NATIONAL To sign non-compete agreement with Mukesh: Anil ADA Enterprises chairman Anil Ambani today (Aug 3, 2005) declared that there would be a non-competing agreement between his group and the parent group, ending speculation about the future relationship with Reliance group led by elder brother Mukesh.
RIL to invest Rs 46,700 crore for expansion: Anil Living upto his image of a creator of mega projects, Reliance Industries Chairman Mukesh Ambani today (Aug 3, 2005) announced a massive investment plan of about Rs 47,000 crore for expansion including doubling of Jamnagar Refinery capacity, and said he would take recourse to acquisitions to spur growth.
Anil Ambani to float new companies under ADAE Hours after approval of the demerger process of the Reliance Group, Anil Ambani today (Aug 3, 2005) announced formation of two new companies and outlined a structure under
which the RIL shareholders would get equity participation in the companies now controlled by him and said the demerger is expected to be completed before March 31, 2006.
Sensex ends flat after hitting new peak at 7843.77 After scaling a new record at 7843.77 in a sharp rally of 88 points during thirty minutes of trade, the Sensex later ran out of steam and today (Aug 3, 2005) ended flat even as the RIL AGM failed to enthuse investors that expected some announcements on acquisitions by the company.
RIL aims to double refining capacity by 2009 Reliance Industries Ltd (RIL) will double its petroleum refining capacity to 60 million tonnes entailing an investment of Rs 25,000 crore, while it decided to separate its power, financial services and telecom business into different entities, in which RIL shareholders will get proportionate stake.
Reliance eyes more M&As in petrochemical sector Reliance Industries Limited (RIL) is eyeing more acquisitions in the petrochemical sector to emerge as a global hydrocarbon major and help the country secure its energy needs.
Sensex breaches 7800 level for first time, today Buoyed by continued Foreign Institutional Investors (FII) inflows and increased participation from operators, the Sensex today (Aug 3, 2005) rose past 7800 level for the first time reflecting a sharp rally in the top heavyweight Reliance Industries and IT majors during morning trading on the Stock Exchange, Mumbai (BSE).
INTERNATIONAL Pak offers roaming facility for cell phone users Pakistan has offered to allow cellular roaming facility to Indian firms on reciprocal basis as a step to build confidence among the mobile phone companies operating in both the countries and to explore new business options.
Infosys to invest $10 mn for s/w campus in Shanghai Infosys Technologies Ltd on Wednesday said it will invest $10 million to set up a software development campus in Shanghai in association with Zhangjiang Hi-Tech Park.
