Spielberg’s Dreamworks signs 1.2 billion dollar deal with Reliance

Los Angeles – Steven Spielberg’s DreamWorks SKG has completed a long-anticipated 1.2-billion-dollar financing deal with Indian entertainment conglomerates Reliance ADA, the Wall Street Journal reported Friday.

According to the report, Reliance will invest 500 million dollars in equity and provide another 700 million dollars in debt through JP Morgan Chase & Co. toward the new venture, which will produce a slate of about six films a year.

The deal means that DreamWorks will phase out its alliance with Viacom’s Paramount Pictures and function as an independent studio, though the two entities will still cooperate on projects in which they share rights such as the upcoming Transformers: Revenge of the Fallen, a sequel to last year’s blockbuster hit.

Reliance Communications launches Prepaid Service for BlackBerry

Reliance Communications and Research In Motion (RIM) have launched the first prepaid service for the BlackBerry wireless solution in India.

This ‘pay as you use’ pricing model in India is in line with Reliance Communications’ strategy to extend BlackBerry services to customers who are looking for cost-effective options.

Reliance Retails launches Reliance Home Kitchen’s

Reliance Retail introduced its new sub-format – Reliance Home Kitchens’ in Bangalore today. Reliance Kitchens is the second sub-format of Reliance Home Store Limited format. The first one is Reliance Living Homeware, a household utilities specialty sub-format that was introduced at Aurangabad a fortnight ago.

RIL, China firm wins oil and gas block in Peru

Reliance Industries has for the first time teamed up with China’s CNPC to win a gas block in Peru in an effort by the Mukesh Ambani-run company to expand its presence in Latin America.

Marks and Spencer Reliance first store in January 2009

Marks & Spencer Reliance would be rolling out its first store in Mumbai in January 2009, a top company official said.

“We are opening our first Marks & Spencer Reliance store in Mumbai by January next year. The store, spread over an area of 18,000 sq ft, would be set up at an investment of half-a-million sterling,” Marks & Spencer CEO (India), Mark Ashman, said here today.

Vimal Launches Exclusive Showrooms in Kolkata

Vimal, the flagship textile brand of Reliance Industries Limited, today opened its first Premium Franchise retail store at N.N. Dutta Road, Tollygunj, Kolkata. Eminent director, Shri Rituporno Ghosh inaugurated the Tollygunj, Vimal store at an event held in Kolkata today.

Reliance Retail downsizes largest hypermart

No sooner had Big Bazaar downed shutters of two outlets in Ahmedabad than the Reliance Retail Ltd has decided to downsize operations at India’s largest hypermart on SG Highway.

Reliance Mart, which opened over a 1.7 lakh sq ft area in Ahmedabad a little over a year ago, is now being reduced to around 1 lakh sq ft.

Reliance Capital to invest Rs 2,000 crore in Insurance business

Reliance Capital plans to invest Rs 2,000 crore ($ 454 million) in its insurance businesses, taking its cumulative investment to over Rs 4,000 crore, or nearly a billion dollars. The company will also enter the banking sector as and when the regulatory environment permits .

Reliance Steel Buys Infra-Metals

Reliance Steel & Aluminum Company completed an agreement to acquire the outstanding stock of PNA Group Holding Corporation. The PNA Group includes Infra-Metals.
Infra-Metals has announced plans to build a multi-million dollar facility in New Boston.
Infra-Metals has six facilities across the country. In late 2007 the Infra-Metals board of directors approved the New Boston site as its seventh location.

Reliance Infratel IPO deadline lapses

Reliance Infratel, the telecom infrastructure unit of Reliance Communications, is learnt to have deferred its plans for an initial public offering because of the current volatility in the stock markets.