by | Published June 24, 2010 at 4:13 PM
Mukesh Ambani's Reliance Industries Ltd., India's largest private sector company, is planning to expand beyond energy exploration and production into telecom, financial services and power.
2010
June 24: Reliance
Industries Ltd.agrees to buy a 45% stake in natural gas assets
in South Texas' Eagle Ford Shale owned by Pioneer
Natural Resources Co. of Dallas for $1.36 billion.The
deal includes a $266 million up-front cash
payment, with the rest to be invested over several years.
Reliance has
also entered into a joint venture agreement with Pioneer's partner in
the play, Newpek LLC, for $210 million, and it will participate with
Pioneer in the development of midstream assets in the area as a 49.9%
partner. - Claire Poole
June 11: The fast-growing Indian telecommunications
market will become the arena for a battle between two wealthy brothers. Reliance
Industries Ltd. agrees to buy Infotel
Broadband Services Pvt. Ltd.Mumbai-based Reliance,
owned by Mukesh Ambani will pay 48 billion rupees ($1 billion) for Infotel,
which recently won an auction for pan-India cellular frequencies that
will allow it to offer wireless Internet access but not mobile phone
calls. - Andrew Bulkeley
June 1: CBS
Corp. and Reliance
Industries Ltd. will in the next few weeks form a joint venture
to launch television channels under the brand BIG CBS, the Economic
Times of India reported, citing a person familiar with the development. According to the paper, the U.S. broadcaster and Reliance,
controlled by billionaire Anil
Ambani, will each own a 50% stake in the venture. - Donna Block
April 22: Reliance
Industries Ltd. and Pittsburgh, Pa., oil and gas explorerAtlas
Energy Inc.agree to buy 42,344 acres in the
promising Marcellus natural gas shale in Appalachia from unnamed parties
for $4,532 per acre, or $191.9 million. The deal follows
Reliance's announcement on April 9 that it agreed to buy 40% of Atlas'
operations in the shale for about $14,000 an acre, or $1.7 billion. - Claire Poole
April 9:Reliance
Industries Ltd.strikes a long-awaited overseas deal,
agreeing to embark on a $1.7 billion joint venture with Atlas
Energy Inc. Mumbai-based Reliance will pay $339 million in cash
and commit to investing $1.36 billion for its part in developing the
natural gas-rich Marcellus Shale territory, which is concentrated in
southwestern Pennsylvania and spans parts of West Virginia and New York. - Barbara Rudolph
Ken deRegt will retire as head of fixed income at Morgan Stanley and be replaced by Michael Heaney and Robert Rooney. For other updates launch today's Movers & shakers slideshow.
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Mukesh Ambani's Reliance Industries Ltd., India's largest private sector company, is planning to expand beyond energy exploration and production into telecom, financial services and power. 
