After agreeing to sell 30 per cent stake in the 23 blocks in India to BP, Mukesh Ambani is reportedly looking for buyers for its gas transportation and marketing company.
Billionaire Mukesh Ambani-promoted Reliance Industries Ltd (RIL) on Tuesday became the first listed company to hit the Rs 20 lakh crore market valuation mark. The market heavyweight's stock jumped 1.88 per cent to its record high of Rs 2,957.80 apiece on the BSE. It finally settled at Rs 2,928.95 per piece, up 0.90 per cent on the bourse.
Mukesh Ambani-promoted Reliance Industries Ltd (RIL) is evaluating a plan to set up its third refinery at Jamnagar in an ambitious project to reach a total capacity of 100 million metric tonne per annum, the largest at a single location in the world. The company has appointed a global oil and refinery consultancy firm to evaluate the feasibility of the project, which will help capitalise the increased requirement for global crude distillation capacity.
RIL, with interests in petrochemicals, oil and gas exploration, textiles and retail, will continue to see a slow decline in margins.
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.
Reliance is seeking help from Shell to rectify glitches in D6 block in the Krishna-Godavari basin.
Maharashtra SEZ act yet to be notified.
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.
While the two high-profile exits in pharmaceutical and telecom have raised concerns over regulatory hassles in the country, Japanese investors are still keen to tap into India's consumer growth story and many more merger and acquisition deals are in the offing in this space.
Govt notification on $8.4 a unit price likely by month-end
Gas price hike seems to be a distant dream for Reliance Industries and its partners--Niko Resources and BP.
Gas pricing guidelines stipulate that a new gas price will apply to all producers except RIL.
The agency would probe whether Sibal had shown undue favour to RIL.
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