Reliance Capital eyes banking, public offer for insurance arm

October 7th, 2009 CHENNAI - After operating without an overseas partner all these years, Anil Ambani group's Reliance Life Insurance is now looking out for an international strategic partner to hold up to 20 percent stake, apart from planning an initial public offer. "We have started the process of identifying the strategic investor," said Sam Ghosh, chief executive of Reliance Capital.

October 3rd, 2009 BARASAT - Reliance Retail, part of Mukesh Ambani-led Reliance Industries, is looking at reviving its West Bengal projects "in a major way", a top official said here Saturday. "We are currently working on how best we can come back to the state in a major way.

September 22nd, 2009 MUMBAI - Telecommunications provider Reliance Infratel, promoted by Reliance Communications and part of the R-ADA group, will come out with an initial public offer to the tune of 10 percent of its paid-up equity capital, group chairman Anil Ambani said here Tuesday. Addressing shareholders at Reliance Communication's annual general meeting here, Ambani said the draft red herring prospectus for the issue would be filed by group company Reliance Power with market regulator Securities and Exchange Board of India.

September 16th, 2009 NEW DELHI - Reliance Mobile, the GSM arm of telecom operator Reliance Communication (RCom), Wednesday said it would launch a new mobile number series beginning with the digit "8" in the Delhi-National Capital Region circle. Reliance will be the first telecom operator to shift from the practice of beginning a cell phone number with the digit "9".

August 16th, 2009 Sebelius: Public insurance option not essentialWASHINGTON — President Barack Obama's health secretary is suggesting the White House is ready to accept nonprofit insurance cooperatives instead of a government-run public option in a health overhaul plan. A Republican senator says that is worth looking at.

August 3rd, 2009 NEW DELHI - The government will do everything to protect public interest which is its legal obligation, Minister of Petroleum and Natural Gas Murli Deora told Lok Sabha in a statement over the distribution of gas from Krishna-Godavari Basin by Reliance Industries Limited. "We have nothing to do with the private dispute of companies or individuals," Deora said Monday in a statement, amidst protests from the opposition benches.

July 31st, 2009 MUMBAI - The Anil Ambani-led Reliance Capital Friday reported a 55.6 percent fall in net profit to Rs.153.29 crore ($33 million) for the quarter ended June 30 as against Rs.345.3 crore in the like period last year. The company's total income for the first quarter stood at Rs.1,468.12 crore ($316 million), down 3.05 percent from Rs.1,514.40 crore in the corresponding quarter the previous fiscal.

July 5th, 2009 MUMBAI - The Anil Dhirubhai Ambani Group's Reliance Capital has unveiled an ambitious plan for the next three-five years, including an entry into banking industry, globalisation of operations and tripling the customer base to 50 million. We have drawn up exciting growth plans for the next three to five years, Anil Ambani, chairman of Reliance Capital, informed his shareholders ahead of the company's annual general meeting here later this month.

July 3rd, 2009 KOLKATA - State-run UCO Bank will invest Rs.45 crore in its proposed general insurance company, a top bank official said here Friday. "We will pick up a 30-percent stake in the general insurance venture, which will have a capital base of Rs.150 crore," the bank's chairman and managing director S.K.

June 29th, 2009 MUMBAI - Reliance Globalcom, part of the Anil Ambani-owned Reliance Communications, Monday said its revenues for the quarter ended March 31, 2009 increased 23 percent to Rs.1,880.3 crore ($391 million). The company had posted Rs.1,525.7 crore in revenue during the January-March quarter last year.

May 24th, 2009 NEW DELHI - The board of Reliance Infrastructure, promoted by the Anil Ambani group, Sunday approved issuing up to 43 million preferential shares to its founders and other investors to raise about Rs.4,300 crore ($913 million). In a statement, the company said the equity capital would enhance its net worth to over Rs.16,000 crore and augment its borrowing capabilities to Rs.32,000 crore at a debt-equity ratio of 2:1.

March 18th, 2009 NEW DELHI - Reliance Communications (R-Com) here Tuesday launched the Reliance Mobile GSM Unlimited Free On-Net Calling Pack, an offer that will enable customers make free unlimited local calls to the company's GSM numbers. 'Now, upon doing a recharge of Rs.169, GSM subscribers can enjoy unlimited calling to any local Reliance Mobile GSM number,' the company said in a statement.

January 13th, 2009 KOLKATA - Future Generali, the joint venture with the Italian insurance giant Generali, is expecting to touch a premium income of about Rs.10 billion by 2010, a senior official said Wednesday. Future Generali is the insurance joint venture between Future Group of India and Italy-based Generali Group with a 74:26 stake.

January 6th, 2009 HYDERABAD - Reliance Digital, the consumer electronics arm of Reliance Retail, will sell Reva electric cars through its outlets across the country. Initially, Reliance Digital will sell the Reva through its digital stores in Hyderabad and Delhi.

January 4th, 2009 CHANDIGARH - Reliance Communications Monday announced the launch of its GSM mobile services in Punjab, becoming the first telecom operator in the circle to have both GSM and CDMA services for mobile users. 'The service will cover 460 towns, 11,741 villages and a number of national, state and other highways, tourist and religious places throughout the state,' Reliance regional hub head Arvind Kumar told reporters at the launch.