Reliance Industries Chairman Mukesh Ambani has said that the company will use the polymer futures platform to hedge its risk because of price volatility in oil.
"They (Reliance) are producing natural gas from 18 wells currently. Two more wells have been drilled (but not put on production) and another two are expected to be done by March. Once all 22 wells come on stream, sometime in April 2011, gas output will again touch 60 mscmd," Directorate General of Hydrocarbons (DGH) Director General S K Srivastava said.
The rating agency was hopeful that RIL would sort out technical problems being faced at its flagship eastern offshore KG-D6 fields where output has almost halved in past two years.
Jai Corp Ltd, promoted by Reliance Industries Ltd chairman Mukesh Ambani's confidant Anand Jain, on Friday said that it has complied with requirements laid down by the Income Tax department and that nothing was found from the chairman's residence during searches on Thursday.
Consulting, other contracts may mean listing agreement violation.
Culver Max Entertainment, formerly known as Sony Pictures Networks India (SPNI), has terminated merger agreements with Zee Entertainment, which could have otherwise created a USD 10 billion media enterprise in the country.
The first cargo of 25,000 tonnes of Euro-IV grade diesel from RIL's refinery at Jamnagar was shipped by Hindustan Petroleum Corporation Ltd on Friday, said an informed source. This is also the first coastal supply of Euro-IV diesel for the Indian market.
Sharp decline in production from flagship Krishna-Godavari basin has changed the business mix for the company.
With power trading thrown open for competition, Reliance Industries and Essar Energy are among the six applicants who have applied for licence to venture into power trading.
Anup Sheth and two others had filed applications, objecting to the merger scheme in the present form. The objectors had demanded that high court should order inquiry by Securities and Exchange Board of India, Reserve Bank of India and other financial governing bodies before sanctioning the merger.
Reliance Industries Ltd has won government approval for laying six petroleum product pipelines across the country to sell output from its 33 million tonnes per annum Jamnagar refinery in Gujarat.
The letter demands a full discussion on the shareholding in Reliance Infocomm at the December 27 meeting.
Stock markets are expected to remain under pressure this week due to the overhang of US presidential polls and uncertainty over global growth due to resurging cases of coronavirus, according to analysts.
Reliance Infocomm Ltd will notch up a subscriber base of around seven to eight million by the end of the current fiscal, banking on its launch of CDMA pre-paid services, even as the telecom entity is expected to record net profit by March 31, 2004.
ITC, which has a 14.98 per cent stake in EIH Ltd -- the company that runs the Oberoi chain of hotels -- is planning to subscribe to the upcoming EIH rights issue. This ends speculation that it might pull out after Reliance Industries Ltd picked up a stake in EIH.
For the first time after settling their family dispute, brothers Mukesh and Anil Ambani are again competing face-to-face, in a bid for the Rs 7,500-crore, 1,320-Mw thermal power project at Gulbarga in north Karnataka.
Reliance Industries Ltd may tie-up with Chevron Corp of US to make joint bids for oil and gas blocks on offer in the latest round of New Exploration Licensing Policy.
The officials also said that the ministry of commerce and industry had recommended the Maharashtra government to take back the land acquisition notification that it had issued. The zone has been given in-principle approval by the BoA, as RIL is yet to acquire the requisite land.
RIL will initially start gas production from eight wells, with an initial output likely to be 5 mmscmd (million standard cubic metres) per day. Bombay high court had last week allowed Reliance to sell gas from KG-D6 at $4.20 per million British thermal units in accordance with the government's gas utilisation policy, which gives priority to fertiliser units followed by existing power plants.
In a surprise move, Niira Radia, owner and promoter of Vaishnavi Group which has the mandate from Tata Group and Mukesh Ambani-led Reliance Industries Ltd, has announced her exit from the business of communication consultancy.
The IT major is followed by RIL (Rs 795,628.55 crore), HDFC Bank (Rs 624,362.11 crore), Hindustan Unilever (Rs 367,880.69 crore) and ITC (Rs 367,513.78 crore).
While several export-oriented Indian companies such as Cipla and Reliance Industries Ltd (RIL) are rejoicing at the prospects of the rupee falling further, others that are importing raw materials such as coal and oil might see a big hole in their bottom line.
The government has cut windfall profit tax on export of diesel and ATF to their lowest while also reducing the levy on domestically-produced crude in line with softening international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF).
For its m-cap to more than double, RIL needs government nod for nearly doubling of its gas price of $8 per million British thermal unit together with approvals for oil and gas field investments.
Sebi on Wednesday imposed a total penalty of Rs 25 crore on Mukesh Ambani, Anil Ambani, other individuals and entities for non-compliance with takeover norms in a Reliance Industries case dating back to 2000.
First right of refusal may be limited to firms working under NELP, leaving out pre-NELP blocks run by big firms such as RIL and Cairn India.
Ambani said Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm's digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue.
For the company's latest energy initiative to expand its green energy and storage portfolio, some analysts are beginning to suggest a closer look at some of its segments. In his address to shareholders in the company's FY22 annual report, billionaire Mukesh Ambani, chairman and managing director of the company, said: "The green energy value holds great promise to outshine all our existing growth engines in just 5-7 years." The company has marked an investment of Rs 75,000 crore towards its new energy plans, which include solar energy value chain, green hydrogen, energy storage and other similar businesses.
Leading industrialists met with Prime Minister Manmohan Singh (not in picture) in New Delhi on Thursday to discuss the general state of the Indian economy and other industry-related matters.
A high-profile team from MTN is also expected to meet Reliance Industries Ltd next week to take stock of the situation. RCom had informed the bourses on May 26 that it has entered into exclusive negotiations with MTN for 45 days soon after the South African giant aborted its talks with the Sunil Mittal-controlled Bharti group. The deadline will end on July 8.
Reliance Industries has put together an aggressive plan to build its drone business which includes expanding manufacturing capacity five-fold, participating in the new drone production linked incentive scheme, and experimenting with limited logistics payloads to deliver goods. The target is to become a key player in the expected $5 billion market in India by the end of the decade. The drone business is being carried out through a Bangalore-based start up, Asteria Aerospace, in which Reliance has taken a majority stake. Asteria is a subsidiary of Jio Platforms Ltd.
Corporate giant Reliance Industries Ltd has stopped lobbying with US lawmakers for the last two quarters, while the Indian government incurred an expense of Rs 3.7 crore (Rs 37 million) for such activities during the last financial year ended March 31, 2012.
Some documents not yet provided, spokesperson tells DNA Money. Murli Deora's Petromin says report submitted! ADAG once again asks for tabling of report, shows 'proof' govt appointed auditors of RIL expense sheet have conflict of interest.
Reliance Industries Ltd will sell 4.3 million tonnes of petroleum products from its 33 million tonnes Jamnagar refinery in Gujarat to public sector oil retailing companies in 2004-05.
Vendors say Infotel Broadband close to signing tower leasing deals with Anil Ambani company
With RIL's KG-D6 output playing truant, steps need to be taken to stabilise the country's natural gas production.
Institutional investors have hiked their holding in Reliance Industries Ltd to nearly 29 per cent - highest in about 7 years - as LIC and foreign funds stocked up shares worth Rs 1,000 crore in the last quarter.
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