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To: Mohan Marette who wrote (5054)	7/9/1999 9:32:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Reliance oil, gas output up in Q1 ril.com Our Bureau (BusinessOnline) MUMBAI, July 9 PRODUCTION of oil and gas from Panna-Mukta-Tapti fields of Reliance has increased by 32 per cent and 36 per cent respectively in the first quarter of the current year, Mr. Anil Ambani, Managing Director, Reliance Industries Ltd, said. Oil production increased from 64,000 tonnes to 85,000 tonnes and gas by 5.6 million to 7.6 million cubic meters per day. The oil field is jointly owned by Reliance, ONGC and Enron. Addressing a press conference to announce the quarterly results, Mr. Ambani said the unit-wide commissioning of the Jamnagar refinery was underway. RIL's capex during the quarter under review was nearly Rs. 500 crores on the upcoming Jamnagar complex. The full impact of production from the Orissa Synthetics units' is expected to be felt during the current year. During the quarter under review, the company commissioned four lakh tonnes per annum of polypropylene facilities at Jamnagar. It has revalued its plant and machinery in 1997-98. Consequently, there is an additional charge for depreciation of Rs. 96 crores for the quarter and an equivalent amount has been withdrawn from the general reserve. Mr. Ambani said economic revival is expected to boost the demand for polymers by five million tonnes globally in the current year.

To: Mohan Marette who wrote (5054)	7/9/1999 9:44:00 PM
From: Mohan Marette	Read Replies (2) \| Respond to of 12475

Morgan Stanley to take equity in Subex About Subex (India) Ltd. subexgroup.com Our Bureau -BusinessLIne BANGALORE, July 9 BANGALORE-BASED Subex Systems Ltd has offered an equity of Rs. 1.20 crores to Morgan Stanley Growth Fund out of its initial public offer of Rs. 7.28 crores. The foreign institutional investor will be given 1,60,000 shares of Rs. 10 each for a premium of Rs. 65 per share under the firm allotment quota out of the aggregate amount of over Rs. 7,28,25,000 being raised through the IPO. The company has a paid-up capital of Rs. 2,24,82,000 which will go up to Rs. 6,31,15,000 after the current issue offering 9,71,000 equity shares. The issue has been floated to fund the cost of opening a subsidiary office in the US and to strengthen its software development centre in Bangalore. Speaking at a press conference here on Friday, Mr. Subash Menon, Managing Director, said Subex has created am Employees Stock Option (Trust) called the Subex Foundation to implement the ESOP. The company has already allotted 1,20,000 shares to the Trust for offer to eligible employees. Subex Systems presently operates on focussed segments of test and measurement equipment providing solutions for all major telecom and datacom technologies including GSM, ISDN and frame relay ATM; cellular infrastructure solutions essentially dealing with coverage solutions for enhancement of signal enhancement and telecom software.