supplied to his company at the originally contracted price of $2.34 per unit.
"The gas price of $2.34 per unit was not decided by two brothers on the dinner table," Anil Ambani said, adding the price was based on the prevailing global oil scenario and legitimately approved by the Reliance Industries board in 2005.
Last month, the Bombay High Court had asked Reliance Industries to supply 28 million units of gas to Reliance Natural Resources for 17 years at $2.34 per unit, after assigning 12 million units to the state-run power utility NTPC.
Reliance Industries challenged the verdict in the Supreme Court, which heard the case July 20 and fixed Sep 1 as the next date of hearing. It also asked all the parties to file their replies on the government position on the matter by then.
Anil Ambani said his Reliance Natural Resources was not claiming ownership of the gas assets as was being made out by the petroleum ministry but only staking the legitimate claim over the supplies, based on a corporate agreement.
According to him, if the government so desired, it had ample leeway to even take over the gas assets. He also sought to bring to light what he called were questionable actions by the oil ministry ever since changes were made at its top level in 2006.
"For the record, I want to emphasise that the government does not stand to lose even a single rupee even if Reliance Industries sells the gas at lower than approved valuation price to any party," he contended.
"If Reliance Industries gets a higher sale price from us based on the price of what the petroleum ministry wants to fix for the first few years, 99 percent of all revenues and profits will go to Reliance Industries," he said.
"Only a measly 1 percent will accrue to government of India."
Petroleum and Natural Gas Minister Murli Deora said he could not comment on the scathing accusations levelled against his ministry by Anil Ambani as the matter was subjudice.
Anil Ambani said Reliance Industries, founded by his late father Dhirubhai Ambani, was misusing its power as India's largest company and the near monopoly it enjoyed over natural gas production.
"It is unfortunate that Reliance Industries has tried every trick in the book, and apparently several outside the book, to back out of its solemn, legal and contractual agreement."
Though SC ruling would be binding on all parties as it is the highest court, the government is not inclined to play any further role — by way of policy interpretations or other interventions — in disagreement between Mukesh Ambani's RIL and Anil Ambani's RNRL. It would now treat the issue as sub-judice with the apex court.
The Centre's affadavit was widely seen by some quarters to be tilted in favour of RIL as it called for a stay of the Bombay HC ruling upholding differential rates for KG basin gas for a government utility and RNRL. Thereafter Anil Ambani wrote to PM Manmohan Singh arguing that oil ministry was biased against his business interests.
While Anil Ambani's letter was sent to oil ministry without comment in a routine procedure, the government is looking forward to a closure whenever SC delivers its verdict. Going by court's view, it is felt, would be best option given criticism that Centre was tilting one way or the other in a high-profile corporate battle.
The SC being seized of the matter seems to have given the Centre a way out not unlike the Section 377 case where Delhi high court dealt with a plea for decriminalising gay sex, a matter that was politically and socially sensitive.
In the Ambani case, the government has presented an argument that the brothers were not entitled to set the gas rates between them. But having done so, it would now be quite happy to let the SC settle matters. The dispute has its roots in division of the Ambani empire and the claim made by RNRL in 2006 that RIL had reneged on part of a promise under the demerger agreement to supply gas from KG basin to the younger brother's planned power stations.
RNRL claims the gas was set to be supplied at $2.34 per million British thermal units which was the same price set with a state-run electricity company. RIL then argued the agreement was subject to government approval and that in 2007, a ministerial committee set a price of $4.29/mmBtu.
RNRL has said that the Bombay high court ruling provides for RIL to supply gas at lower rates as compared to what the ministrial committee decided on for a government utility.
The currency fell the most in a week as the Bombay Stock Exchange's Sensitive Index dropped. Anil Ambani, chairman of Reliance Natural Resources Ltd., yesterday accused India's petroleum ministry of siding with his brother's Reliance Industries Ltd. in a row over the sale of natural gas, saying it was "partisan and biased."
"The rupee may weaken as the stock market reflects investors' mounting concerns about the potential impact of the Reliance gas dispute on fund flows," said Sudarshan Bhatt, chief currency trader at state-owned Corporation Bank in Mumbai.
The rupee declined as much as 0.4 percent to 48.415 per dollar and traded at 48.297 as of 10:41 a.m. in Mumbai, according to data compiled by Bloomberg. It is the worst- performer among Asia's 10 most-traded currencies this month, with a 0.9 percent loss.
Offshore contracts indicate bets the rupee will trade at 48.42 to the dollar in a month, compared with expectations of 48.26 at the end of last week. Forwards are agreements in which assets are bought and sold at current prices for future delivery. Non-deliverable contracts are settled in dollars rather than the local currency.
Anil Ambani, who wants to enforce a 2005 accord requiring Reliance Industries to sell gas from a Bay of Bengal field to Reliance Natural at 44 percent less than the state-set price, claims his brother is refusing to honor the agreement. The Ambani brothers are India's richest billionaires, according to Forbes magazine.
| Anil Ambani puts Deora in gas chamber 29 Jul 2009, 0802 hrs IST, ET Bureau
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| MUMBAI: Anil Ambani on Tuesday launched a bare-knuckled verbal assault targeting Murli Deora, India's petroleum minister and an old friend of In the course of a riveting one-and-a-half hours, Mr Ambani, who was speaking at the AGM of Reliance Natural Resources (RNRL), castigated what he described as RIL's "dishonourable conduct in... refusing to honour the gas supply contract" and the "exorbitant profits RIL is seeking to make at the cost of the power and fertiliser sectors." But more than that, the centrepiece of his speech was devoted to what he claimed was the "apparently biased and partisan role of the petroleum ministry." Mr Ambani was also scathing in his remarks about a government decision setting a price of $4.20 per unit of natural gas, claiming that the price should not be more than $1.5. It is very rare for Indian industrialists to so openly criticise a senior government functionary or even a corporate rival, let alone with the belligerence displayed by Mr Ambani, the chairman of the eponymous Anil Dhirubhai Ambani Group (ADAG) and among the world's 50 richest men. "I am bringing out facts which no one has brought out so far," Mr Ambani told ET later on Tuesday evening. Mr Ambani's speech had four major components: RIL's conduct, Mr Deora's alleged bias, details of the production-sharing contract which he claims favours RIL and the inappropriateness of the government-set price of $4.20. Mr Ambani was blunt in his many references to Mr Deora. "It is evident that the apparently biased stance commenced in 2006, coinciding with changes in the ministry. I am not casting aspersions on the integrity of individuals here - I am sure that they have good reasons for their stance," was one of the most direct accusations. This is of course not the first time that politicians and businessmen have duelled. Anil's father, the late Dhirubhai Ambani, the founder of Reliance, battled former prime minister VP Singh along with rival industrialists such as Nusli Wadia through much of the 1980s. But the protagonists of these battles rarely spoke in public. Mr Deora refused to join issue: "I have no comments to make... as the matter is sub judice. All I can say (to Anil) is 'best of luck'." RIL too had no comments. "The matter is before the Supreme Court and sub judice," a Reliance Industries spokesperson said. Harish Salve, a legal eagle who represents RIL, India's largest private sector company by market capitalisation and sales, told ET NOW, this newspaper's business channel, that the Supreme Court would not be swayed by the AGM speech. "Our judges are made of sterner stuff," he said. At the AGM, the mood was febrile, as some shareholders raised slogans criticising Mr Deora. For the most part though they listened with rapt attention, perhaps aware of the history-making nature of the speech. Most RNRL shareholders also own stocks in RIL from which the company was demerged as part of the Ambani family settlement, which was executed over 2005 and 2006. The ultimate impact of Mr Ambani's amazing speech remains unclear. Initial reactions from senior leaders of the Congress indicated a certain element of shock and awe, perhaps because of its sheer unexpectedness. The Congress' battery of official spokespersons declined to comment on the record. However, two senior Congress leaders, one a two-term chief minister of a large North Indian state and the other a member of the Union cabinet said that the party may have to take a stand because the allegations of favouritism against a senior cabinet minister could hurt the image of the party and the government. Both declined to discuss specifics or to spell out what that stand could be. | ||||||||
http://economictimes.indiatimes.com/News/News-By-Industry/Energy/Oil-Gas/Anil-puts-deora-in-gas-chamber/articleshow/4832275.cms
Congress in a bind over outburst
Anil Dhirubhai Ambani group chairman Anil Ambani on Tuesday made a scathing attack on Mr Deora and the petroleum ministry for what he dubbed as "biased stand" of the government. This could be first instance where a corporate head has singled out a minister for criticism before shareholders.
Anil even dared the petroleum ministry to take back the ownership of gas fields from RIL if it seriously believed that terms of the contract were violated by Mukesh Ambani-led firm, which he alleged was wanting to make a super-profit of Rs 50,000 crore.
More stinging was his comment describing Mr Deora as "saviour" of the Mukesh Ambani-led group. "I'm sure all private companies in India wish that if they make commercial decisions, they wish to get out of, they too had a saviour to help bail them out as in the case of RIL," Anil said on Tuesday.
This has rattled the corporate as well as the political establishment. More shocked obviously is the Congress. But none of the party officials and ministers ET tried to speak, was willing to comment on record on the development.
"Honestly speaking the party has not discussed the issue at all. But the way it's heading we will have to take note of it. Tomorrow, if not today, it will start sticking to the party," a former chief minister of a northern state said when asked to comment. Congress spokesman Manish Tewari said that the matter is sub judice.
Anil Ambani's friend and SP general secretary Amar Singh said that the minister is working as the CEO of Reliance Industries.
"He seems to be more worried about the balance sheet of Reliance Industries. Mukesh Ambani is the contractor for the KG Basin, and Anil and NTPC are buyers. Forget Anil Ambani, Deora seems to be unconcerned about the state-owned NTPC. Is it not his responsibility to protect the interest of NTPC? I am elected member of the committee on public undertakings. It is my job to speak for NTPC. The entire episode shows the clout that Mukesh enjoys at the Centre and ministers like Deora are practising the worst kind of crony capitalism."
When uncle failed to treat brothers as equals
For someone who is no stranger to music — both his sons are musicians, one of them has even brought out an album — Murli Deora may not have enjoyed
facing it. Particularly from the son of one of his closest friends — the late Dhirubhai Ambani.
Yet, it cannot have been more than a minor irritant for Deora, a kind of small annoyance.
It is just that the outburst from one of his more favoured 'nephews', whom he has seen grow up into a smart, young industrialist, may have just upset a long-standing relationship that began sometime in the 1970s when both Mr Deora and Dhirubhai did yarn brokerage.
Certainly, the family histories may not have foreseen such yarn being spun. After all, Mr Deora had a ringside view of every step Dhirubhai Ambani took in his journey to become India's 'tallest industrialist' from his office at Churchgate or while travelling together in the local train from Mumbai Central to Parel or while visiting all textile mills in Mumbai together.
Mr Deora would have hardly imagined that one of his favourite dictums laid out by his late friend — "It is a great fun starting something" — would have taken such a turn at the hands of the two brothers, Mukesh and Anil. Particularly, over something which he feels "belongs to the government and not to Ambani brothers". Although Anil, as was in evidence in his angry yet anguished cry, feels he is the one getting a raw deal.
Anil's oil gusher at his company's AGM has surely gone beyond family, to another family: the once-upon-a-time dear Deoras. He says he has reason to protest as he feels the package isn't perfect. But, in life nothing ever is, Mr Deora would have expected the father to say.
"I am personally appalled and disgusted at how these two brothers are fighting over something that belongs to the government and the people of India," Mr Deora recently reminded the country, sounding more like a stern uncle upset at his nephews'antics.
"I have to keep the interests of the people of this country in mind."
That objectivity may not be cutting much ice with Anil, who perhaps nurses a feeling that uncle is favouring his elder brother. A nagging feeling that may have been cemented in his mind since uncle visited the Lord Venkateshwara temple in Tirumala with Mukesh Ambani last December.
One of Murli Deora's favourite Dhirubhai quotes when it comes to industrialists influencing government policy is: "This is hypocrisy." Anil may well have expected his uncle to recall that.
Yet, it cannot have been more than a minor irritant for Deora, a kind of small annoyance.
It is just that the outburst from one of his more favoured 'nephews', whom he has seen grow up into a smart, young industrialist, may have just upset a long-standing relationship that began sometime in the 1970s when both Mr Deora and Dhirubhai did yarn brokerage.
Certainly, the family histories may not have foreseen such yarn being spun. After all, Mr Deora had a ringside view of every step Dhirubhai Ambani took in his journey to become India's 'tallest industrialist' from his office at Churchgate or while travelling together in the local train from Mumbai Central to Parel or while visiting all textile mills in Mumbai together.
Mr Deora would have hardly imagined that one of his favourite dictums laid out by his late friend — "It is a great fun starting something" — would have taken such a turn at the hands of the two brothers, Mukesh and Anil. Particularly, over something which he feels "belongs to the government and not to Ambani brothers". Although Anil, as was in evidence in his angry yet anguished cry, feels he is the one getting a raw deal.
Anil's oil gusher at his company's AGM has surely gone beyond family, to another family: the once-upon-a-time dear Deoras. He says he has reason to protest as he feels the package isn't perfect. But, in life nothing ever is, Mr Deora would have expected the father to say.
"I am personally appalled and disgusted at how these two brothers are fighting over something that belongs to the government and the people of India," Mr Deora recently reminded the country, sounding more like a stern uncle upset at his nephews'antics.
"I have to keep the interests of the people of this country in mind."
That objectivity may not be cutting much ice with Anil, who perhaps nurses a feeling that uncle is favouring his elder brother. A nagging feeling that may have been cemented in his mind since uncle visited the Lord Venkateshwara temple in Tirumala with Mukesh Ambani last December.
One of Murli Deora's favourite Dhirubhai quotes when it comes to industrialists influencing government policy is: "This is hypocrisy." Anil may well have expected his uncle to recall that.
FM links price hike to low output
29 Jul 2009, 0623 hrs IST, ET Bureau
Oil min batting for Mukesh, Anil writes to PM
NEW DELHI: In a letter to the prime minister, Anil Ambani has accused the oil ministry of siding with Mukesh Ambani's Reliance Industries Ltd
 Anil has accused the oil ministry of siding with brother Mukesh. (TOI Photo) |
against Anil's company, Reliance Natural Resources Ltd.
Assuring the government that the legal battle between RIL and RNRL over gas from the KG Basin would not hurt national interest, Anil Ambani urged the PM to direct the ministry not to intervene in the commercial dispute of two corporate houses.
In a letter written to Singh on July 15, Ambani stated, ``We are not making any claims whatsoever that impact the government's rights and entitlements on gas from KG Basin under the production sharing contract (PSC) between RIL and the government.'' RIL is an operator for gas exploration in the basin.
Anil Ambani claimed his group was only seeking gas supply from RIL's lawful share of entitlement of production and not from the government's share. He argued that as per the PSC, RIL has the freedom to market its share of gas, which the ministry has stated on various occasions in Parliament.
Asked for his comments, oil minister Murli Deora told TOI: "The entire issue is before the Supreme Court and I don't want to comment on any issue related to the matter."
On Friday, an affidavit filed by the government in the Supreme Court stated that the two warring parties have no ownership rights over the gas, its price and distribution. Later on Saturday, the government also filed a case in SC urging it to quash the June 15 Bombay High court Judgment directing RIL to honour its commitment and provide gas to RNRL as per the MOU between them. The government in its petition said the MOU should be treated as null and void. It argued that if the gas is supplied to Dadri project, other industries in the country would suffer.
Senior oil ministry officials dealing with formulation of the government's response in the Court ruled out any bias towards either of the warring brothers. ``The government is acting solely to protect the interest of the nation and is not concerned with any family dispute and is not trying to protect or hurt anyone's interest in such a dispute,'' a top official told TOI, requesting anonymity.
Asked why the government has only taken this stand now and not before, the official said the relevant or pertinent contents of the family (demerger) MoU has come to the government's notice in all their details and implications only after the Bombay High Court verdict. The official said so far the details of these contents or their footprint and implication were not known officially.
"Now that the government has the details, it has acted to save the interest of the nation. If somebody makes a deal over my property, won't I ask the authorities to declare that deal null and void? The brothers have huge business empires. If they have a dispute, they can settle it with their own resources. How can anyone make a deal over something that does not belong to them? How can the government allow two sets of price for the same gas? It will lead to chaos and tomorrow every contractor will come up with some private deal and the government and the country will be left at their mercy," the official said.
The official, however, skirted a question whether the government should take penal action against anyone who has made a private deal over government property without any authority.
The genesis of the dispute between RIL and ADAG goes back to the settlement between the two brothers in 2005. Mukesh's RIL agreed to supply gas to ADAG's Dadri Power plant in June 2005 at $2.34 mmbtu --- the price at which it had bid to supply gas to NTPC. But, later agreement with NTPC ran into disputes and the PSU filed a case against RIL.
Taking its cue from this, RIL refused to supply gas to ADAG's RNRL saying that the benchmark price does not exist. Government also refused to approve the supply of gas from KG Basin to RNRL at $2.34 per MMBTU in July 2006. In November 2007, RNRL went to court pleading that it wanted gas from RIL's share as per the MOU agreed upon by both the parties. The Bombay High Court on June 15, asked RIL to sort out the problems to supply the gas to RNRL as per the MOU within 4 months.
RNRL then moved the Supreme Court to seek direction for the RIL to expedite the process of supply of gas. RIL too moved the apex court to challenge the HC judgment saying that it can't supply the gas without the approval of the government.
http://timesofindia.indiatimes.com/NEWS/Business/India-Business/Oil-min-batting-for-Mukesh-Anil-writes-to-PM/articleshow/4796440.cms
RIL using power companies to fight its gas battle: RNRL
NEW DELHI: Anil Ambani group firm RNRL on Sunday hit out at power companies GMR and GVK for raising the bogey of unfair price advantage to it,
Commenting on reports that GMR Group, Torrent Power and GVK Industries
had approached the government complaining that unfair price advantage to the ADAG firm will kill competition, RNRL counsel Mahesh Agarwal said, "They are citing the RIL battle or in other words, RIL is using them to fight its own battle."
Reliance Industries Ltd and Reliance Natural Resources have Ltd filed cross-appeals in the Supreme Court challenging the Bombay High Court decision and the apex court will hear the case on Monday.
The power companies had voiced concerns that gas supply from RIL's KG-D6 fields would be impacted if the fuel is to be diverted to RNRL at lower rates.
"GMR and GVK signed agreements with RIL based on the Bombay High Court order and that provides that gas supply is subject to the outcome of the RNRL-RIL case," Agarwal said.
He said that the ministry of petroleum had suggested to the High Court that pending the dispute, gas could be supplied to others and the same was accepted.
Terming the power companies' stance "malafide", Agarwal said they had got into the gas supply deal with RIL knowing the High Court decision and now they are crying.
He said that RNRL had got into an agreement with RIL to get the gas at USD 2.34 per mmBtu for 17 years at an arms-length agreement whereas power companies signed the deal for five years which was not at arms-length as the gas was for their stranded projects.
GMR Group, Torrent Power and GVK Industries have written separately to Petroleum Minister Murli Deora and Power Secretary HS Brahma, stating that the move would give unfair price advantage to ADAG and kill competition in the power sector.
"The price indicated in the order would benefit specific power generators (like those of Anil Ambani Group) and thereby making power generated by others non-competitive," Torrent Power said, adding "such an environment would discourage further investment by multiple players in the power sector".
GVK Vice-Chairman GV Sanjay Reddy said, "(The judgment) is in favour of one particular group which has been given inexplicable advantage to load the electricity market against all competition."
"Such large quantities of gas supplied to a single entity will not leave scope for any other player in the field to sustain and survive," said BVN Rao, Business Chairman - Energy, GMR Group.
Economy can't be held hostage by Ambanis bros: Govt
. In an independent
In its appeal, the Centre urged the apex court to quash the June 15 Bombay High Court order which directed Mukesh Ambani to honour his ``commitment'' and provide gas to Anil Ambani's RNRL as per an MoU between them. This MoU, the Centre maintained, was ``null and void''. Not just that, it also accused the brothers of trying to ``surreptitiously and unauthorizedly'' appropriating the country's sovereign natural resources as ``family property''.
While the stinging comments could seriously hurt the pride of the Ambani brothers, it is also a serious setback to Anil Ambani's claim over an agreed supply of gas from KG basin which is being operated by Mukesh Ambani. Not surprisingly, Anil Ambani rushed to the Supreme Court to file an affidavit, claiming the Centre had no role in the dispute.
Anil Ambani's RNRL reacted sharply to the Centre's appeal and virtually accused it of playing a new game altogether after maintaining before the Bombay High Court that its role in the dispute was limited to interpreting the The Economic Times Sharing Contract. The Centre's affidavit, expanding its role now, should be tossed out, it pleaded.
On its part, the government said natural gas was meant for the country's industrialization and not for the individual gains of ventures owned by the Ambanis. The MoU between Mukesh's RIL and Anil's RNRL was ``null and void'' in the face of enormous national interest involved in the distribution of natural gas, it said, adding, ``the national economy cannot be allowed to be held hostage by the Ambanis''.
In its appeal, the government said the gas produced from KG Basin, if properly utilized, ``will promote industrialization of India''. However, the Ambani MoU made it appear that ``all the gas will be owned by RIL and RNRL and utilized at their discretion. Obviously, the pressing needs of the priority sectors of the national economy cannot be allowed to be held hostage to the benevolence and mercy of RIL and RNRL.''
``Knowing fully well that gas does not belong to them (RIL and RNRL) and that contracting companies are bound by the terms of the The Economic Times Sharing Contract (PSC), RIL and RNRL have appropriated, through the MoU, in a surreptitious and unauthorised manner, the entire gas, treating the same as their personal and family property,'' it said.
``The MoU, therefore, to the extent that it has as its consideration a property not belonging to the signatories to the MoU (in this case belonging to sovereign government of India) is blatantly illegal and in disregard of the provisions of the PSC and should be declared null and void,'' it said.
Till the dispute raised in the appeals filed by RIL, RNRL and the Centre was finally resolved, the Supreme Court should stay the operation of the HC judgment and keep in operation the interim arrangement ordered by the HC in its January 30, 2009 order, the Centre said.
http://timesofindia.indiatimes.com/NEWS/Business/India-Business/Economy-cant-be-held-hostage-by-Ambanis-bros-Govt/articleshow/4794060.cms
FIIs up ante on Ambani stocks; small investors pull out
Mumbai (PTI): In the midst of a continuing legal battle over gas dispute between two Ambani groups, foreign investors seem to have got more confidence than the small individual investors of the country in the strength of the businesses run by the two industrialist brothers.
In the first quarter of the current financial year, foreign institutional investors increased their shareholding in nearly all the listed companies of the two Ambani groups, while individual domestic investors cut down their exposure to these companies during the same period.
These companies include Reliance Industries and Reliance Petroleum Ltd from the Mukesh Ambani group as also Reliance Capital, Reliance Communications, Reliance Infra and Reliance Natural Resources (RNRL) from the Anil Ambani group.
Interestingly, the three-month period ended June 30, 2009, saw the Bombay High Court delivering its judgement in a long-running legal battle between the two groups over supply of gas from the elder brother Mukesh-led RIL to the Anil group firm RNRL.
However, the battle has now moved to the Supreme Court as both the sides have filed cross-appeals over the Bombay High Court order of June 15.
In minor exceptions, another Mukesh Ambani group firm Reliance Industrial Infrastructure (RIIL) saw the small individual shareholders cutting down their holding, but FIIs also did the same albeit in a small way. On the other hand, the Anil Ambani group's Reliance Power saw the shareholding of both FIIs and domestic individual small investors remain unchanged during the quarter.
In terms of changes in their shareholding, FIIs seem to have turned most bullish on Reliance Infra, where their holding increased by over 3 per cent to 18.85 per cent at the end of April-June quarter, from 15.79 per cent previously. At the same time, the small individual shareholders — those holding shares worth up to Rs 1lakh — cut down their holding from 12.84 per cent to 12.04 per cent.
FIIs also increased their holding by 1-2 percentage points in three other Anil Ambani group firms — Reliance Cap, RCOM and RNRL, while that rose by one percentage point in the Mukesh Ambani group's Reliance Petroleum.
In RIL, FIIs increased their holding to 16.45 per cent, from 15.99 per cent, while small investors cut down their holding from 9.98 per cent to 9.87 per cent.
In RPL, the FIIs' holding rose from 1.56 per cent to 2.6 per cent, while that of small investors fell from 11.64 per cent to 10.86 per cent.
The fall in small investors' holding was most pronounced in RIIL (from 40.32 per cent to 38.50 per cent) and Reliance Cap (from 14.53 per cent to 13.03 per cent). However, RIIL also saw FII holding fall marginally from 1.01 per cent to 0.94 per cent, while that of Reliance Cap rose from 20.43 per cent to 22.41 per cent.
Among other companies, RCOM saw FII holding rise from 7.39 per cent to 9.35 per cent and RNRL from 3.11 per cent to 4.81 per cent. On the other hand, RCOM and RNRL saw the holding of small individual investors fall from 9.63 per cent to 9.33 per cent and from 29.71 per cent to 28.29 per cent respectively.
At R-Power, the most recent entry into the stock market from either of the two groups, interestingly saw the holding of FIIs as also small individual investors unchanged at 3.82 per cent and 7.25 per cent respectively.
The promoter holdings in all these companies remained largely unchanged during the quarter.
By Cherian Thomas
July 29 (Bloomberg) -- India's central bank may start reversing its interest-rate cuts in early 2010 as food and energy prices fan inflation, after it kept borrowing costs unchanged yesterday to bolster economic growth.
"On the way forward, the Reserve Bank will have to reverse the expansionary measures to subdue inflationary pressures while preserving the growth momentum," Governor Duvvuri Subbarao said. Inflation may "creep up" to about 5 percent by March next year compared with an April estimate of 4 percent, he said.
India is vulnerable to inflation as it relies on imported oil and demand for food from its 1.2 billion people exceeds supply. The People's Bank of China said yesterday that inflation may rebound in the second half, while Australia's central bank said its economy may recover faster than anticipated from the worst global recession since the Great Depression.
"India may be the first one to raise rates," said Chetan Ahya, a regional economist at Morgan Stanley in Singapore. "The wholesale price inflation that India looks at will be closer to 6 percent by March 2010."
HSBC Group Plc economist Robert Prior-Wandesforde and Macquarie Group Ltd. economist Rajeev Malik expect interest rates in India to be raised from about April. Nomura Securities Co. economist Sonal Varma brought forward her forecast of a rate increase to January from April.
Besides being buffeted by higher global commodity costs, inflation in India is also fueled by congested roads and ports and power shortages that add to the cost of doing business.
Power Shortages
Almost every manufacturer in India including carmaker Honda Motor Co. has invested in power back-ups because of frequent outages. Peak power shortage for the year ending March 31 will widen to 12.6 percent from 11.9 percent a year earlier, according to the nation's electricity regulator.
India's key wholesale price inflation index, announced weekly, has been negative for the six weeks to July 11. The central bank said this was a "statistical effect" as prices included in the gauge rose faster in the same period last year.
Consumer-price inflation is running at between 7 percent and 10 percent, driven by high food costs, according to indexes that measure the cost of living for industrial and farm workers.
Goldman Sachs Group Plc and HSBC say the central bank's 5 percent inflation forecast is conservative and was likely to be exceeded due to higher costs of oil, food and other commodities.
"We suspect inflation will rise faster, reaching 6 percent to 7 percent by March next year, and that this will prompt a relatively aggressive tightening of interest rates through 2010," said Mark Williams, international economist at Capital Economics Ltd. in London.
Oil, Sugar
Crude oil, which India imports to meet three-quarters of its needs, has gained 53 percent this year.
India, the world's biggest consumer of sugar, may need to import at least 4 million metric tons in the year starting Oct. 1 to meet a supply shortfall, said Bajaj Hindusthan Ltd., the nation's biggest producer by capacity. India is importing the sweetener for the first time in three years and sugar prices are at a three-year high.
Palm oil, of which India is the biggest importer in the world after China, has gained 26 percent this year.
Indian policy makers are not alone in grappling with the prospect of accelerating inflation.
The Chinese central bank said yesterday that inflation may rebound this year, with the consumer-price index bottoming in the third quarter.
Asset Bubbles
China needs to end an excessively loose monetary policy that threatens asset bubbles, overcapacity, bad loans and resurgent inflation, He Fan, a senior researcher at the Chinese Academy for Social Sciences said in Beijing yesterday.
He cautioned that pumping up economic growth in the short term could lead to the nation's recovery being followed by a second slump. CASS is a government-backed think tank.
China's consumer prices fell 1.7 percent in June, the fifth straight decline and the biggest drop since 1999.
India's Subbarao, while flagging inflation concerns, also raised the central bank's growth forecast to 6 percent "with an upward bias." That prompted economists to interpret the policy as switching its focus from growth to inflation.
"The RBI is becoming cautiously optimistic on the growth outlook and more concerned about higher inflation," Varma from Nomura said.
For now, Subbarao said the central bank will continue to provide an "accomodative" policy because growth, constrained by weak global demand for exports and poor farm production on account of scanty rains, may start to revive only after October.
"The RBI statement gives more support to our view that the central bank will start hiking interest rates in early 2010, due to latent inflationary pressures and strengthening aggregate demand," said Tushar Poddar, an economist at Goldman Sachs in Mumbai.
Anil Ambani
From Wikipedia, the free encyclopedia
| Anil Dhirubhai Ambani | |
 | |
| Born | June 4, 1959 (1959-06-04) Bombay, India |
|---|---|
| Residence | Mumbai, India |
| Ethnicity | Gujarati |
| Education | Bombay University Bachelor of Arts/Science University of Pennsylvania, Wharton School MBA [1] |
| Occupation | Chairman, Anil Dhirubhai Ambani Group |
| Net worth | ▼ US$10.1 billion (2009) |
| Religious beliefs | Hindu |
| Spouse(s) | Tina Munim |
| Children | Jai Anmol and Jai Anshul [1] |
Anil Ambani (born June 4, 1959) is an Indian billionaire and a major shareholder in Anil Dhirubhai Ambani Group. Anil's elder brother, Mukesh Ambani, is also a billionaire, and owns another company called Reliance Industries.
Contents[hide] |
[edit] Career
Ambani joined Reliance, the company founded by his late father Dhirubhai Ambani, in 1983 as Co-Chief Executive Officer and is credited with having pioneered many financial innovations in the Indian capital markets. For example, he led India's first forays into overseas capital markets with international public offerings of global depositary receipts, convertibles and bonds. He directed Reliance in its efforts to raise, since 1991, around US$2 billion from overseas financial markets; with a 100-year Yankee bond issue in January 1997 being the high point, after which people regarded him as a financial wizard[citation needed]. He along with his brother, Mukesh Ambani, has steered the Reliance Group to its current status as India's leading textiles, petroleum, petrochemicals, power, and telecom company.
Anil was the member of Uttar Pradesh Development Council (this council has now been scrapped). He is also the Chairman of Board of Governors of DA-IICT, Gandhinagar and a member of the Board of Governors of the Indian Institute of Technology, Kanpur. He is member of the Board of Governors, Indian Institute of Management, Ahmedabad. He is also a member of the Central Advisory Committee, Central Electricity Regulatory Commission. In June 2004, Anil was elected as an Independent Member of the Rajya Sabha - Upper House, Parliament of India with the support of the Samajwadi Party. In March 2006, he resigned. In 2007 his name was added to the list of Indian Trillionaires (in terms of Indian Rupee).[2]
He has been linked with several starlets in his long career including his current wife of more than 15 years. He is a close friend of movie star Amitabh Bachchan and Subrata Roy[citation needed]. One of his major achievements in the entertainment industry is the takeover of Adlabs, the movie production to distribution to multiplex company that owns India's only dome theatre and the recently announced joint venture worth US$ 825 million with Steven Spielberg
[edit] Awards and Recognition
- Voted the 3rd most powerful person in India in the 2009 India Today Power List, in March. [3]
- Voted Businessman of the Year 2006 by Times of India-TNS poll [4]
- Adjudged as the CEO of the Year at the prestigious Platts Global Energy Awards for 2004.
- Voted as 'MTV Youth Icon of the Year for 2003' in September 2003.
- Conferred 'The Entrepreneur of the Decade Award' by the Bombay Management Association, October 2002.
- Awarded the First Wharton Indian Alumni Award by the Wharton India Economic Forum (WIEF) in recognition of his contribution to the establishment of Reliance as a global leader in many of its business areas, December 2001.
- Conferred the ' Businessman of the Year 1997' award by India's leading business magazine Business India, December 1997.
[edit] Personal Life
He is married to Indian Bollywood Actress Tina Munim. He runs 18 kilometers daily and also takes part in the Mumbai Marathon. Ambani is also a fan of Coca-Cola Championship club, Newcastle United and was extremely close to buying the club in September 2008.
[edit] Food
He likes to eat Kesar pista ice cream. [5]
[edit] Travel
He has a Bell 412 13-seat helicopter, which he purchased in 2001.[6]
[edit] Assassination Attempt
On the evening of 23 April 2009, mud, gravel and pebbles were found in his 13-seat helecopter VT-RCL's (a Bell 412) gearbox.[7] Despite the gear box being located at a height of 10 feet from the ground, the gravel and pebbles were put in the filler cap in the gear box. A senior pilot of Reliance Transport and Travels Pvt. Ltd., Captain RN Joshi filed a complaint with the Mumbai Police Commissioner's office, Maharashtra Chief Minister's office, Maharasthra Home Minister's office, Chief Secretary's office, Joint Commissioner of Police's office and also at the Santa Cruz Police Station.
The helicopter was standing outside a hangar at the Mumbai Airport when the sabotage was found by Bharat Borge, a technician for Air Works. Borge was found dead on April 28, 2009 on Mumbai's suburban railway tracks between Vile Parle and Andheri. A letter was also found with him. Railway Police believes that he might have been run over by the Churchgate-bound fast-local. "Borge's mysterious death created a flutter, lending credence to Anil Ambani's charge that certain 'rival business groups were trying to eliminate him'. " [8][9]
The post-mortem conducted on Bharat Borge revelated that he died of shock due to multiple fractures, resulting in brain haemorrhage.[10] There was also a letter found in his pocket written in marathi saying "I haven't done anything wrong. That day, some Reliance people came and spoke to me. I didn't tell them anything. One of them took my number and said that he'll talk to me later. I felt they were using me. I am writing this letter after thinking all night. It looks like the blame will be on me. I think the investigation is on the right track and truth will emerge soon."[10]
Investigators later said that Borge's death was an accident and not suicide.[11]
Airworks India Engineering Pvt. Ltd., the company that maintains the helicopter, was questioning its employees in the case.[12]
[edit] English Premier League
Ambani was in talks Everton officials over a deal to takeover the club. Before this he was also on the brink of buying Newcastle United [13] [14] He is now in talks with Liverpool FC about a takeover of the club.
[edit] References
- ^ India Today 2005 Power List
- ^ Anil Ambani, only second Indian trillionaire
- ^ http://indiatoday.intoday.in/index.php?option=com_content&task=view&id=31590&Itemid=1&issueid=96§ionid=30&page=archieve&limit=1&limitstart=1
- ^ http://www.relianceadagroup.com/adportal/ADA/media/businessman_year.html
- ^ India Today power list 2009
- ^ ibnlive.com assassination article
- ^ Ibnlive.com assassination article
- ^ Rediff.com
- ^ India Today - article on dead witness
- ^ a b Ambani chopper case: Letter found on Bharat Borge's body
- ^ http://economictimes.indiatimes.com/PoliticsNation/Borges-death-an-accident/articleshow/4603624.cms Ambani chopper case: Borge's death an accident, not suicide]
- ^ Ambani chopper case: Fmr Air Works staff questioned
- ^ "Indian Tycoon Anil Ambani sets his sights on buying Everton". http://www.liverpooldailypost.co.uk/everton-fc/everton-fc-news/2008/09/13/indian-tycoon-anil-ambani-sets-his-sights-on-buying-everton-64375-21809389/.
- ^ http://www.mirror.co.uk/sport/football/2008/09/29/exclusive-everton-targetted-for-take-over-by-indian-tycoon-worth-20billion-115875-20760882/
[edit] External links
- Rediff Pakistan - Helicopter sabotage targets Indian billionaire
- Dhirubhai Ambani Institute of Information and Communication Technology
- Forbes.com: Forbes World's Richest People
- Reliance ADAG
- Reliance India Call
- Reliance Communications
- Reliance Energy
- Reliance Capital
- Reliance World
- Reliance Life Insurance
- Reliance General Insurance
- Reliance Mutual Fund
- Reliance Portfolio Management
- Reliance Natural Resources
- Reliance Technology Ventures Ltd
- Reliance Money
- Reliance Health
- Adlabs Films
- Adlabs Cinemas
India's budget deficit, expected to reach 6.8 percent of gross domestic product in 2009, its biggest in 16 years, will force the government to sell an unprecedented 4.51 trn rupees ($93.6 bn) of bonds in the current fiscal year.
"The most immediate risk is the large fiscal deficit, and the possible financing of the deficit by the central bank, which could lead to greater inflation," Raghuram Rajan, economic adviser to India's Prime Minister Manmohan Singh, told Reuters.
The government's plan to cut fertiliser subsidies by providing them directly to farmers in the form of cash and its promise to align domestic fuel prices with international prices will help towards reducing the fiscal deficit, he said.
"The sooner this (fuel price alignment) is done, the more comfortable the medium term budget deficit will be," Rajan said in an e-mail response to Reuters questions ahead of the World Capital Markets Symposium in Kuala Lumpur next month.
The Indian government said after elections in May that it will consider a proposal to eliminate fuel subsidies as early as July in order to balance growth with fiscal prudence.
India's central bank left its short-term rates and banks' cash reserve requirement unchanged as expected on Tuesday and stressed that its priority was to nurture growth, which has been hurt by the global downturn.
It said there were indications inflation may firm up by the end of the year due to increases in commodity prices and easy monetary and expansionary fiscal policies.
Official forecast put inflation at 5 percent by March next year, although private sector economists are expecting the figure at 6 percent to 7 percent due to higher costs of oil, food and other commodities.
"The greater risk for the medium term is that we see few reforms, and more populism ... India has to think about whether it can afford to open its purse so wide without growth," said Rajan.
India's budget, unveiled this month, failed to lay out firm plans to sell state-owned assets and ease foreign investment rules, economists said.
The government may partly fund its budget deficit from the sale of some state-held shares but overall, Rajan said he expected very little appetite for privatization.
"The Congress Party is still in a coalition, and it has its own left wing, so I would not hold my breath waiting for outright privatization or labour market reforms," said Rajan, formerly chief economist at the International Monetary Fund.
The $1.2 trillion Indian economy has expanded at a rate of close to 9 percent in the five years ended March 31, but growth slowed to 6.7 percent in fiscal 2009.
"There are signs of revival in business confidence and some reduction in policy rates at this stage would have helped to provide fillip to corporate investment
The RBI in its credit policy has kept unchanged all the key policy rates and ratios like bank rate, repo and reverse repo rates and cash reserve ratio.
PHD chamber President Satish Bagrodia also held similar views, "RBI could have considered reducing the repo rate to 4.5 per cent and reverse repo rate to 3 per cent to facilitate reduction in lending rates by banks."
While, Ficci said the projected growth rate for the current fiscal should have been in the range of 6-6.5 per cent. The RBI has forecast a growth rate of 6 per cent with upward bias.
CII Director General C Banerjee said that GDP growth is likely to exceed the RBI's expectation of six per cent in the current fiscal. "In fact the economy could grow at around 7 per cent, as the fiscal and monetary measures have impact on domestic demand," he said.
Commenting on the central bank's policy Assocham President Sajjan Jindal expressed hope that the RBI would continue to follow accommodative monetary policy to ensure sufficient credit flow to the industry.
 The investment bank expects the domestic economy to grow 6.5 percent in the current financial year ending March 2010, above the Reserve Bank of India's upwardly revised 6 percent with an upward bias. "We believe that higher than expected industry sector growth will offset the negative impact of lower agriculture output due to poor monsoons," Chetan Ahya and Tanvee Gupta, economists at the bank wrote. "Moreover, with the rainfall and overall crop area under cultivation trend improving at the margin, the risk of a major downgrade revision to our agriculture growth forecasts has reduced," they added. Morgan Stanley expects wholesale price inflation to rise to 6 percent by end-March, above the central bank's estimate of 5 percent while industrial production is seen rising by 7-8 percent by the fiscal year-end. "We expect the WPI to decline on a YoY basis during July-September 2009, on a high base effect and slow domestic demand, before rising to about 6 percent by end-March 2010 (compared with RBI's estimate of 5 percent," the note said.
The central bank said the liquidity in the system needs to come back to normal levels and it would continue with its accomodative policy stance, until there were more robust signs of economic revival. "We believe that the RBI will start hiking policy rates from February-March 2010 onwards," Ahya and Gupta wrote. "If global commodity prices rise significantly and excess liquidity balance remains high at current levels in the interim period, we believe the RBI could choose to increase cash reserve ratio and/or start issuing market stabilization scheme (MSS) bonds to manage inflation expectations," they added. |
Industrial output, FDI flows to improve: Secy
"It looks promising. We expect improvement. I expect continuous improvement going forward," Ajay Shankar said referring to industrial output.
"We think, with liquidity improving and confidence in the economy rising these (FDI) numbers should pick up," he told reporters.
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| Sify - Jul 27, 2009 Reliance Industries (RIL) and its Canadian partner Niko Resources have invested '5.98 billion in the oil and gas fields in the Krishna Godavari basin block ... Fuel price cut if oil falls below $50 Hindustan Times Profit from KG Basin Petroleum Press Information Bureau (press release) (press release) When uncle failed to treat brothers as equalsEconomic Times - 13 hours ago For someone who is no stranger to music — both his sons are musicians, one of them has even brought out an album — Murli Deora may not have enjoyed facing ... No bowing to pressure on IPI pipeline project: DeoraHindu - Jul 20, 2009 The problems included finalisation of tariff, transportation cost and security concerns, Petroleum and Natural Gas Minister Murli Deora said in the Rajya ... India will not bow to pressure on Iran gas pipeline Tehran Times India takes new look at IPI United Press International (subscription) (subscription) Hurdles delaying IPI line: India The News International Deregulation of oil prices with human face: DeoraHindu - Jul 12, 2009 Photo: PTI Minister for Petroleum and Natural Gas Murli Deora (right) interacts with Bohra industrialists and traders at an international exhibition at the ... 'Deregulation need to have a human face' Financial Express FDI inflow risesCalcutta Telegraph - Jul 27, 2009 New Delhi, July 27: Reliance Industries and its Canadian partner Niko Resources invested $5.98 billion in the oil and gas fields in the Krishna Godavari ... Marxists & BJP find common cause in petroleum pricingEconomic Times - Jul 21, 2009 Minister for Petroleum and Natural Gas Murli Deora failed to respond to queries from Opposition on the government's policy for pricing petroleum products ... July price hike fails to cheer up oil firms Calcutta Telegraph Oil PSUs lose revenue despite prices hike: Deora Commodity Online Deora: decontrol of oil prices will hit common manHindu - - Jul 5, 2009 With the international crude oil prices on the rise this is not the time to decontrol, according to Minister for Petroleum and Natural Gas Murli Deora ... Eco-friendly plans of CPCL commendable: Murli Deora Express Buzz Worry remains on OMCs' health: Deora Business Standard Govt justifies fuel price hike NDTV.com LS adjourned amid demand for OilMin's resignation on gas issuePress Trust of India - 1 hour ago New Delhi, Jul 29 (PTI) The Ambani brothers' gas dispute echoed in the Lok Sabha today with some members demanding resignation of Petroleum Minister Murli ... Rationalise tax on petrol, diesel: DeoraHindu - Jul 3, 2009 NEW DELHI: Petroleum and Natural Gas Minister Murli Deora has written to Chief Ministers of all States to rationalise the tax structure on petrol and diesel ... No additional tax on petro products: CM Times of India Maya softens price hike blow: no extra tax on petrol, diesel in UP Expressindia.com |
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