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This story is from March 6, 2006
Rel Comm debuts at Rs 290 on BSE
Reliance Communication Ventures Ltd, got listed at Rs 290, adding Rs 36,000 crore to its investors wealth.
MUMBAI: When Anil Ambani rang the gong at the country's oldest stock exchange at 9:55 AM on Monday, it signalled a coming of age for the new Anil Dhirubhai Ambani group (ADAG).
Reliance Communication Ventures Ltd, the group's crown jewel, got listed at Rs 290, adding Rs 36,000 crore to its investors wealth, as Anil's mother Kokilaben looked on.
Later in the day, it was a mellow Ambani who addressed the media.
While the fight with his brother has reached the final leg, some matters are yet to be resolved on gas supply agreement and he exuded confidence that it would be resolved by March this year.
That too in 9 months as compared to Rs Rs one lakh crore of his elder brother Mukesh's RIL since the group's birth 27 years ago. "I personally feel that this is a great achievement," he said.
But when asked whether he talked to his brother Mukesh, Anil shot back, saying, "I did not had the pleasure of talking to him." It is evident that there are more serious issues to be solved. One such issue is the gas supply agreement between the two groups.
Nine months is too short to judge a company's performance. The unlocking of shareholder value of Reliance Industries had created ADAG a networth of Rs 2500 crore ($6 billion), a market cap of Rs 86,000 crore ($20 billion) and assets of Rs 31,000 crore ($7 billion).
But Anil, as his father Dhirubhai Ambani, believed in creating shareholders value. He seems to have prepared his ground before listing RCVL.
On Saturday he held an informal dinner meet with high networth individuals, leading brokers Rakesh Jhunjunwala, Ramesh Damani and leading bankers including Nimesh Kampani at his house. On Sunday he addressed around 60 analysts at Dhirubhai Ambani Knowledge City.
He is known to have build up a strong relationship with foreign institutional investors right from his probation period in RIL.
His 2 crore shareholders gave a green signal for raising the foreign shareholdings in RCVL to 74%, the impact could be felt in the coming days.
He also charted out his investment plans. A Rs 5000 crore in three years in broadband (Rs 1,500 cr), wireless (Rs 2,500 cr), Flag & Falcom (Rs 1,000 cr) and Rs 500 crore for common service assets for CDMA operations.
Reliance Communication Ventures Ltd, the group's crown jewel, got listed at Rs 290, adding Rs 36,000 crore to its investors wealth, as Anil's mother Kokilaben looked on.
Later in the day, it was a mellow Ambani who addressed the media.
Shedding his usual aggressiveness, he straight away plunged into his company's plans and financial performance.
While the fight with his brother has reached the final leg, some matters are yet to be resolved on gas supply agreement and he exuded confidence that it would be resolved by March this year.
He claimed after RIL' split has added Rs 71,000 crore of investors wealth to 2 crore Reliance group shareholders.
That too in 9 months as compared to Rs Rs one lakh crore of his elder brother Mukesh's RIL since the group's birth 27 years ago. "I personally feel that this is a great achievement," he said.
But when asked whether he talked to his brother Mukesh, Anil shot back, saying, "I did not had the pleasure of talking to him." It is evident that there are more serious issues to be solved. One such issue is the gas supply agreement between the two groups.
Nine months is too short to judge a company's performance. The unlocking of shareholder value of Reliance Industries had created ADAG a networth of Rs 2500 crore ($6 billion), a market cap of Rs 86,000 crore ($20 billion) and assets of Rs 31,000 crore ($7 billion).
But Anil, as his father Dhirubhai Ambani, believed in creating shareholders value. He seems to have prepared his ground before listing RCVL.
On Saturday he held an informal dinner meet with high networth individuals, leading brokers Rakesh Jhunjunwala, Ramesh Damani and leading bankers including Nimesh Kampani at his house. On Sunday he addressed around 60 analysts at Dhirubhai Ambani Knowledge City.
He is known to have build up a strong relationship with foreign institutional investors right from his probation period in RIL.
His 2 crore shareholders gave a green signal for raising the foreign shareholdings in RCVL to 74%, the impact could be felt in the coming days.
He also charted out his investment plans. A Rs 5000 crore in three years in broadband (Rs 1,500 cr), wireless (Rs 2,500 cr), Flag & Falcom (Rs 1,000 cr) and Rs 500 crore for common service assets for CDMA operations.
End of Article
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