The crux of the ongoing court case between Reliance Industries (RIL) and Reliance Natural Resources (RNRL) on Monday was pricing of the gas produced from the Krishna-Godavari (KG) basin.
The Ambani brothers are not yet ready to bury the hatchet. Legal counsels of both the parties say they are ready to fight it out in the court next week. The case is scheduled to come up for hearing on 12 January.
After having raised Rs 20,000 crore by selling NFOs, mutual funds are now likely to turn buyers. A slew of funds, including Morgan Stanley ACE Fund, Birla Sun Life Pure Value Fund, Mirae Asset India Opportunities Fund Standard Chartered Fund closed recently. Mutual funds launch NFOs to raise money since the mutual fund penetration in India is low. Most mutual funds expect redemptions on account of advance tax provisioning that corporate houses do at this time of the year.
Anil Ambani-controlled Reliance Natural Resources Ltd and Reliance Communication Ventures Ltd on Friday said they have got shareholders'
One of the high points of the proceedings was when Indrani Mukerjea's lawyer smartly utilised Dr Zeba Khan's expert status to pose her A Most Curious Question. He asked her if a skull can grow new teeth, even after the person, who it belonged to, had died, three years before. We can be sure that the discrepancy between the number of teeth discovered in the skull unearthed in 2012 and the skull shown in court in September 2019 will come up soon in Courtroom No 51. Vaihayasi Pande Daniel reports from the Sheena Bora Murder Trial.
Anil Dhirubhai Ambani Group on Wednesday announced the process for listing of the four new companies, which were transferred by Mukesh Ambani group to them on Tuesday, will begin next week.
Close on the heels of Mukesh Ambani's Reliance Industries seeking coal mines to convert coal into oil, younger brother Anil-run Reliance Natural Resources has applied for coal blocks to turn coal into gas. Reliance-Anil Dhirubhai Ambani Group (R-ADAG) president J P Chalasani in a January 14 letter to Coal Secretary H C Gupta sought allocation of "captive coal blocks for the purpose of converting coal to gas."
India Monday reiterated its support to the right of the Iraqi people to freely determine their own political future and exercise control over their natural resources.
ADAG has drawn up plans to invest Rs 650 billion in the steel, cement and shipping se three new areas over the next five years. The investment includes Rs 200 billion to set-up a 10 million cement plant and Rs 400 billion towards a steel plant in Jharkhand. The group believes that the three new lines of businesses fit more with RNRL than with other companies under the group, an ADAG source said.
The government will sign contracts on Tuesday for exploitation of gas trapped below coal seams in nine areas with three consortia, including one led by Anil Ambani Group companies.\n
Additional Sessions Judge Hardeep Kaur was hearing the arguments regarding the applications. Special Public Prosecutor Atul Shrivastava cited a Supreme Court judgment and said the accused had to approach the police commissioner, who would then form a committee regarding the same.
The Bombay High Court on Monday asked Mukesh Ambani-led Reliance Industries and Anil Ambani group firm Reliance Natural Resources Ltd to renegotiate within four months, a Gas Supply Master Agreement (GSMA) between them saying it has to be a "bankable" pact.
Mukesh Ambani-promoted Reliance Industries will lose around $1 billion (Rs 4,300 crore) a year if it sells gas to the Anil Ambani's Reliance Natural Resources at the agreed price of $2.34 per million British thermal unit
Mukesh Ambani controlled Reliance Industries fears that gas supplied to Reliance Natural Resources, belonging to younger brother Anil Ambani, would be traded to a third party as RNRL does not have a power plant, said Harish Salve, the legal counsel of RIL.
Faced with one setback after another in expanding the scope of mining in the country, almost all the major miners of the world have wound down their operations in India.
The release also points out that the prevailing domestic gas prices command a significantly higher price than the proposal of RIL.
The tussle between Mukesh Ambani-led Reliance Industries and his brother Anil's Reliance Natural Resources over gas supply came to the fore in Bombay High Court on Thursday with RIL alleging that RNRL wanted to trade the fuel.
RIL filed an appeal on Monday before a division bench headed by Chief Justice Swantra Kumar seeking a stay on an interim order by a single bench restraining it from selling gas to companies other than RNRL and NTPC.
At $4.64 per mBtu, KG gas is alleged to be over-priced.
On April 29, the Bombay High Court will start hearing the case between the warring companies, Reliance Industries Ltd (RIL) and Reliance Natural Resources Ltd (RNRL), to reach a quick decision on who will get access to the huge volumes of gas to be produced from RIL's block in the Krishna-Godavari basin. The court will also decide if the central government will be admitted as a party to the case. RNRL would oppose the central government's move to become a party to the case.
Total income decreased to Rs 66.16 crore (Rs 661.6 million) during the July-September quarter of the current fiscal, from Rs 80.91 crore (Rs 809.1 million) in the corresponding period a year-ago.
"I stand with the last person in the line. The exploited, marginalised and the persecuted. Their religion, caste or beliefs matter little to me," Gandhi said.
I have absolutely no problem with India's conducting business with the generals in Myanmar because that is how India's interests were best served. But how does India benefit from cracking Tibetan skulls outside the Chinese embassy, and how does it benefit from pandering to extremists by exiling Taslima Nasreen?
India was fully on board and committed to take part in the $7 billion Iran-Pakistan-India gas pipeline project, a senior official said.
On June 30, mining and metals giant Vedanta, announced that it had decided to initiate a strategic review of its steel and steel-making raw material businesses. The review would begin immediately and evaluate a broad range of options, including but not limited to a potential strategic sale of some or all of the steel businesses, the company said in its stock exchange filing. The signs have been there - approaches had been made to steel players over the past year. Last December, Anil Agarwal, chairman Vedanta group, told Business Standard that the steel plant capacity was about 3 million tonnes (mt).
Anil Ambani on Wednesday took over as the Chairman of Reliance Communication Ventures Ltd, a day after the Mukesh Ambani Group handed over management control of the demerged companies to the younger sibling.
Total income rose to Rs 115.46 crore (Rs 1.15 billion) during the same quarter, from Rs 92.92 crore (Rs 929.2 million) in the corresponding period a year ago, RNRL said in a filing to the Bombay Stock Exchange. Shares of RNRL closed at Rs 83.85, up 1.39 per cent on the Bombay Stock Exchange.
Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
Indian businessmen in Uganda are waking up to a new threat: China. As the new age Great Game unfolds in natural resources-rich Africa, they have started to feel the heat of the dragon.
Justice Anoop V Mohta, delivering the final verdict in the gas supply row between RIL and Reliance Natural Resources Limited, asked the two companies to decide on a new gas price, as the rate of $2.34 per mBtu agreed in the family de-merger agreement had already been rejected by the government.
The group had a net profit of Rs 68.58 crore (Rs 685.8 million) for the year ended March 31, 2008, the company said in a filing to the Bombay Stock Exchange. The consolidated income increased to Rs 418.96 crore (Rs 4.18 billion) for the year ended March 31, 2009, up 14.06 per cent from Rs 367.31 crore (Rs 3.67 billion) in the year-ago period.
Higher price will lead to hike in fertiliser subsidy while a lower price will hit returns.
Reliance Industries Ltd, whose gas pricing formula has been questioned by Anil Dhirubhai Ambani Group company Reliance Natural Resources Ltd, has said that the company has not breached a Bombay high court order.
The government on Thursday categorically told the Parliament it had no plans discontinue subsidies to the farm sector.
...Even if it means less democracy, so that their everyday problems get solved? argues R Jagannathan.
