The Indian Panorama

Tag: Mukesh Ambani

  • AAP says probe call against Mukesh Ambani ignored

    AAP says probe call against Mukesh Ambani ignored

    NEW DELHI (TIP): Maintaining its attack against Mukesh Ambani and Reliance Industries, the AAP Thursday alleged that the UPA government had ignored a probe request against them three years ago despite an appeal made by the Indian mission in Singapore.

    “The UPA government has not even bothered to investigate an open and shut case of huge money laundering done by Reliance and Mukesh Ambani,” the party alleged in a statement — a matter that has already been strongly refuted by the two parties. “This is despite that fact that the Indian High Commission in Singapore had written to the central government as far back as Aug 31, 2011 requesting such an investigation,” said the statement, released by party leader and senior lawyer Prashant Bhushan.

    The party alleged that Rs.6,530 crore had been invested in some of the group companies of Reliance Industries by a company in Singapore, which, it added, not only claims to be a small firm but also has no office, no equity and files no tax returns in that country. “The high commission had stated that all this money has gone into Reliance (Industries) group of companies in India with the major chunk going to Reliance Gas Transportation Infrastructure Ltd, which is a company 100 percent owned by Mukesh Ambani personally.”

    The Singapore company has since closed, the party said, and sought to name its owner. Since such allegations had been made earlier, Reliance Industries had issued a statement a couple of days ago denying any wrong-doing either by the company or its chairman Mukesh Ambani.

    “As stated earlier, it is being reiterated that neither Reliance Industries nor Mukesh Ambani have or had any illegitimate accounts anywhere in the world,” said the statement issued Tuesday. “RIL has business interests in several countries with turnover of thousands of crore in rupees. As a part of their normal business, these international subsidiaries of RIL deal with several global banks,” the statement said. “These accounts are fully compliant with all regulations and are disclosed in their appropriate jurisdictions and in India.”

  • Indian American honored with Healthcare Visionary of the Decade Award

    Indian American honored with Healthcare Visionary of the Decade Award

    MUMBAI (TIP): Mukesh Hariawala, an Indian American Cardiac Surgeon has been honored with the prestigious Indian Healthcare Visionary of the Decade award. A Harvard trained and internationally acclaimed Surgeon and Healthcare Economist, Hariawala was acknowledged at a recent ceremony of the 4th Annual Business Leadership Conclave at Hotel Leela in Mumbai, reports Jagran Josh. In his Keynote speech, Hariawala discussed about a medical tourism opportunity for India, worth 100 billion dollar, which is a part of Patient Protection and Affordable Care Act (also known as Obamacare) by President Obama. Hariwala appreciated India for its highly skilled doctors and nurses and the healthcare infrastructure the country posses. According to him, marketing of services and lobbying with insurance companies in the US is really important to maintain constant flow of patients. Apart from benefiting the healthcare industry, the medical tourism plan will also help many other sectors such as hospitality, travel, lodging, food, tourism, banking, shopping etc, in terms of revenue. Ratan Tata and Mukesh Ambani, two prominent Indian industrialists were also felicitated at the function.

  • Reliance building on real estate interests in Kenya

    Reliance building on real estate interests in Kenya

    MUMBAI (TIP): Reliance Industries is expanding its presence in the real estate sector in Africa. In its second major foray, the Mukesh Ambani-owned Reliance Industries has acquired 10 prime plots of land in Kenya’s capital, Nairobi, for around Rs 202 crore ($33.9 million). The land, which has a developable area of about 1.2 million sq. ft., has been acquired for commercial and residential property development. Reliance Industries’ (RIL) real estate interests in Africa started around 2008, through Delta Corporation East Africa, a local subsidiary.

    According to people familiar with the development, RIL entered Africa’s real estate market with a few small buys. In 2011, the company extended its foray into Kenya’s real estate market with a series of office and residential property developments. The company bought prime plots of land in Nairobi, and developed them for residential and commercial use. In some instances, it also sold or rented plots to global agencies, private firms and some government organisations.

    For the 10 Nairobi plots, Reliance Industries is the major stakeholder with a 60 per cent shareholding, while Delta Corp has a 40 per cent holding. Through Delta Corporation, RIL is currently building office towers in Nairobi’s Upper Hill and Westlands areas. Delta Corporation is also developing a multi-million dollar residential estate along the Athi River. Nilesh Shah, executive director, Delta Corporation East Africa, could not be reached for comment. In a recent annual report, Delta Corporation said it has four projects under development. The company owns around 27.5 acres of land. Real estate major Knight Frank has ranked Nairobi as the city with the fastest growth rate in rentals for high-end commercial property in 2012.

  • Renowned Indian American health expert Mukesh Hariawala to address India Leadership Conclave 2013

    Renowned Indian American health expert Mukesh Hariawala to address India Leadership Conclave 2013

    WASHINGTON (TIP): Renowned Indian American health expert Mukesh Hariawala will address the fourth edition of the India Leadership Conclave 2013 in Mumbai in June, 2013. Harvard trained and internationally acclaimed Indian American healthcare economist and cardiac surgeon Dr Mukesh Hariawala will deliver the keynote address with the theme ” President Barack Obama 2nd Term – Business Implications on Indian Healthcare “.

    This highly anticipated lecture is expected to attract an elite audience and will dispel negative myths that surround the hotly debated “Obamacare” – President Barack Obama’s Affordable Care Act (ACA), its implementation milestones, changing ecosystems in the US, but importantly its positive impact on the Indian healthcare industry. Dr.Hariawala spoke of the 100-billion dollar medical tourism revenue opportunity, increased IT contracts, generic drug company revenues and overseas insurance company investments in Indian healthcare sector facilitated by soft FDI policies of incumbent Prime Minister Manmohan Singh. The cumulative effect would accelerate the GDP trajectory from a limping five percent close to the earlier projected eight percent rate.

    This undoubtedly will help multiple industry augmented employment and improvement in living standards for a good portion of the Indian population with an overall tangential impact on the national BPL. Expectantly, this will be refreshing news for the Planning Commission of India and a boost in its implementation of the ambitious 12th – 5 year plan. Dr.Hariawala further added that ” Obamacare ” will also necessitate revamping of all the computing systems handling U.S. healthcare which would open a wide door of business opportunity for Indian IT companies. Purely for financial reasons, this will in all likelihood compel the U.S. Government to continue large outsourcing of software contracts. The key economic driver of “Obamacare” is to reduce the debt ridden trillion dollar healthcare burden on the U.S. exchequer.

    Global experts have suggested that Dr Hariawala’s lecture will shed new light and open up a wider debate, considering his deep-rooted intellectual insight of Indo-American business cultures. Over 300 iconic leaders, including Reliance Industries owner Mukesh Ambani and Tata Group ex-chairman Ratan Tata, will take part in the event, which has been organized by the Network 7 Media Group and the Ministry of Corporate Affairs.

    Top politicians, bureaucrats, other business tycoons, social reformers, media barons, diplomats and global dignitaries will attend one of Asia’s largest events to be held in Mumbai on June 21 at the Majestic Hall in the Lalit Intercontinental Hotel. The theme will be “New India – Agenda for Change”. Dr.Hariawala is widely regarded as an influential policy thinker, and is expected to elaborate on his popular concepts of ” Universal Patient Care ” and ” Womb to Tomb ” economical insurance models for all Indians across the entire spectrum of socio – economic classes.

  • SC Questions Z-Class Security Cover For Mukesh Ambani

    SC Questions Z-Class Security Cover For Mukesh Ambani

    NEW DELHI (TIP): The Supreme Court today questioned the government’s decision to provide state security to billionaire businessman Mukesh Ambani. The government had agreed to provide Mukesh Ambani with toplevel security cover following threats to his life. Referring to the lack of security for the common man and, especially, to rape of the five-yearold child, the apex court said the rape would not have occurred if there was proper security in the capital. Under ‘Z Category’ cover, Ambani will have 22 security guards, an escort and a pilot car, an arrangement similar to that provided for Prime Minister Manmohan Singh and ruling Congress party chief Sonia Gandhi.

    The country’s richest man, who controls the Reliance Industries Ltd conglomerate, personally requested the ‘Z Category’ security that is usually reserved for politicians and top-level civil servants. Ambani has agreed to pay the government up to Rs 900,000 a month for protection by armed commandos. Ambani received a handwritten letter about two months ago that threatened an attack at his $1 billion Mumbai residence.

    He added that the Islamist group Indian Mujahideen was suspected of sending the letter, but investigations were still under way. Social media websites were abuzz with criticism of the move, with many questioning why highly trained commandos should protect a private citizen. Among them was Arvind Kejriwal, an anti-graft activist, who told Reuters: “He is such a rich man. He can hire the best security agencies. Why does the government need to provide him with security?” “None of the political parties is opposing this move. This clearly shows Mukesh Ambani is in the good books of all political parties,” Kejriwal added.

  • RIL, Essar to gain from diesel decontrol

    RIL, Essar to gain from diesel decontrol

    MUMBAI (TIP): Mukesh Ambani-led Reliance Industries (RIL) and Ruias-led Essar Oil are the biggest beneficiaries of the government move to partially deregulate diesel prices as state-owned oil firms were anyway being compensated by the government for selling diesel below cost price. The only difference for the state-owned oil marketing companies (OMCs) is that the government will start compensating less and the hike in price will be borne by consumers. When diesel prices were deregulated in 2003, private petro-retailers RIL, Essar & Shell were quick to grab up to 15% of diesel sales within two years. The management of these oil companies has now welcomed the government’s latest move to deregulate prices and is getting back to their drawing boards, chalking out strategies to regain market share in selling diesel, which accounts for 40% of the total refined fuel consumption.

    Reacting to the partial deregulation, shares of RIL & Essar Oil quickly touched their 52-week highs of Rs 893 and Rs 78 respectively in a firm Mumbai market on Thursday. Essar Oil shares closed up 5% at Rs 77, while RIL shares closed up 3.4% at Rs 890 on Thursday. “The announcement of a partial deregulation of retail price of diesel by allowing PSU oil companies raise prices is a welcome move.

    The need of the hour today is complete deregulation of fuel prices and allow market forces to set the benchmarks in tandem with global oil prices,” said Essar Oil managing director & CEO L K Gupta. He added that private oil marketing companies have invested substantially in setting up their retail outlets, but due to lack of a level-playing field, these assets were under-utilized. RIL and Essar Oil already sell petrol at their retail outlets at market prices, since petrol prices were deregulated last year. RIL, which gave tough competition to its public sector peers by grabbing a 12% market share in diesel by 2005, now operates just a third of its 1,470 retail outlets and sells petrol at par with its public sector peers. “Most of our city pumps are operational and we sell petrol at market rates.

    Once the OMCs start selling diesel at market rates, we will open our highways pumps,” said a source. Essar Oil has a retail network of over 1,400 outlets nationwide with almost 200 more under various stages of completion. “Once price parity is reached between retail and market prices, it will not only benefit consumers by providing them choice, but also help in demand management of diesel. It will also be good for the economy, since a ballooning subsidy bill was threatening to derail the overall fiscal discipline, ,” said Gupta.

  • Amitabh Bachchan turns 70

    Amitabh Bachchan turns 70

    MUMBAI (TIP): It was dance, music and masti galore at Amitabh Bachchan’s 70th birthday bash, says Shah Rukh Khan who shook a leg with the “birthday boy”. Vishal Dadlani called it a “stellar party” and for Karan Johar it was a beautiful blend of nostalgia, reverence and legendary.

    Bollywood celebrities can’t stop raving about the fun they had while ushering in Amitabh’s 70th birthday at the Reliance Media Works, Film City, Goregaon.

    Here`s what the guests have to say:

    SALIM MERCHANT: Nice speeches by the family, Yash Chopra especially Javed Akhtar’s speech was heartwarming! Karan Johar was a fab master of ceremony. And it ended with a mashup of Bachchan’s biggest hits on the dance floor! I’ll always cherish this party.

    SHAH RUKH KHAN: Danced with Amitji and Jaya aunty to all the songs I have grown up listening. Too much fun. Thanks Abhishek, Aishwarya and Aaradhya for the warmth.

    KARAN JOHAR: The B70 bash was a beautiful blend of nostalgia, reverence and legendary acknowledgement… SrBachchan has a legacy of abundant goodwill….

    VISHAL DADLANI: Feet hurt, voice hoarse, heart full of love for Amitabh Bachchan, Mrs. (Jaya) Bachchan, Abhishek, Aishwarya and Aaradhya! Stellar hosts, stellar party! Happy Birthday Sir! There can only ever be one ‘Amitabh Bachchan’! Much love and respect, always!

    MADHURI DIXIT: Had an amazing time at Amitji’s party. Was a re-union of sorts. Got to spend time with so many of my friends! It was great seeing everyone! It was an honour to be in the presence of so many talented people. It brought back so many amazing memories. Looking forward to more!

    RITEISH DESHMUKH: Love and respect to the entire Bachchan family for hosting such a gracious function last night, specially Jaya aunty. everything was mesmerizing.

    KAILASH KHER: What an epic birthday bash… a true larger than life kind of experience… God Bless you sir.

    SANJAY GUPTA: Sir Happy Birthday and thank you for a fantabulous party. Wishing you health and happiness.

    ARSHAD WARSI: Mr Bachchan`s party last night was absolutely amazing, it was great to see the entire film industry under one roof….

    RANGANATHAN MADHAVAN: The most wonderful evening yesterday… Whatever the Bachchans do has to be classy and this was right up there. Met the industry after the longest time, but the highlight was to realise that I was part of
    the industry as the same time as Mr. Bachchan.

    KUNAL KOHLI: What a great party.Party is the wrong word. Event. To celebrate Bachchan`s bday. Honoured to be there. He`s a legend. He`s the ultimate hero. He`s Amitabh Bachchan.

    RAJ KUNDRA: Many many happy returns of the day sir. Thank you for a lovely party. Love and respect.Who was present

    Who attended the party? Everyone who is anyone! Well, everyone except for the three Khans, who seemed conspicuous by their absence. Celebrities like Karan Johar and mother Hiroo, business tycoon Mukesh Ambani’s mother Kokilaben, late actor Shammi Kapoor’s wife and son Aditya Raj Kapoor and others arrived to the main gate in a golf cart-like vehicle. Shashi Kapoor came on a wheel chair.Shah Rukh Khan arrived with wife Gauri Also present at the bash were Vinod Khanna, Hema Malini, Pran, Jeetendra, Waheeda Rehman, Prem Chopra, Randhir Kapoor, Rishi Kapoor with wife Neetu, Moushmi Chatterjee, Aruna Irani, Yash Chopra with wife Pamela, Sridevi with husband Boney Kapoor, Subhash Ghai, Jeetendra, Ashutosh Gowarikar, Priety Zinta, Vidya Balan, Bipasha Bau, Sanjay Dutt, Madhuri Dixit with husband, Ajay Devgn, Kajol, Juhi Chawla, Anil Kapoor, Deepika Padukone and Govinda.

    Apart from the film industry, others who came to greet the actor included Anil Ambani, Aditya Godrej, Kumar Manglam Birla, Mulayam Singh Yadav with son Akhilesh, Chaggan Bhujbal, Uddhav Thackeray with wife and son.

    Wishes for Big B

    He has everything. But I have all my love for him – TABU

    Blessings – WAHEEDA

    May God wish him good life and good health – RAJINIKANTH

    Well, we’re all here, the whole city’s here to wish him – ANIL KAPOOR

    I’ve just come for the love of Amitji – SHILPA SHETTY