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Reliance Industries Ltd. (RIL) spearheaded by Mukesh Ambani displayed concern and condemned the allegations made by a Telugu TV Channel in lieu of Y S Rajasekhara Reddy’s helicopter crash. Mukesh Ambani’s RIL made a statement today stating that the allegations are baseless, “false” and “malicious”.
Reliance Industries said in the statement, “We are shocked and outraged at the false, malicious, motivated and libelous news on TV-5 channel, concerning the fatal mishap of Reddy’s helicopter. We condemn, rebut and reject the allegation with the contempt it deserves.”

Reliance further stated that the accusations were the “dirty handiwork of our business rivals in cohoot with TV-5”. RIL also pointed towards the “well coordinated attacks on RIL’s personnel and establishments in Andhra Pradesh” that followed the telecast on TV-5.

Source: http://ril.com/downloads/pdf/PR08012010.pdf

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When Reliance Industries announced a bonus share issue after its second quarter results this year, it came under fire from market analysts. This was a sign of weakness, said one. They are doing it merely to placate shareholders, was another’s opinion. In its usual style, Reliance Group did not bother to explain itself. Now it has made a play for LyondellBasell, the number one polypropylene (a thermoplastic polymer with a wide range of applications, from underwear to labs producer in the world.

The acquisition of the Dutch company, if it goes through, will catapult Reliance into the global big league. Revenues will more than double, from $32 billion that it notched up in 2009 by about $50 billion posted by LB in 2008. But the business benefits that will accrue from the expansion of its footprint into the US and European markets, are much more substantial.

RIL’s international distribution presence is currently limited to a little tankage (huge storage tanks for oil) and some trading. Buying LB, which has 50 manufacturing facilities across 19 countries, will take it to the top bracket in the refining and petrochemical heap.

LB’s research facilities too are cutting edge and can be the resource that RIL needs to cater to future developments in the business. The deal will break the popular perception that RIL can only succeed in India. Strategically too, RIL has to move decisively from the stasis that has set in after the completion of the second refinery and the gas production facilities on the east coast. The LB buy is one good opportunity.

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R Ravimohan, executive director, Reliance Industries who was appointed to its board earlier this year, passed away on Monday, a company statement said. Mr. Ravimohan passed away unexpectedly, on late evening on Monday, December 28, 2009 at the age of 52.
Mr.Ravimohan attended the puja that was organized yesterday on account of the birth anniversary of founder chairman, late Shri Dhirubhai Ambani to pay his homage. He was to leave for Jamnagar today, Tuesday for a business tour.
Mr. Ravimohan was a chemical engineer and had completed the advanced management programme from Harvard Business School. He is survived by his wife Madhuralakshmi, daughter Hridaya and son Jagad.
Mr. Ravimohan has previously served as Crisil’s chairman and Standard & Poor’s managing director and regional head for South and Southeast Asia and is credited with building Crisil into the largest rating, financial and business research and advisory service company in India. Ravimohan was appointed on the Board of Directors of Reliance Group earlier this year. He was one of the key negotiators along with Manoj Modi and Alok Agrawal in the Lyondell Basell deal.
Mr. Ravimohan had developed excellent rapport and camaraderie with Mukesh Ambani, Manoj Modi and other directors of the company during his short yet memorable stint at RIL.
Chairman and Managing Director or Reliance, Mukesh Ambani stated, “We are deeply saddened by the sudden loss of Ravimohan. He was a keen supporter of Reliance Industries and a very dear friend. On behalf of all of us at Reliance Industries, I offer my heartfelt condolences to Ravi’s family and many friends.”

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