Pratish's Feed
Mar 17, 2010
via India Insight

Third time’s the charm for Mukesh Ambani


(UPDATE: Reliance Industries has gained an overseas foothold by agreeing to pay $1.7 billion to form a joint venture with U.S.-based Atlas Energy. India’s largest-listed firm will pick up a 40 percent stake in Atlas’s operations in the booming Marcellus Shale)

The ruthless efficiency and smooth execution that marked Reliance Industries’ development of the world’s largest refining complex in western India and its vast gas fields off the country’s east coast has eluded the top-listed Indian firm during its recent attempts at overseas takeovers.

Mar 16, 2010

India’s Reliance in running for Marcellus JV-source

MUMBAI, March 16 (Reuters) – Indian energy major Reliance
Industries <RELI.BO> is seeking a joint venture with Atlas
Energy <ATLS.O> to develop the U.S. firm’s Marcellus Shale gas
operations, a source with direct knowledge of the matter said.

Independent oil and gas company Atlas is looking for a
partner for its operations in the booming Marcellus Shale in the
eastern United States, which could bring in $1 billion or more
for the firm. [ID:nN24197093]

Mar 9, 2010

Lyondell restructuring plan includes Apollo role

MUMBAI/NEW YORK, March 8 (Reuters) – LyondellBasell
[ACCEIN.UL] filed a restructuring plan on Monday, rejecting a
takeover bid from India’s Reliance Industries Ltd <RELI.BO> in
favor of commitments from investors, including Apollo
Management LP [APOLO.UL] and Access Industries, to help the
chemicals maker exit bankruptcy.

Lyondell filed for bankruptcy more than a year ago, hobbled
by billions in debt, a sharp increase in oil prices and a
decline in demand for its polymers and chemicals due to the
global economic crisis.

Mar 8, 2010

India Essar in talks to buy Trinity Coal: source

MUMBAI (Reuters) – Indian conglomerate Essar Group is in talks to buy Trinity Coal from U.S. private equity firm Denham Capital for $550-$600 million, a source familiar with the matter said, as it looks to fuel its steel and power plants.

Essar, controlled by billionaire brothers Shashi and Ravi Ruia, is looking to expand its various business, spanning telecoms and energy to steel and shipping.

Mar 4, 2010

Lyondell setback unlikely to faze India’s richest man

MUMBAI (Reuters) – Mukesh Ambani, India’s richest man, is faced with a prospect he has only rarely encountered: not getting what he wants.

After months in pursuit of LyondellBasell, Ambani’s Reliance Industries appears set to fall short in a takeover bid valuing the petrochemicals group at $14.5 billion. Instead, Luxembourg-based Lyondell is poised to file a reorganization plan that may lead it out of bankruptcy.

Mar 3, 2010

Reliance shares up as Lyondell bid seen rejected

MUMBAI, March 3 (Reuters) – Shares in Reliance Industries
<RELI.BO> were boosted on Wednesday as investor fears the
Indian energy major would overpay for LyondellBasell were
allayed after the petrochemicals firm was said to have rejected
its offer.

Reliance, controlled by billionaire Mukesh Ambani, has made
no secret of its overseas ambitions and has raised a war chest
for potential deals by selling $2 billion in stock in recent

Mar 2, 2010

Reliance may look elsewhere as Lyondell hopes fade

MUMBAI/NEW YORK, March 2 (Reuters) – LyondellBasell
[ACCEIN.UL] has rejected an offer from Reliance Industries’
<RELI.BO> that values the bankrupt petrochemicals group at
$14.5 billion, a person familiar with the matter said on

This is the third advance that Lyondell’s board has
rejected from Reliance over the past year in a decision that
could leave the Indian energy group having to look elsewhere
for takeover targets.

Feb 24, 2010

India NMDC $3 bln share sale to open March 10-sources

MUMBAI, Feb 24 (Reuters) – A share sale in India’s
state-run miner NMDC Ltd <NMDC.BO> to raise about $3 billion
will open on March 10, and follow the standard book-building
system for Indian offerings, three sources with direct
knowledge of the deal said.

The NMDC sale, closing on March 12, will be the third major
stake sale by India’s government this year, and the first that
will not follow a controversial ‘French Auction’ book-building
system that was seen as putting off investors.

Feb 18, 2010

India’s REC litmus test for govt stake-sale plan

MUMBAI, Feb 18 (Reuters) – A share sale in India’s Rural
Electrification Corp <RURL.BO> to raise $754.4 million will be
a litmus test for an ambitious plan by the government to
offload stakes in 60 state-run firms over the next few years.

The sale, which opens on Friday, is set to draw a stronger
response from investors than the sale in utility NTPC <NTPC.BO>
two weeks ago, after it was priced at a steeper discount.

Feb 17, 2010

Lyondell creditor deal jeopardizes Reliance bid

MUMBAI (Reuters) – Energy major Reliance Industries <RELI.BO> may be forced to raise its offer for LyondellBasell or abandon its bid all together after the target settled a dispute with creditors that paved the way for an exit from bankruptcy.

Reliance Industries, India’s largest-listed firm controlled by billionaire Mukesh Ambani, is keen on LyondellBasell <ACCEIN.UL> and has offered a deal that would value it about $13.5 billion, a source familiar with the matter said last month.