Date:02/07/2005 URL: http://www.thehindubusinessline.com/2005/07/02/stories/2005070202000200.htm

Back Anil Ambani appoints Gautam Doshi as M&A chief

Our Bureau

Mumbai , July 1

MR Anil Ambani has roped in a full-fledged President, primarily responsible for mergers and acquisitions (M&A).This comes a day after Anil Dhirubhai Ambani (ADA) Enterprises made its first predatory move, with Reliance Land Pvt Ltd, part of Reliance Capital, announcing that it was picking up 51 per cent stake in Adlabs Films Ltd.

Mr Gautam Doshi, formerly a Director of Ambit Corporate Finance Pvt Ltd, and senior partner of RSM & Co, Chartered Accountants, has joined ADA Enterprises as Group President and will be a key member of its leadership team, said a company release here. This comes barely a week after Mr Doshi was appointed a Director at Reliance Infocomm.

"I am delighted to have Gautam on the leadership team. He is a great asset for any organisation, and will add greatly to our efforts in creating value for millions of our stakeholders", said Mr Anil Ambani, Chairman, ADA Enterprises.

According to the release, Mr Doshi has had significant experience in the area of corporate restructuring and M&A. In addition, Mr Doshi will also be supervising the tax, regulatory and accounting functions at ADA Enterprises, which has been abuzz with activity ever since it was set up less than two weeks ago.Earlier this week, the group had applied for a Direct-to-Home (DTH) licence from the Ministry of Information & Broadcasting.

Meanwhile, Adlabs Films has informed the stock exchanges that its Board of Directors has proposed to make a preferential offer of equity shares/warrants with option to convert them into equity shares up to Rs 325 crore, to strengthen the company's financial position, and to generate long-term resources for implementing future growth plans.

The preferential offer is proposed to be made to Reliance Land and to other investors, subject to necessary approval from shareholders, and will be made at a price arrived at in terms of the SEBI (disclosure and investors protection) guidelines, 2000. Reliance Land proposes to acquire management control of the company, subject to applicable provision of the SEBI (substantial acquisition of shares and takeovers) regulation, 1997, as may be necessary.