Ambani Wins Prestigious World Communication Award

[Chirag 5]

MUKESH AMBANI VOTED WORLD'S MOST INFLUENTIAL PERSON IN TELECOMS IN 2004

Chairman and Managing Director of Reliance Group Receives World Communication Award

DAKC (Dhirubhai Ambani Knowledge City), Navi Mumbai, October 12, 2004

Mr Mukesh Ambani, Chairman of Reliance Infocomm and Chairman of FLAG Telecom, has won this year's prestigious World Communication Award as "most influential person in telecommunications in 2004".

Acknowledging the honour, Ambani said in a statement: "The award is, of course, very much associated with a recognition of the rapidly growing influence of India in the global telecommunications arena."

He said the dream of his visionary father, Sri Dhirubhai Ambani, who founded Reliance Industries a little over 35 years ago, was to build a business that would provide affordable means of information and communications to the people of India.

"This award is a great tribute to Dhirubhai Ambani and his dream. In India, Reliance Infocomm is spearheading a massive telecommunications revolution with the vision to become a major global player over the next decade. Also, the strategic acquisition of FLAG Telecom will place India at the forefront of the global broadband revolution."

He said today Reliance Infocomm is on course to achieve that dream. It has already constructed a pan-India optical fibre network, which will expand to over 100,000 kilometres of optical fibre and connect nearly 5000 cities and towns by this year-end. When completed, the Reliance network will provide broadband connections to millions of homes and offices offering the latest technology and direct connectivity to the rest of the world via the FLAG Telecom global network.

Reliance Infocomm has also realised the founder's vision of making a phone call less expensive than a postage stamp. The company has more than eight million mobile customers and attained the leadership position in the Indian mobile market in less than seven months from launch of its operations in May last year.

Despite this impressive growth, India's teledensity - fixed and mobile - is currently at less than nine per cent. Future growth potential is staggering.

In addition to telecommunications and information technology, the Reliance Group employs more than 75,000 people in businesses as diverse as oil and gas exploration and production, refining, power, petrochemicals, textiles, financial services and insurance.

Ed McCormack, Executive Vice President, Corporate Development, FLAG Telecom, received the award last night on behalf of Ambani at a glittering ceremony at London.

Note to Editors:

The World Communications Awards are sponsored by the leading global telecommunications publication "Total Telecom". The most influential person in telecommunications is chosen by the publication's readers.

About FLAG Telecom

FLAG Telecom, a member company of the Reliance Group (the "Group"), has an established customer base of more than 180 leading operators, including all of the top ten international carriers. FLAG owns and manages an extensive optical fibre network spanning four continents and connecting key business markets in Asia, Europe, the Middle East and the USA. FLAG also owns and operates a low latency global

MPLS based IP network, which connects most of the world's principal international Internet exchanges. FLAG offers a focused range of global products, including global bandwidth, IP, Internet, Ethernet and Co-location services. In its first international acquisition, FLAG Telecom became a Group company on 12 January 2004. Recent news releases and further information are on FLAG Telecom's website at: www.flagtelecom.com.

About Reliance Infocomm

Reliance Infocomm Ltd., a Reliance Group company, is India's largest mobile service provider with over seven million customers. Reliance Infocomm has established a pan-India, high-capacity, integrated (wireless and wireline) and convergent (voice, data and video) digital network, to offer services spanning the entire Infocomm value chain - infrastructure, services for enterprises and individuals, applications and consulting. The Reliance Group, founded by Shri Dhirubhai H. Ambani (1932-2002), is India's largest business house with total revenues to March 2004 of over Rs 99,000 crore (US$ 22.6 billion), cash profit of Rs 12,500 crore (US$ 2.8 billion), net profit of Rs 6,200 crore (US$ 1.4 billion) and exports of Rs 15,900 crore (US$ 3.6 billion).