Leading industrialist Mukesh Ambani's dream project of setting up a special economic zone (SEZ) over 10,000 hectares in Raigad near Mumbai at a cost of Rs.400 billion is in jeopardy as the Supreme Court Friday refused to extend the deadline for land acuisition.
A bench of Justice B. Sudarshan Reddy and Justice Aftab Alam dismissed a lawsuit by Mumbai SEZ Ltd aimed at extending the June 8 deadline for acquiring land for the project.
Mumbai SEZ Ltd is jointly promoted by Mukesh Ambani of Reliance Industries and his associate Anand Jain.
The bench said it was not inclined to interfere with the Bombay High Court order, which had refused to stay the land acquisition process initiated by the Maharashtra government in June 2005 for the SEZ.
As per the law, the requisite land had to be acquired within two years of the notification.
But the Raigad district administration and Reliance have failed to acquire the land despite two extensions to the deadline. The latest deadline expires June 8.
Mumbai SEZ Ltd last month moved the Bombay High Court, seeking a direction to the Raigad district administration to speed up land acquisition initiated under the provisions of the Land Acquisition Act, 1984.
Alternatively, it had sought suspension of the land acquisition process so that the deadline might become redundant and could later be extended.
But the high court asked Mumbai SEZ Ltd to move the Supreme Court where several other lawsuits relating to land acquisition for various SEZ projects were pending.
Senior counsel Shanti Bhushan, appearing for Mumbai SEZ Ltd, sought the suspension of the land acquisition proceedings initiated as per the legal notification.
He contended that Reliance had already invested Rs.60 billion in the project and if the acquisition was not completed by June 8, the entire process would lapse under the Land Acquisition Act, 1894.
But the apex court refused to accede to the request.
The project faced rough weather as farmers of 22 villages opposed the land acquisition process in a referendum initiated by the state government last year. Its outcome, however, is not legally binding.
Showing posts with label mukesh ambani. Show all posts
Showing posts with label mukesh ambani. Show all posts
Friday, June 5, 2009
Friday, March 14, 2008
Billionaire lists are like maya: Mukesh Ambani
Soon after Forbes named him India's richest resident, Reliance Industries chairman Mukesh Ambani Friday warned that such billionaires' lists were deceptive, while drawing a parallel with maya of Indian philosophy.
Addressing the India Today conclave here, Ambani said there was "much hype" and talk about the number of Indians figuring in the various lists of billionaires and cautioned that they served little purpose.
"This, in my opinion, is a deceptive description. This is like maya of Indian philosophy. It veils your vision that comes in way of knowing your real self," said the chairman of India's largest company by market capitalisation.
"To all those who have aspirations of global leadership, I would like to caution - beware of this view," he said in a rather reflective mood. "I hope the next time you do a cover story on Mukesh Ambani, it will not be the money machine."
Last week Forbes had named Mukesh Ambani the fifth richest person in the world with a net worth of $43 billion, and called him "Asia's richest resident".
The magazine said his fortune was up $22.9 billion since last year, making him the world's second biggest gainer in terms of dollars. His brother, Anil Ambani, was ranked sixth with $42 billion.
The London-based L.N. Mittal, chairman of steel-maker Arcelor-Mittal, was ranked fourth with a net worth of $45 billion
Indo-Asian News Service
Addressing the India Today conclave here, Ambani said there was "much hype" and talk about the number of Indians figuring in the various lists of billionaires and cautioned that they served little purpose.
"This, in my opinion, is a deceptive description. This is like maya of Indian philosophy. It veils your vision that comes in way of knowing your real self," said the chairman of India's largest company by market capitalisation.
"To all those who have aspirations of global leadership, I would like to caution - beware of this view," he said in a rather reflective mood. "I hope the next time you do a cover story on Mukesh Ambani, it will not be the money machine."
Last week Forbes had named Mukesh Ambani the fifth richest person in the world with a net worth of $43 billion, and called him "Asia's richest resident".
The magazine said his fortune was up $22.9 billion since last year, making him the world's second biggest gainer in terms of dollars. His brother, Anil Ambani, was ranked sixth with $42 billion.
The London-based L.N. Mittal, chairman of steel-maker Arcelor-Mittal, was ranked fourth with a net worth of $45 billion
Indo-Asian News Service
Knowledge and human values essential: Mukesh Ambani
India has been familiar with global leadership in the past and has achieved one of the highest growth rates in the world in recent years, Reliance Industries chairperson Mukesh Ambani said Friday while warning against "deceptive descriptions" like the billionaires' lists.
Speaking at the India Today Conclave here, Ambani said that knowledge and human values would count as much as financial strengths, if Indian entrepreneurs were to become world leaders in business.
"Global leadership is not unknown to India and since 1991 India achieved one of the highest growth rates in the world. We have 67 percent of the population that is young - below 35 years of age," said Ambani.
He said India must regain its leadership in science, technology and innovation, especially in the knowledge-driven global economy of today.
Giving a historical perspective, he said India had come a long way since the 17th century, during Mughal emperor Aurangzeb's reign, when its share in world output was 22 percent and the tax revenues were 14 times that of Europe.
"Nothing in a country or a company is inevitable," he said, while referring to the fact that the Reliance group was created in just one generation by his late father Dhirubhai Ambani to become India's largest private sector company.
He said economic powers all over the world were shifting to the private sector and asked the business community to develop a "one world" vision, even as the country's demographics were in its favour in terms of working population.
"Developing countries would dictate and the power is shifting to many," he said at the session, entitled "What Does It Take To Be A Global Business Leader?" He said governments were becoming facilitators with power shifting to many.
Ambani said dharma, moksha and karma (righteousness, salvation and duty) were important goals for individuals and that needed to be carried forward to the issue of leadership as well.
"The world is becoming apprehensive of all businesses that did not have their foundations in moral and human values," he said, adding business leaders were great men and they needed to act as trustees of the society's wealth.
He said the combined income of the world's 500 richest people exceeded that of the 416 million poorest, and added poverty was the main cause for the current global turmoil and chaos.
Ambani began his address with a warning that the much-hyped billionaires' lists, which sought to assess the prosperity of the rich and the famous, were deceptive and drew a parallel with maya of Indian philosophy.
"This, in my opinion, is a deceptive description. This is like maya of Indian philosophy. It veils your vision that comes in way of knowing your real self," said the chairman of India's largest company by market capitalisation.
"To all those who have aspirations of global leadership, I would like to caution - beware of such titillating illusions," he said in a reflective mood. "I hope the next time you do a cover story on Mukesh Ambani, it will not be on the money machine."
Last week Forbes had named Mukesh Ambani the fifth richest person in the world with a net worth of $43 billion, and called him "Asia's richest resident".
The magazine said his fortune was up $22.9 billion since last year, making him the world's second biggest gainer in terms of dollars. His brother, Anil Ambani, was ranked sixth with $42 billion.
The London-based L.N. Mittal, who is also chairman of steel-maker Arcelor-Mittal and holds an Indian passport, was ranked fourth with a net worth of $45 billion.
Indo-Asian News Service
Speaking at the India Today Conclave here, Ambani said that knowledge and human values would count as much as financial strengths, if Indian entrepreneurs were to become world leaders in business.
"Global leadership is not unknown to India and since 1991 India achieved one of the highest growth rates in the world. We have 67 percent of the population that is young - below 35 years of age," said Ambani.
He said India must regain its leadership in science, technology and innovation, especially in the knowledge-driven global economy of today.
Giving a historical perspective, he said India had come a long way since the 17th century, during Mughal emperor Aurangzeb's reign, when its share in world output was 22 percent and the tax revenues were 14 times that of Europe.
"Nothing in a country or a company is inevitable," he said, while referring to the fact that the Reliance group was created in just one generation by his late father Dhirubhai Ambani to become India's largest private sector company.
He said economic powers all over the world were shifting to the private sector and asked the business community to develop a "one world" vision, even as the country's demographics were in its favour in terms of working population.
"Developing countries would dictate and the power is shifting to many," he said at the session, entitled "What Does It Take To Be A Global Business Leader?" He said governments were becoming facilitators with power shifting to many.
Ambani said dharma, moksha and karma (righteousness, salvation and duty) were important goals for individuals and that needed to be carried forward to the issue of leadership as well.
"The world is becoming apprehensive of all businesses that did not have their foundations in moral and human values," he said, adding business leaders were great men and they needed to act as trustees of the society's wealth.
He said the combined income of the world's 500 richest people exceeded that of the 416 million poorest, and added poverty was the main cause for the current global turmoil and chaos.
Ambani began his address with a warning that the much-hyped billionaires' lists, which sought to assess the prosperity of the rich and the famous, were deceptive and drew a parallel with maya of Indian philosophy.
"This, in my opinion, is a deceptive description. This is like maya of Indian philosophy. It veils your vision that comes in way of knowing your real self," said the chairman of India's largest company by market capitalisation.
"To all those who have aspirations of global leadership, I would like to caution - beware of such titillating illusions," he said in a reflective mood. "I hope the next time you do a cover story on Mukesh Ambani, it will not be on the money machine."
Last week Forbes had named Mukesh Ambani the fifth richest person in the world with a net worth of $43 billion, and called him "Asia's richest resident".
The magazine said his fortune was up $22.9 billion since last year, making him the world's second biggest gainer in terms of dollars. His brother, Anil Ambani, was ranked sixth with $42 billion.
The London-based L.N. Mittal, who is also chairman of steel-maker Arcelor-Mittal and holds an Indian passport, was ranked fourth with a net worth of $45 billion.
Indo-Asian News Service
Sunday, November 4, 2007
Mukesh Ambani on cover of Newsweek
Mukesh Ambani, Chairman of Reliance Industries, says he will trigger a second green revolution in the country -- with synergies between farming and energy -- by involving his group in agriculture in a big way.
In an interview with Newsweek magazine, he says his company's involvement with the farm sector "has the potential to change the world" and adds that he views India's billion-plus population not as a problem but as billion-plus customers.
Here are some excerpts from the interview that was printed in the Newsweek edition that hit the stands on Monday:
Q: You say India's competitive advantages are globalisation, democracy, the ability to adapt to technology, and demography. Starting with democracy, doesn't it slow growth?
A: Sure, but increased aspirations are also driving growth. Politicians used to tell me: 'We sell dreams to people that we knew we'd never be able to fulfil'. Today, the mindset of these politicians has changed. They genuinely believe we have an opportunity to substantially alleviate poverty by 2030.
Q: How does technology fit in?
A: We are using new technologies in meaningful ways. To build our new refinery in 60 per cent of the time it took to build our first, we are training 20,000 people in a new generation of welding technology in six months. This is where demographics come in. We have 650 million people who are below their early 30s, while the US and Europe face a shortage of skilled workers.
A billion people used to mean lots of problems. Today I see a billion people as a billion potential consumers, an opportunity to generate value for them and to make a return for myself.
Q: How do you motivate poor farmers to join your new farm-to-retail network?
A: We will work with farmers to get them to increase their productivity and produce the right products of the right quality. This also requires a major investment in technology because there are minimum import standards [overseas]. We are also creating something that is totally missing in India: an efficient distribution system, linked to supermarkets across the world. This will generate up to one million new jobs and make us the largest private-sector employer in India.
Q: What drives you?
A: In my father's language: "To create something out of nothing." That possibility exists in India even in old-world sectors like agriculture.
Q: Is this an agrarian revolution?
A: Absolutely. Reliance is involving itself in agriculture in a big way. This will help to create a second green revolution at a time when energy and agro are converging. Oil is now at $70 a barrel, [but it's] a finite asset. We need a fallback position. We are looking for more gas and oil but we are also trying to grow our own energy. We think this has the potential to change the world.
Q: How disruptive and dispiriting was the feud with your brother?
A: Fundamentally we had different approaches. My view is to give everyone the space to grow in his own way. When you see restructuring or separations in a family [firm], value has almost always been destroyed. This is the first case where value has been enhanced. In that way it has been a win-win ending.
In an interview with Newsweek magazine, he says his company's involvement with the farm sector "has the potential to change the world" and adds that he views India's billion-plus population not as a problem but as billion-plus customers.
Here are some excerpts from the interview that was printed in the Newsweek edition that hit the stands on Monday:
Q: You say India's competitive advantages are globalisation, democracy, the ability to adapt to technology, and demography. Starting with democracy, doesn't it slow growth?
A: Sure, but increased aspirations are also driving growth. Politicians used to tell me: 'We sell dreams to people that we knew we'd never be able to fulfil'. Today, the mindset of these politicians has changed. They genuinely believe we have an opportunity to substantially alleviate poverty by 2030.
Q: How does technology fit in?
A: We are using new technologies in meaningful ways. To build our new refinery in 60 per cent of the time it took to build our first, we are training 20,000 people in a new generation of welding technology in six months. This is where demographics come in. We have 650 million people who are below their early 30s, while the US and Europe face a shortage of skilled workers.
A billion people used to mean lots of problems. Today I see a billion people as a billion potential consumers, an opportunity to generate value for them and to make a return for myself.
Q: How do you motivate poor farmers to join your new farm-to-retail network?
A: We will work with farmers to get them to increase their productivity and produce the right products of the right quality. This also requires a major investment in technology because there are minimum import standards [overseas]. We are also creating something that is totally missing in India: an efficient distribution system, linked to supermarkets across the world. This will generate up to one million new jobs and make us the largest private-sector employer in India.
Q: What drives you?
A: In my father's language: "To create something out of nothing." That possibility exists in India even in old-world sectors like agriculture.
Q: Is this an agrarian revolution?
A: Absolutely. Reliance is involving itself in agriculture in a big way. This will help to create a second green revolution at a time when energy and agro are converging. Oil is now at $70 a barrel, [but it's] a finite asset. We need a fallback position. We are looking for more gas and oil but we are also trying to grow our own energy. We think this has the potential to change the world.
Q: How disruptive and dispiriting was the feud with your brother?
A: Fundamentally we had different approaches. My view is to give everyone the space to grow in his own way. When you see restructuring or separations in a family [firm], value has almost always been destroyed. This is the first case where value has been enhanced. In that way it has been a win-win ending.
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