Billionaire Mukesh Ambani's Reliance Industries has signed a pact to invest an undisclosed amount in a giant petrochemical hub being built in the UAE. The oil-to-telecom conglomerate will join the recently-formed Ta'ziz joint venture of Abu Dhabi state energy giant Adnoc and state holding company ADQ for developing the Ruwais Derivatives Park in western Abu Dhabi. A company statement said an agreement has been signed for Reliance to invest in the project but did not give details. Unconfirmed reports put the investment at about $1.5 billion.
The move comes days after the Indian Navy also warned of a possible terror attack from the sea side.
Reliance Industries Ltd on Thursday announced a Rs 75,000 crore investment in new energy business over the next three years as the operator of the world's largest oil refinery pivots towards a greener and cleaner version. Reliance will build solar manufacturing units, a battery factory for energy storage, a fuel cell-making plant and an electrolyzer unit to produce green hydrogen as a part of the business, chairman Mukesh Ambani said at the company's annual general meeting with shareholders on Thursday. It will also set up 100 gigawatts (GW) of solar power generation capacity by 2030 and invest in setting up a carbon fibre plant.
Billionaire Mukesh Ambani on Monday pressed for bridging the digital divide "both among nations and within nations", saying connectivity and communications have become the fundamental rights of every person. Also, there is a need to bring back the economies around the globe. Speaking at the Qatar Economic Forum, he said it is difficult to imagine what India would have been without the 4G telecom network during the pandemic. "The digital divide must be bridged, both among nations and within nations.
In a curious move, Reliance Industries' (RIL) executive director and Mukesh Ambani's trusted aide PMS Prasad pledged 600,000 shares of the company last month, which is 93.75 per cent of the total shares he owns in RIL. Prasad owned a total of 640,000 RIL shares and his compensation stood at Rs 11.15 crore in FY20.
The Indian Coast Guard on Friday seized a Pakistani boat and arrested seven fishermen for crossing the International Maritime Boundary Line near Jamnagar.
The police have stepped up security following an intelligence alert over the possibility of terror strikes on key installations and oil refineries based at Jamnagar in Gujarat, and released photographs of the suspected terrorists. The Intelligence Bureau had recently alarmed the authorities in Jamnagar and capital Gandhinagar, about possible strikes by suspected Lashkar-e-Tayiba terrorists.
Nine defence personnel, including five officers, were on Thursday killed when two MI-17 choppers of Indian Air Force collided mid-air just after take off from an air base.
Suspended Indian Police Service officer Sanjiv Bhatt on Thursday got relief as the Gujarat high court quashed a lower court's order in the 1990 case of alleged police atrocity, and directed that Bhatt's revision petition be decided in six weeks.
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A fall in crude oil price and Aramco's $75 billion annual dividend commitment may have delayed Saudi company picking a stake in Reliance Industries Ltd's oil-to-chemical unit (O2C), research firm Jefferies said. Richest Indian Mukesh Ambani had in August 2019 announced talks for the sale of a 20 per cent stake in the O2C business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter. The deal was to conclude by March 2020 but has been delayed for reasons not disclosed by either company.
Reliance Industries will sell 20 per cent stake in its oil and chemicals business to Saudi oil giant Aramco for about $ 15 billion and nearly half of its fuel retail business to BP of UK for Rs 7,000 crore. Aramco, the world's biggest crude exporter, will also supply Reliance's twin-refineries at Jamnagar in Gujarat with 7,00,000 barrels of oil a day on a long-term basis, Ambani said.
The Centre has informed the Supreme Court that the North and South blocks, which cover nearly 27 acres housing government offices in national capital, are proposed to be converted into national museums.
Many towns in Gir Somnath turned into islands as the district has been witnessing heavy rains for the third consecutive day.
The Association of Indian Physicians of Northern Ohio has formed an international partnership with the Anadabava Seva Sanstha, based in Jamnagar and the B D Mehta Mahavir Heart Institute in Surat, to help poor and needy patients in these two district
More than a year of Covid-19 has pushed most businesses into gloom but Reliance Industries Ltd (RIL) managed to reduce its gross debt 25 per cent, enabling it to turn towards its next phase of capital expenditure that has come in the form of a Rs 75,000-crore plan for green energy and power storage. The company managed to stay afloat during the pandemic because of its large presence in the consumer-centric businesses of retail and telecommunication (see chart: "A new Reliance"). These two businesses constituted 45 per cent of its EBITDA during FY21 from 36 per cent in FY20.
One labourer was killed and 45 others injured when an under-construction building inside the Indian Air Force base in Jamnagar district of Gujarat collapsed on Thursday, district officials said.
Reliance Industries Ltd's focus on the next hypergrowth opportunities in clean tech and its path to decarbonisation has the potential to spur re-rating, raises clarity on investment cycles and reduces investor worry, brokerages said. RIL chairman Mukesh Ambani at the company's 'Green AGM' on Thursday committed Rs 75,000 crore over the next three years to set up an integrated Green Energy Giga Complex across 5,000 acres in Jamnagar, Gujarat which will contain four giga factories. The complex, which would be one of the world's largest renewable manufacturing facilities, would have an integrated solar photovoltaic module factory, an energy storage battery factory, electrolyser manufacturing for hydrogen production, and manufacturing of fuel cells so that hydrogen can be used in transportation.
In the wake of 73 confirmed cases of coronavirus in India so far, the Union health ministry has made functional 52 laboratories for testing samples while 57 labs have been designated for helping in sample collection for Covid-19 to enhance capacity for diagnosis and detection of the disease. "Following the increase in load of screening samples from suspected cases with symptoms and travel history to the affected countries, the department of health research/ICMR has commissioned 52 laboratories for COVID-19 testing in India," an official said.
A look at what the IPL teams and players are doing to support the people of India in this massive battle against the deadly coronavirus.
With the O2C business outlook on the mend, the Street is also looking forward to news on RIL's proposal to sell up to 20 per cent of the O2C business to a strategic investor like Saudi Aramco.
Saudi Aramco chairman and head of the Kingdom's cash-rich wealth fund PIF Yasir Othman Al-Rumayyan will join the board of Reliance Industries Ltd as an independent director in a precursor to a $15 billion deal. Reliance chairman and Asia's richest man Mukesh Ambani, who had two years back disclosed the talks to sell a 20 per cent stake in the company's oil-to-chemical unit to Saudi Aramco, announced the appointment of Al-Rumayyan at the company's annual meeting of shareholders. Harvard educated Al-Rumayyan, 51, will replace Yogendra P Trivedi, 92, who has expressed a desire to retire, Ambani said. On the sale of a 20 per cent stake in the O2C business, he said the deal is likely to conclude this year.
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.
Reliance's big-bang entry across the solar ecosystem will cut dependence on Chinese imports drastically. And Ambani's repeated emphasis that RIL's new energy foray will be 'a truly global business' points that his group is playing not just for a share of the Indian pie but to be the OEM in the larger 5,000 GW global market by 2030, points out Shailesh Dobhal.
A person who has Covid but also has another disease can be classified as a Covid death or not. It serves the immediate purpose of the government to pretend that the official number is low because it makes it appear less incompetent and helpless than it is, points out Aakar Patel.
The Centre has cleared a proposal of deploying 100 Central Industrial Security Force personnel each for Reliance refinery in Jamnagar and for Infosys premises in Bangalore.
The new Special Economic Zones, including the Reliance Industries' Jamnagar refinery, would help increase India's SEZ exports by 40 per cent this fiscal, righting partially the dismal picture of the country's total exports, according to government estimates.
Reliance Industries on Friday reported more than doubling of its March quarter net profit to Rs 13,227 crore as improvement in petrochemical and consumer business countered continued weakness in refining business.
India's Permanent Representative to the UN, Ambassador T S Tirumurti, said on Tuesday that India condemns all forms of anti-semitism and all forms of discrimination on religious grounds anywhere in the world.
RPL, a unit of Reliance Industries, had sought nod to export the entire liquefied petroleum gas production in the six months to fully commissioning its 580,000-barrels per day refinery in the Jamnagar special economic zone. RPL, in which US energy major Chevron Corp has 5 per cent stake, is likely to start producing fuel from the unit being set up adjacent to parent firm's existing 660,000 bpd refinery at Jamnagar in the next few weeks.
The oil ministry is believed to have turned down Reliance Petroleum Ltd's request to export LPG from its newly commissioned refinery at Jamnagar in Gujarat, forcing the only-for-exports unit to sell the cooking fuel locally.
The duo claimed they were employees of a software company in Mumbai and were in Jamnagar to survey the region for developing GPS-based software for their clients, which happen to be major telecom companies, Singhal added.
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.
It is no secret that Team India's ace all-rounder Ravindra Jadeja loves horses. He has three at his farmhouse, located nearly 30 kilometres from Jamnagar.
Out of the 40 different cleanliness parameters passengers rated stench at stations as their top concern, followed by lack of dustbins and unclean platforms
Reliance has around 90,000 telecom towers now, half of which are operational and owned by the RIL and rest on lease.
'I would have loved to see Dhoni play the first ever Test in Rajkot.' Fans from Saurashtra share their excitement with Haresh Pandya.
Avani Chaturvedi flew a MiG-21 bison in her first training solo sortie, in Jamnagar, Gujarat.
Essar has announced a $6bn expansion plan to more than triple capacity at its refinery, while Reliance, at its site a few kilometres away, is working on plans to almost double capacity.
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