A local court on Monday granted three days police remand to two persons who allegedly tried to extort Rs 50 lakh from Reliance Industries for withdrawing their petition filed in Bombay High Court opposing company's merger with group firm Reliance Petroleum.
Market regulator SEBI is believed to have issued show-cause notice to Reliance Industries and its associate entities following a probe into charges of insider trading in securities of group firm Reliance Petroleum.
Shareholders of Mukesh Ambani-led Reliance Industries met in Mumbai on Saturday in an extra-ordinary general meeting to vote on the merger of its subsidiary Reliance Petroleum with the company.
"Sebi has informed that it has initiated an examination in the matter," Minister of state for Finance P K Bansal saidin a written reply. Bansal was replying to a query by Amar Singh (Samajwadi Party) on whether the government had taken any action against thepromoters/affiliates of Reliance Industries Ltd regarding the recent mammoth insider trading activities in the shares of Reliance Petroleum Ltd.
Reliance's Jamnagar units, including the existing refinery and the second one that will begin work by mid-November, will be the world's largest single-location refining facility. The entire refinery complex will have a total processing capacity of 1.24 million barrels a day. The current production of the existing unit is 0.66 million barrels a day.
RIL's merger with RPL will mean non-issue of treasury stock worth Rs 26,000 crore, which means less headroom to raise funds. Since no treasury stock is going to be created, RIL will issue 69.2 million shares to RPL's ordinary shareholders. As a result, RIL's paid-up capital will increase to only Rs 1,643 crore from the present Rs 1,574 crore. This, in turn, will enhance the earning per share proportionately for RIL shareholders.
The Board of Directors of Reliance Industries on Monday approved a scheme of amalgamation of its subsidiary Reliance Petroleum with the parent company under the provisions of Sections 391 to 394 of the Companies Act, 1956.
The refinery will roll out petroleum products including diesel and some amount of naptha initially. The refinery will initially produce 31 kilo tonne per day of diesel and 5.7 ktpd of naptha among other products, sources added. The unit can also produce 25 ktpd of petrol, however, it might not sell it initially in the market, sources added.
Billionaire Mukesh Ambani on Monday became the richest person in the world, surpassing American software czar Bill Gates, Mexican business tycoon Carlos Slim Helu and famous investment guru Warren Buffett, courtesy the bull run in the stock market.
The Export Oriented Unit status of Reliance Industries' Jamnagar refinery in Gujarat has ended, allowing the company to sell petrol and diesel locally including through its 1,432 now-closed petrol pumps.
In line with its plans to set up greenfield projects outside India, Mukesh Ambani's Reliance group is considering setting up a polypropylene unit in Kuwait. The company already has operations in the Gulf states to market polypropylene. If this project fructifies, it will be Reliance's first unit outside India. Reliance Industries (RIL) is also looking to set up a refinery project in Kuwait. It has also signed an MoU with GAIL to explore for petrochemical plants outside India.
Since Reliance senior counsel Janak Dwarkadas could not be present in the courtroom due to a medical emergency, the company sought adjournment, following which the tribunal agreed to hear the matter on April 16.
BSE data suggest 2 demerger proposals a month in the last 2 years.
Chevron is evaluating its options regarding RPL. It owns 5 per cent stake in RPL, valued at about $1 billion.
The refinery is likely to be commissioned before December. The commissioning comes at a time when margins in the business are falling sharply and demand for fuel across the world is dropping due to a global slowdown. Demand for fuel from the US and Europe, two of Reliance's major markets, has slowed with US consumption falling to their lowest in the last three years.
When the markets nosedived to 12,961.68 points on July 1, the country's richest man (read Mukesh Ambani) and his family lost more than Rs 5,000 crore (Rs 50 billion), all in a single day.
Directorate of Revenue Intelligence officials on Monday visited the Mukesh Ambani-promoted Special Economic Zone at Jamnagar to ascertain the area used for setting up the export zone.
A company executive, who did not want to be identified, said the combined debt of RIL and its subsidiary, Reliance Petroleum, which is being merged with it, would be brought down to around Rs 57,000 crore this year from Rs 72,000 crore at present.
Chevron Corporation, one of the world's largest global energy companies, may pull out of Reliance Petroleum (RPL) by selling its 5 per cent equity to Reliance Industries.
The Ruias-managed Essar Oil is fast catching up with Reliance Industries in the number of petrol pumps set up by private sector retailers.
Gujaratis, the community that boasts of the largest number of investors in the stock market, are witnessing extraordinary financial turmoil with many families going bankrupt overnight, literally.
Reliance Industries along with US oil major Chevron on Wednesday announced signing of an agreement for purchase of 5 per cent equity of Reliance Petroleum Ltd for $300 million
Of the roughly 200 stocks that are traded in both the spot and futures markets on the major exchanges in Mumbai, 40 have a price-earnings ratio of more than 40.
Reliance Industries has announced the setting up a 2 million tonne per annum petrochemical complex at its special economic zone at Jamnagar with an investment of Rs 13,500 crore (Rs 13.5 billion).
'Govt for establishing facts with regard to Volcker report'
Efficient use of data and a great sense of timing are two things that stand out in the Sebi whole-time member's order in the matter of Reliance Petroleum
Securities and Exchange Board of India, India's capital market regulator, has approved US energy major Chevron becoming one of the promoters of Reliance Petroleum Ltd.
The NSE Nifty ended up 26 points at 4,286.
The initial public offer of Reliance Petroleum Ltd, which opened for subscription from Thursday, has been oversubscribed five times.
It will be an IPO from the Reliance group after a gap of 13 years.
Mukesh Ambani-controlled Reliance Petroleum Ltd will raise $1.5 billion (nearly Rs 6.9 billion) through Syndicated Term Loan Facility to finance its new 580,000 bpd refinery and a 0.9 MT polypropylene unit.\n\n
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