Reliance Industries on Tuesday told the Supreme Court that the 2005 family agreement to divide the Reliance empire was a pact between the Ambani brothers and Anil should sue Mukesh if he feels aggrieved.
The government on Tuesday clarified that no papers of sensitive nature were ever given to Mukesh Ambani-run RIL or its Canadian partner Niko Resources, and added they were provided only those papers needed to implement the decision on pricing of natural gas from their field.
Industrialist Anil Ambani on Wednesday met key ministers and senior government officials in New delhi, a day after he accused the Union oil ministry of helping the Mukesh Ambani-run RIL renege its commitment on supplying gas to his group firm.
The revised GSMA was signed pursuant to the Supreme Court's May 7 judgement, turning down RNRL's demand for cheap gas from RIL based on a family agreement.
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.
Reliance Exploration and Production DMCC, a wholly-owned subsidiary of RIL, has signed contract for Block 41. The block lies adjacent to Block 18 in Gulf of Oman, which the Government of Sultanate of Oman awarded to RIL in 2005. Block 18 is situated in the offshore Gulf of Oman between Block 41 and the border with the Fujuriah offshore block. The two blocks comprises approximately 21,000 sq km of area each.
With CAG alleging that Mukesh Ambani-run Reliance Industries was delaying furnishing of records for audit, Oil Minister M Veerappa Moily on Friday said there was no problem and "everybody" was cooperating.
The Directorate General of Hydrocarbons wants the government to get a share of the $0.135 per million British thermal units marketing margin RIL charges over and above the government approved gas price of $4.205, sources privy to the development said.
But RIL is yet to agree on the grounds that it is studying the implication of the judgement. On June 15, the Bombay high court gave the two companies a month's time to work out a firm gas volumes, price, timelines and other commercial details for sourcing the fuel from Krishna Godavari basin fields.
CPM leader Tapen Sen has asked Prime Minister Manmohan Singh for a probe into what he called 'artifical inflation' in Reliance Industries' KG-D6 spend and the Mukesh Ambani-run firm's 'manipulation' of gas price.
The stake sale follows Mukesh Ambani-run firm exiting from two oil blocks in Kurdistan region of Iraq.
In a disclosure to the Bombay Stock Exchange, Reliance Petroleum LTD said Chevron India Holdings has sold 22.50 crore shares, representing five per cent stake in RPL, to Reliance Industries. RIL has paid Rs 60 per share aggregating to Rs 1,350 crore, the same price at which the US firm had bought five per cent stake in RPL in April 2006.
Upstream regulator DGH has suggested that the $1.235-billion investment of Reliance Industries should be disallowed over the Mukesh Ambani-run firm's failure to adhere to prestated drilling and gas production targets, but the oil ministry is yet to agree on the numbers.
Reliance had shut its 1,432 filling stations in March 2008 after sales dropped to almost nil as it could not match the subsidised price.
State-run NTPC Ltd is likely to sign by month-end an agreement to buy natural gas allocated by the Centre from Mukesh Ambani-run Reliance Industries Ltd at government-approved rate of $4.20 per mmBtu, power secretary H S Brahma said on Wednesday.
Future Retail has shut most of its Big Bazaar stores since February 25 (Friday) and its website is also down as it missed lease payments to Reliance Industries (RIL). RIL will open most of the 200 Future Retail stores as Reliance stores in the next week and it is in the process of taking stock, re-branding, and transferring 30,000 Future Retail and Future Lifestyle employees on to the rolls of its manpower and staffing firm Reliance SMSL, according to a source. The first tranche of stores are set to be opened as early as in the next two days.
RTTL had moved the apex court in March last year, challenging the Bombay High Court judgement that asked it to sort out differences over the title of the property with Mukesh Ambani-run Reliance Industries. A bench headed by Justice A K Mathur dismissed RTTL's plea seeking to restrain AAI from entering into a lease agreement with Reliance Industries in respect of land measuring 2,701 sq mt at Chattrapati Shivaji International Airport in Mumbai.
The Punjab government approved Mukesh Ambani-run Reliance Industries Limited's proposal for a Rs 5,000-crore (Rs 50 billion) mega agri project in the state that is expected to create over 30,000 new jobs.
Investment by US PE firm KKR will add fire to Ambani's battle for dominance in the retail market that is also being eyed by Jeff Bezos' Amazon and Walmart's Flipkart.
Reliance Industries has resolved almost all issues with fertiliser firms, who are first in line to receive natural gas supplies from the Mukesh Ambani-run company's prolific KG-D6 fields, and is likely to sign gas supply agreements this month.
State-owned Oil and Natural Gas Corp (ONGC) may have won a large oil block in Venezuela but the Petroleum Ministry wants Reliance Industries to join the project to give stability to the venture.
Reliance Infra has sent a letter to Reliance Industries on September 24 informing the of the shutdown of the 220MW power plant in Andhra Pradesh for maintenance to September 28 instead of a day earlier.
Resuming arguments over its dispute with Anil Ambani Group firm Reliance Natural Resources Ltd, senior counsel Harish Salve said it was RNRL which had in 2007 argued that marketing freedom cannot be allowed to the Mukesh Ambani-run firm and asked the government to frame Gas Utilisation Policy.
Citing the May, 2010, Supreme Court ruling that upheld the government's right to frame gas utilisation policy, the ministry last week wrote to Reliance directing it to first supply natural gas from its KG-D6 fields to priority sectors like fertiliser and power, official sources said.
Oil ministry this week issued written instructions to the billionaire Mukesh Ambani-run firm to make a 'pro-rata' cut in gas supplies to all existing customers if the production from its KG-D6 field cannot support new customers, two sources with direct knowledge of the information have said.
Mukesh Ambani-run Reliance Industries on Saturday moved the Supreme Court challenging the Bombay high court judgement that asked it to supply gas to Anil Ambani Group's firm RNRL at a price of $2.34 per mmbtu.
RIL filed an appeal on Monday before a division bench headed by Chief Justice Swantra Kumar seeking a stay on an interim order by a single bench restraining it from selling gas to companies other than RNRL and NTPC.
Oil regulator PNGRB has virtually put Reliance Industries Ltd (RIL) on notice by inviting bids for sections of two natural gas pipelines that were previously awarded to the Mukesh Ambani-run firm.
The DGH said that RIL's initial production from the D6 block is likely to be of around 15 million standard cubic metres per day.
The Supreme Court on Monday asked Mukesh Ambani-run Reliance Industries Ltd and Anil Ambani group firm Reliance Natural Resources Ltd to reply to the government's prayer for declaring 'null and void' their family agreement on gas supply, and posted the matter for hearing on September 1.
Billionaire Mukesh Ambani-run firm sold $1 billion of 10-year notes and $500 million of 30-year bonds, the company said.
Petroleum Ministry has sought help from Law Ministry in resolving the Ambani demerger issue over the production of gas from KG fields.
Billionaire Mukesh Ambani-run Reliance Industries will sell natural gas from its eastern offshore KG-D6 fields to Anil Ambani Group firm's power plant in Andhra Pradesh at government approved rates.
In the third infrastructure sharing agreement between firms run by brothers Mukesh and Anil Ambani, Reliance Industries' telecom arm has agreed to use Reliance Communication Ltd's intra-city fibre network to roll out 4G services.
RIL, which has faced numerous delays in getting approvals and shifting goal-posts, said the country did not have a stable policy regime and this was responsible for exit of global energy giants like Royal Dutch Shell, BHP Biliton of Australia, Statoil of Norway and Brazil's Petrobras.
Why does the world's fastest-growing major consumer of energy fail to attract investments in oil and gas? This is a question worth pondering after private sector conglomerate Reliance Industries Ltd (RIL) failed to close a $15-billion downstream asset deal with Saudi Arabia's national oil company, Aramco. It's understandable if multi-billion dollar investments in oil and gas projects or deals involving state companies that need to traverse a complex bureaucracy at state and federal levels and the corridors of ministries unravel. However, Mukesh Ambani-run RIL, India's most successful energy company, is not typically known to fumble on closing deals (Ambani closed deals worth around Rs 2 trillion early last year in telecom and retail with blue chip investors).
Reliance Industries on Friday hit out at Oil and Natural Gas Corp (ONGC) for suing it over KG gas dispute, saying some elements in the state-owned firm may be "misleading" the chairman D K Sarraf to hide their failure in developing the discoveries made over 13 years.
The Oil Ministry is seeking Cabinet nod to allow Reliance Industries to retain three gas discoveries worth $1.45 billion in the eastern offshore KG-D6 block even after expiry of timelines.
Last week, RIL moved the apex court challenging the Bombay high court order that asked it to supply 28 mmscmd of gas to RNRL at $2.34 per mmbtu.
The government has slapped an additional penalty of $792 million on Reliance Industries for producing less than targeted natural gas from its eastern offshore KG-D6 block.
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