Anil Ambani's Reliance Natural Resources continued its attack on the government for allegedly favouring brother Mukesh Ambani's Reliance Industries Ltd on the sale price of gas from the Krishna Godavari D6 basin. At $4.2 per million British thermal unit (mBtu), the price fixed, there is a premium of more than 100 per cent over the gas available through the administered pricing mechanism, it said.
The government on Wednesday asserted in the Supreme Court that any suitable arrangement between the Ambani brothers for the supply of gas from K G Basin has to be approved by it keeping the national interest paramount.
The petroleum ministry has sought expansion of the legal team that is to argue the government's stand on the gas dispute between the Ambani brothers before the Supreme Court beginning next week.
With the Mukesh Ambani-promoted Reliance Industries Ltd (RIL) planning to approach the Supreme Court, challenging a High Court order for selling gas at $2.34 per million British thermal unit (mBtu) to Reliance Natural Resources Ltd (RNRL), the chances of an agreement between the Ambani brothers by July 15 appear remote.
Reflecting the differences with elder brother Mukesh on buyback of shares by flagship company Reliance Industries, Anil Ambani on Wednesday said he had proposed that 12 per cent equity in RIL held by the Petroleum Trust and four companies be distribu
The apex court also heard a plea for bringing back black money stashed in tax havens abroad.
To launch in BIG Cinemas in India, abroad. Brother Mukesh Ambani might be the king of retail, but Anil Ambani's ADAG is getting ready to make its presence felt in branded food products
As part of ongoing de-merger of Reliance group companies following settlement of ownership between two Ambani brothers, Mukesh Ambani-owned Reliance Industries Ltd has acquired 37.95 per cent stake in Reliance Energy, owned by the younger brother.
Within days of a truce with younger brother Anil, Asia's richest man Mukesh Ambani will address shareholders of Reliance Industries on Friday and is expected to announce mega investment plans, possibly in power and telecom sectors.
A division bench of Justices J N Patel and K K Tated said that the new agreement should be as per the memorandum of understanding between the Ambani brothers Mukesh and Anil. The MoU stipulates that RIL would supply 28 mmscmd of gas to RNRL for 17 years at the rate of $2.43 per million British Thermal Units.
India's Anil Ambani has emerged as the biggest wealth creator while Warren Buffet is labelled as the richest man. With wealth soaring by $23.8 billion since the last list, Anil has come out as the biggest gainer.
A friend of the Ambani family has described the dispute between the two brothers -- Mukesh and Anil -- as a 'Shakespearean tragedy', which had its roots in tensions between Anil's wife Tina and Mukesh's wife Nita. He said after their father's death, Mukesh and Anil had fallen out over whose wife was next in line to the Reliance empire.
The wedding, which is billed as the India Inc's most expensive yet, was held at Antilla.
Official sources indicated on Monday that the government may allocate natural gas to Anil Ambani Group's proposed power plants like the Dadri project in Uttar Pradesh only six months prior to commissioning, as reservation of gas is not allowed under the present policy.
NTPC Ltd on Thursday said it was taking legal opinion on the impact of a court battle between Ambani brothers group firms over gas supply and a related government petition on its ongoing case with Mukesh Ambani-led RIL.
Their engagement party was held at Lake Como, Italy.
Anil Ambani's Reliance Natural Resources Ltd is laying claim (through a family agreement prior to the group's split) to gas from estranged brother Mukesh Ambani's Reliance Industries Ltd at a fixed price of $2.34 per mBtu
A Bench headed by Justice S H Kapadia, while setting aside the high court order, directed Reliance Energy to submit its financial bid for the project within three months.
RIL is on its way to becoming a global hydrocarbon major with a larger petroleum refinery and sizable upstream business.
The anxiety among investors over the outcome of the bitter battle between Mukesh Ambani-led RIL and his younger brother Anil Ambani group on gas came to an end on Friday, with the Supreme Court ruling that the government had the last word.
Petroleum Ministry has sought help from Law Ministry in resolving the Ambani demerger issue over the production of gas from KG fields.
RIL said RNRL has maintained that the May 12, 2005 draft agreement between the RIL and NTPC should be the basis for fixing the price of gas from the KG Basin but it has ignored the provision for government approval.
Changing market dynamics have led to the Tata group overtaking the combined market wealth of the two Ambani groups put together.
Anil Ambani met Cabinet Secretary K M Chandrasekhar, Expenditure Secretary Sanjiv Misra and Fertiliser Secretary J Sreedhara Sarma to drum support against RIL's proposed pricing formula for natural gas from KG-D6 block off the east coast.
'While renegotiating the deal, it is likely that Anil Ambani could ask for a huge compensation from RIL to satisfy the ADAG firms' shareholders, a broker closer to the Ambanis said.
A year ago, with Reliance stock faltering, Kokilaben, the matriarch of the Ambani clan stepped in to resolve the feud
He, however, seemed to indicate that he did give a personal guarantee to India's largest lender SBI, which has moved the NCLT to recover Rs 1,200 crore.
The wedding ceremony witnessed members of Indian Premier League side Mumbai Indians in attendance.
Securities and Exchange Board of India has let off Reliance Industries Ltd and its chairman and managing director Mukesh Ambani and his brother Anil, who is vice-chairman and MD, from charges of insider trading
Isha Ambani means business. Not only when she is doing business - she leads Reliance Retail - but also when she is not. The latter was unmistakable on Wednesday, during her eight-minute 49-second video address on the occasion of "Girls in Information and Communications Technology (ICT) Day India 2024".
The Delhi high court on Thursday extended for a month the date of appearance of the Ambani brothers before a city court in connection with an Official Secrets Act case.
The battle between the Ambani brothers intensified on Wednesday with Anil questioning his elder brother Mukesh on his assertion that ownership issues were settled in the lifetime of their father Dhirubhai.
Stumbling blocks for resolving the gas row between the Ambani brothers can be removed by putting together the family MoU and the demerger scheme, Anil Ambani-led RNRL told the Supreme Court on Wednesday.
Anil Ambani on Monday lashed out at the proposed buyback of shares, ahead of the crucial board meeting, questioning the intentions of the move.
According to insiders, the induction of Jai Anshul would coincide with the birthday of the late patriarch of Reliance group, Dhirubhai Ambani, in the last week of December.
Gas production from the country's biggest gas block is less than a year away, but Reliance Industries (RIL), operator of the block in the Krishna-Godavari basin, and Reliance Natural Resources (RNRL), the biggest buyer of gas from the block, have not made headway on renegotiating the sales agreement.
