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Ambani’s reunion

Mukesh and Anil Ambani, who parted their ways in 2005, will be once again come together under the same roof on Tuesday on the occasion of their mother’s 75th birthday. This has triggered a speculation of a possible rapprochement between the two.

There have been reports time and again about a possible reunion between the two ever since they shook hands at an industrialists’ meet convened by Opposition Leader L K Advani at his residence in the capital last year.

The family reunion at the celebrations on Tuesday would see the two siblings coming face to face for the third time in less than two months.

No comments could be obtained from spokespersons of both the sides despite several attempts for comments on whether the two siblings would be present at the birthday celebrations of Kokilaben. S

She had hammered a truce deal between Mukesh and Anil to end more than a year long ugly battle being fought in public domain.

A family source indicated that it had always been Kokilaben’s endeavour to ensure that past should not come in the way of the relationship in the family, while the two brothers continue to grow their businesses.

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February 24, 2009 Posted by | politics | , , , | Leave a comment

Anil Ambani appears on Raju radar

Anil Ambani is emerging as the white knight who can spring to the rescue of B. Ramalinga Raju, promoter of the beleaguered Satyam Computer Services Ltd.

Raju clings to a small 5.13 per cent stake in the country’s fourth largest software exporter and a very shaky position as the chairman of Satyam heading into a crucial board meeting scheduled for January 10.

The Satyam promoters faced a shareholder revolt after an aborted plan to acquire two Raju-owned entities — Maytas Infra and Maytas Properties — for $1.6 billion. Angry shareholders have been clamouring for an overhaul of the board of directors and Raju’s exit from the post of chairman.

The call for change gained momentum after four of the nine Satyam directors resigned when they learnt that the Raju family had pledged their entire 55 million shares (equivalent to an 8.27 per cent stake) held by SRSR Holdings — an entity controlled by the Rajus — with lenders.

Enter Anil Ambani’s Reliance ADAG Group.

Sources say that under a quid pro quo deal that is now under negotiation, cash-rich ADAG Group can provide funds to help Maytas Infra achieve financial closure for the Rs 12,000-crore Hyderabad metro project before the March 31 deadline.
In return for the Maytas bailout, ADAG will be able to pick up a 13-14 per cent stake in Satyam, thereby emerging as the single largest shareholder of the software giant that counts 185 Fortune 500 companies among its clients.
Ambani won’t have to come out with an open offer if he doesn’t cross a 15 per cent threshold through this “friendly takeover”.

Sources say Reliance Mutual Fund and the insurance arms of the ADAG group have been scooping up Satyam shares over the past few weeks after the lenders started offloading the shares that the Rajus had pledged against loans.

Raju had failed to meet margin calls from the lenders after the Satyam stock tanked in the market meltdown since May. Lenders usually lend up to 75 per cent of the value of the shares pledged. The stock has plunged over 60 per cent since May and the lenders wanted the Rajus to compensate for the dimunition in the value of the stock.

Although the Raju family claims that it has a 5.13 per cent stake in Satyam after the sale of the pledged shares by lenders, the promoters’ position is a little more precarious.

On Friday, the promoters admitted in a filing that out of the 34.58 million shares (or 5.13 per cent) they nominally possessed, about 21.96 million shares were still pledged with the lenders. This means that the promoters actually have unfettered control over only 12.62 million shares (translating into a 1.26 per cent stake).

Sources in the Andhra government said ADAG Group had been showing keen interest in the Hyderabad metro project that had been bagged by Maytas Infra.

Maytas Infra ran into trouble of its own after its chief executive officer P.K. Madhav was arrested on criminal charges stemming from the Nagarjuna Finance payment scandal. Madhav was earlier with the Nagarjuna group.

Maytas has to pay Rs 11 crore to the Greater Hyderabad Municipal Corporation by March 31 in connection with the metro project but is unable to rustle up funds in a credit-scarce market.

Sources said both ADAG Group and L&T Infotech had been in separate talks with the Satyam promoters and the Andhra government to infuse funds into the special purpose vehicle floated by Maytas for the metro project.

Andhra chief minister Y. Rajashekhara Reddy has brushed aside suggestions that the turmoil at Satyam has jeopardised the Hyderabad metro and the Machilipatnam port projects that Maytas had bagged. “We have been informed by the promoters that there is no threat to these projects,” he told reporters on New Year’s day.

January 5, 2009 Posted by | news | , , , , , , , , , | Leave a comment

Richest Indians

Rank

Name

Net Worth ($Million)

Age

City

1

Mukesh Ambani

20,800

51

Mumbai

2

Lakshmi Mittal

20,500

58

London

3

Anil Ambani

12,500

49

Mumbai

4

Sunil Mittal

7,900

51

Delhi

5

Kushal Pal Singh

7,800

77

Delhi

6

Shashi & Ravi Ruia

7,600

64

Mumbai

7

Azim Premji

7,000

63

Bangalore

8

Kumar Birla

5,000

41

Mumbai

9

Adi Godrej

4,000

66

Mumbai

10

Gautam Adani

3,900

46

Ahmedabad

11

Dilip Shanghvi

3,100

53

Mumbai

12

Savitri Jindal

2,900

59

Delhi & Hisar

13

Malvinder & Shivinder Singh

2,800

36

Delhi

14

Anil Agarwal

2,400

55

London

15

Shiv Nadar

2,200

63

Delhi

16

Micky Jagtiani

2,000

57

Dubai

17

Indu Jain

1,800

72

Delhi

18

Cyrus Poonawalla

1,600

67

Pune

19

Uday Kotak

1,550

49

Mumbai

20

Chandru Raheja

1,500

68

Mumbai
21
G.M. Rao

1,470

58

Bangalore

22

Vivek Burman

1,300

71

Delhi

23

Anurag Dikshit

1,250

36

Gibraltar

24

Kalanithi Maran

1,200

43

Chennai

25

Venugopal Dhoot

1,100

57

Mumbai

26

Yusuf Hamied

1,060

72

London & Mumbai

27

Ramesh Chandra

1,000

69

Delhi

28

Subhash Chandra

970

58

Mumbai

29

N.R. Narayana Murthy

965

62

Bangalore

30

Rajan Raheja

950

54

Mumbai

31

Brijmohan Lall Munjal

940

85

Delhi

32

Baba Kalyani

935

59

Pune

33

Tulsi Tanti

930

50

Pune

34

Jaiprakash Gaur

890

77

Delhi

35

Niranjan Hiranandani

885

58

Mumbai

36

Murali Divi

870

57

Hyderabad

37

Hemant Shah

830

55

Mumbai

38

Gracias Saldanha

825

70

Mumbai

39

Anand Jain

810

51

Mumbai

40

Rahul Bajaj

760

70

Pune

November 21, 2008 Posted by | Uncategorized | , , , , | Leave a comment

Richest Persons in India

Though the world is suffering from recession these rich people seem to be richer with Mukesh Ambani topping the list.here are some of the richest persons released by fobes magazine….

Richest Indians

October 21, 2008 Posted by | news | , , , , , , , , , , | Leave a comment