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.

However the pact underlines the changing nature of Hollywood financing in the current credit crunch and the increased ambition of India’s Bollywood film sector to become global media companies.

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.

“We recognize the needs of customers and believe a prepaid option enabled by Reliance Communications will significantly broaden the consumer interest in BlackBerry smartphones and expand our business opportunity,” said Mr. Mahesh Prasad, President- Mobile Data and Content Services, Reliance Communications.

This prepaid service option is available on the BlackBerry Curve 8330, BlackBerry Pearl 8130 and BlackBerry 8703e on CDMA networks; BlackBerry Curve 8300 and BlackBerry Pearl 8100 on GSM networks and BlackBerry 8830 World Edition smartphone on CDMA and GSM networks.

Source: Tech2.com

Over the next few months, RRL intends to open two other Home Kitchens’ stores in Bangalore. RRL is testing the waters for this format with these three stores and based on the acceptance will take Reliance Home Kitchens’ pan India.

Once all the three stores have opened, RRL plans to start a campaign on niche print and through ground events. A mass media communications campaign will be planned depending upon the performance of these pilot stores.

Through the Home Kitchens’ sub-format, RRL offers its own brand ‘Elegant Kitchens’ and has tied up with leading international manufactures to offer kitchen solutions at affordable prices.

Since November 2006 when RRL launched its first retail store, the company has opened 600 stores in 57 cities in 12 states covering 12 different formats on over 3.7 million square feet of retail space.

Reliance Exploration and Production DMCC, a fully-owned subsidiary of Reliance Industries, along with China National Petroleum Corp (CNPC) and Argentina’s Pluspetrol last week won rights to explore for gas in Block 155, in the southern highland department of Puno, next to the border with Bolivia, industry sources said.

Meanwhile, Jindal Steel and Power Ltd teamed with up Enigma Oil and Gas Exploration (Pty) Ltd to win onshore blocks 147, 159 and 153 in Peru’s 2008 bidding round that auctioned 17 new oil and gas blocks.

Reliance-CNPC-Pluspetrol offered royalty of 24.58 per cent to Peruvian government while Jinda-Enigma offered 30.02 to 32.03 per cent royalty, sources said.

Peru had originally offered 22 oil and gas lots, but received bids for only 17.

Reliance has, since April this year, steadily increased its presence in the Latin American nation. On June 29, it acquired 10 per cent stake in Lot 39 in northern Peru from Burligton Resources Inc.

In May, it had teamed up with Woodside Petroleum to acquire 50 per cent in Block 108 in Peru from Pluspetrol Energy SA. Of the 50 per cent stake acquired, Reliance got 30 per cent, while Woodside Petroleum got 20 per cent. Pluspetrol Energy will retain the remaining 50 per cent stake.

The company also acquired 90 per cent stake in Block 141 in Peru from Pan Andean Resources Plc in April this year.

“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.

The second and the third store will come up by September 2009 and April 2010 in metros, he said. The first store will have around 40 employees and offer men’s, women’s and children’s garments besides various household items, Ashman said.
Marks and Spencers Retail also plans to open 50 new large- format stores across the country in the next five years. These stores will be spread over an area of 15,000 to 20,000 sq ft.

Currently, the company has identified 20 locations in various parts of the country.
“We have zeroed in on 20 odd locations which includes Delhi, Mumbai, Bangalore, Ludhiana, Chandigarh, Pune, Chennai, Hyderabad, Kolkata and Jaipur,” he said.

Built on an area spanning 2600sq feet, designed to cater to the large through put of customers who can experience the new décor, designs and layouts of the Vimal showrooms, which will offer a never-before retailing experience to customers. In addition to premium and innovative products at delightful prices, Vimal will offer its customers premium shopping experiences and enhanced facilities, such as custom tailoring and styling – through these newly redesigned Vimal exclusive stores. Vimal has over 77 stores in the East, which are witnessing major growth, in footfalls as well as revenue year after year. The company is confident that with increased presence, it will be able to offer ‘the unmatched Vimal experience’ to more and more customers in Kolkata.

Apart from the launch of Tollygunj store, Vimal is also opening five SIS (shop-in-shop) in Khadims-Egaroo, Kancharapura – 2nd Sept, Khadims-Egaroo, Bhawanipur – 3rd Sept, Khadims-Egaroo, Howrah – 4th Sept, Regent Fashion, Barasat – 5th Sept and Regent Fashion, Haldia – 6th Sept 2008.

Commenting on the occasion of Kolkata store, Smt. Nita Ambani congratulated all members of the Vimal team ‘for outstanding teamwork”. Smt. Nita Ambani has been involved with all aspects relating to re-launch, store design, branding and customer experience in Vimal re-launch. “We are all very proud of this moment of reviving the Vimal brand and offer consumers in Kolkata a brand which will once again regain the market leadership it enjoyed and top-of-the-mind recall,” she added.

Added Mr. Anand Parekh, President Reliance Textile,”The moment of truth for any brand is the experience of the customer at the retail touch point. We at Vimal have taken a lot of care in designing the stores and ensuring that the layout and product display provide a delightful experience to the customers.”

Commenting on Vimal’s expansion plan, Mr. Parekh said, “We see a huge potential for growth in the Eastern markets. These new openings will further strengthen our commitment in the East market and promote our wholesale and retail business.” He further added, “We at Vimal will work to live up to our brand belief; of quality product at exciting prices, in an experience which is warm and friendly.”

Vimal has also started advertising campaign for Puja festivals from 25th Aug with 34 hoarding in the state, TVC’s and various print campaigns. Since October 2007 after the successful re-launch of its iconic textile brand, Vimal with a new look, new logo and new offerings, total nine showrooms have been opened till now, one in Ahmedabad, two in Bangalore, Mumbai, Chennai, Kochi, Coimbatore, Madurai, & Ludhiana. Vimal have also opened two Factory outlets one in Ahmedabad & another in Nagpur. In the next two quarters Vimal is planning to launch another six stores nationally.

The first Indian textile brand that ruled the hearts of millions is back with contemporary products that will appeal to the consumers and offer contemporary shopping experience. The redesigned Vimal showrooms reflect the bold new spirit of Vimal, along with its brand new identity. An international retail design and architecture expert was involved in this redesign of the Vimal exclusive showrooms to ensure that the showrooms were designed on the lines of international retail centers in a modern, trendy and contemporary way.

These Vimal showrooms will now offer not just the latest fabric collections for premium menswear, but also the Vimal range of men’s apparel – shirts, trousers, suits and jackets. This apparel would be available under three sub-brands, which will appeal to different sections of the male audience, as follows:

Innovative Fabrics:
Copol Magic
Copol – a wonder creation using innovative polyester that imparts a mixture of properties of cotton and wool to the fabric for additional bounce and comfort. The result is a fabric with softness like never before. A fabric with the magic of Copol to stimulate the sense of touch in a soft and kind way

Copol also adds finesse to blended products to provide a Touché experience like that of classic wool. Our range of suits and trousers made from Copol-blended fabric demonstrates this magical Touché effect.

Copol is a breakthrough of Research & Development at Reliance Industries and is only available with the Reliance trademark.

Minova
Made to perfection in the UK from a range of soft and luxurious wool, the Minova collection is the ultimate worsted fabric for the discerning taste. A distinctly unique fabric, Minova leaves indelible impressions with every experience

Sub Brands
1. Vimal Red – As the colour suggests, this sub-brand would have a range of apparel with popular pricing and would appeal to a wide segment of the menswear market – both at the popular level as well the younger age groups. Currently, this range of apparel would have basic formals to suit everyday wearing occasions.
2. Vimal White – A premium and trendy range of apparel, this sub-brand would enjoy premium pricing and would appeal to those who would like to cut a trendy image. A distinctive range of formals with innovations in dressing ensures that the trendiness of the range comes through.
3. Vimal Black – This is the top-end sub-brand that retails only exclusive finely crafted apparel, designed in the Italian fashion, inspired by the thoughts and guidance of Italy’s well-known fashion designer and President of the ‘Made in Italy’ committee, Maurizio Bonas. This line of super-premium apparel appeals to those who wish to convey a statement of luxury and elegance.

These sub-brands would be available in the new exclusive Vimal showrooms and in all the other stores stocking Vimal. However, Vimal Black would be available only at the exclusive Vimal showrooms.

Reliance –Textile Weaving global aspirations
Reliance’s Textile Complex at Naroda, Ahmedabad is one of the largest and most modern textile complexes in India. Vimal, The flagship Brand is one of the largest selling brands of premium textiles in the country.

The brand objective set for vimal is to emerge as the leading textile brand by 2009-10. The main growth drivers for the vimal will be an aggressive retail presence all over India, innovative premium products, and a foray into men’s formal wear. The brand will also offer complete solutions to export markets- from fiber to garments and will sharpen focus on the global automotive furnishing business.

Aligned to these objectives, the company has taken various steps that will place the brand in the global textile market: A major up gradation in design, innovation and development activity to be able to generate and offer innovative premium products on the continuous basis.

The ‘Vimal Master Assemblage Symposium’ is a unique initiative that endeavors to expose Indian suit craftsmen to the challenges and complexities of the evolving global formal fashion scenario. ‘Only Vimal’ plans to leverage the Vimal-suiting platform to enter the fashion-training segment by partnering with leading fashion institutes of the country. The textile division will also support downstream units to cater the needs of the Indian and global markets.

The textile division has entered into a strategic tie-up with a US based company for building a strong supply chain platform to get a major foothold in the US automotive segment. Also, The Textile division has become a prominent supply partner of seat covers/roof liners to practically all passenger car brands in India. The current manufacturing facility at Naroda, Ahmedabad has been stepped up to meet the ever-changing needs of customers. We have developed new products like:

Fine micron 100% wool and machine washable wool rich fabrics. Blends of natural fibers like bamboo, cotton, Soya silk, wool that offer wrinkle free and anti microbial properties, moisture management etc.

Cotton-look fabric with polyester. High performance, flame-retardant, automotive seat covers & roof liners.

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.

Sources said the company was also in the process of trimming its staff strength by cutting around 60 jobs out of the nearly 400 employees at the outlet.

The company is understood to be mulling either leasing out the remaining space on the ground and first floors to other retailers or bring some of its in-house brands or joint venture partners, sources added. Marks & Spencers is already understood to have finalised nearly 30,000 sq ft of space there.

However, when contacted, Reliance officials said this move was part of a rationalisation exercise and that the company was planning to open another 45-50,000 sq ft hypermart in Ahmedabad.

Raghu Pillai, president and chief executive (Operations and Strategy), said: “This is just a right-sizing operation. We are reducing the store size here based on requirement and opening another outlet at Ghatlodia belore Diwali. This will still remain India’s largest hypermart. We are not packing up and going home.”

Denying that there were moves to lay off staff, Parimal Nathwani, group president, corporate affairs, Reliance Industries Ltd, said that of the total staff strength of around 400 people, around 90 will be shifted to the new outlet at Ghatlodia , while some others would be accommodated at the inhouse brand outlets that would be opened there.

Outlining the company’s plans at the annual general meeting of Reliance Capital on Tuesday, the chairman, Mr Anil Ambani told shareholders that they will globalise their operations leveraging on the company’s domestic experience and capabilities.

He said, “Together, these investments and initiatives will further accelerate our growth momentum and lead to substantial value creation. Needless to say, this rapid growth and expansion is being pursued without compromising profitability or conservatism,” he said.

Mr Anil Ambani said that at Reliance Capital, “we have remained largely insulated by the global contagion because we have married growth with rigorous financial discipline, profit with conservatism, and operating leverage with risk mitigation strategies.”

Reliance Capital he said has not leveraged its balance sheet in any significant manner. “We have not lent money to the sub-prime sectors or invested in leveraged products such as credit or foreign exchange derivatives.” He disclosed that to deal with the larger skills shortage, they propose to set up the ‘Reliance Capital University’, to train young financial sector aspirants and enable them to acquire world class skill.

“When they visited the proposed New Boston site, they liked the amount of land we had to offer. When they saw the boat dock that came with the property they really liked the land. We felt good when we met with their company officials the day they were in Portsmouth,” Michael Sturgill, Village of New Boston administrator and Community Development Director said.

In December of 2007 the company was awarded by the Ohio Tax Credit Authority a 50 percent credit for an eight year term to establish operations. The estimated value of the tax credit is $210,530 over the term.

One of the stipulations of the agreement between the state and the company is that they maintain operations at the site for 16 years.

The Reliance Steel & Aluminum transaction is valued at $1.1 Billion.

Reliance Steel has obtained PNA’s assets including the operating entities Delta Steel LP, Feralloy Corporation, Infra-Metals Co., Metals Supply Company, Ltd., Precision Flamecutting and Steel, LP and Sugar Steel Corporation.

First quarter revenues for PNA were $74 million with a revenue of $1.6 billion in 2007.

“We are very pleased to have completed this acquisition. PNA is a strong fit for Reliance’s coutinued growth strategy as it complements our existing business, adds new products in new areas, and enhances our product , geographic and customer diversification which have been key factors in our success,” David Hannah, Chairman and Cheif Executive Officer said in a released statement.

They further explain that through a network of more than 180 locations in 37 states and Belgium, Canada, China, South Korea and the united Kingdom, the company provides value-added metals processing services and distributes a line of over 100,000 metal products.

According to information on www.rsac.com (Reliance Steel’s Web site), the company entered into a new $500 million senior unsecured term loan on July 31, 2008. The proceeds were used to fund the purchase of PNA, including the repayment of PNA’s debt.

Officials close to the negotiations says the plans for the New Boston facility have been included in the written purchase agreement. It’s still unclear when the New Boston project will begin, but is still on track to be completed.

Reliance Steel & Aluminum is also the owner Chatham Steel, which last week announced they would be building a $7.5 million dollar facility in Hanging Rock which is expected to bring 50 to 60 new jobs to the area. products in new areas, and enhances our product , geographic and customer diversification which have been key factors in our success,” David Hannah, Chairman and Cheif Executive Officer said in a released statement.

They further explain that through a network of more than 180 locations in 37 states and Belgium, Canada, China, South Korea and the united Kingdom, the company provides value-added metals processing services and distributes a line of over 100,000 metal products.
Source: communitycommon.com

The outer deadline for completion of its IPO was August 11. A company has to complete the IPO process within 90 days after obtaining SEBI’s observations on its draft red herring prospectus.
Reliance Infratel had got the regulator’s approval for its proposed IPO on May 12. The prospectus was filed with SEBI on February 4.
The deadline, after which the regulator’s approval lapses, has passed without any announcement of an initial public offering by the company.
A spokesperson for Reliance Communications declined to comment on this development. It could not be ascertained whether the company would revive its IPO plans in the immediate future.
This is the third major IPO that is being deferred in recent times after that of commodity exchange MCX and mutual fund company UTI AMC. This clearly reflects the falling level of confidence among corporations and investors in the Indian financial markets, analysts said.
Moreover, all the Anil Dhirubhai Ambani Group stocks have been losing ground on the bourses. Analysts feel that the poor performance of the Reliance Power scrip, post its listing, could have also prompted the company to go cautious with the Infratel IPO. On the very day the RPower issue was listed, the scrip slipped below its offer price of Rs 450.
Source: sify.com