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.
Kazakhstan will give ONGC Videsh Ltd an oil block in the Caspian Sea.\n\n
Fitch Ratings has upgraded Reliance Industries Ltd's (RIL) rating to 'BBB', one notch above India's sovereign rating, as the company benefits from cash flow generation across diversified business segments and continuation of deleveraging. In a statement, Fitch said it has upgraded RIL's long-term foreign-currency issuer default rating (IDR) to 'BBB', from 'BBB-', with a negative outlook. At the same time, the agency has affirmed RIL's long-term local-currency IDR at 'BBB+' with a stable outlook.
Reliance Industries Chairman Mukesh Ambani has said that the company will use the polymer futures platform to hedge its risk because of price volatility in oil.
Ending months of speculation, Reliance Industries today said it is considering merging group firm Indian Petrochemicals Corporation Ltd with itself.
Operations of several top companies, located in central and south Gujarat, continued to be affected on Friday with torrential rains lashing several parts of Gujarat for close to a week.
ONGC holds 26 per cent stake in ONGC Petro-additions Ltd, while state run GAIL has 19 per cent and GSPC has five per cent.
Reliance Industries Ltd has sought a minimum supply of 3.6 million standard cubic meters per day of gas for its petrochemical plants from the Panna/Mukta and Tapti fields, from which gas has been diverted by the government to state-run GAIL India. Reliance along with state-run Oil and Natural Gas Corporation and BG Group of UK are the operators of the PMT fields lying in Mumbai offshore and till last month marketed gas from the fields in proportion to their shareholding.
The country's first specialty mall for interiors and exteriors will come up at Pune in the second quarter of 2006-07.\n\n
The Bombay high court will on June 8 hear a petition filed by Mukesh Ambani-led Reliance Industries seeking the court's nod for the merger of IPCL with itself.
Shaheen International, a Pakistani business group, is exploring the possibility of forming a joint venture with Reliance Industries Ltd to set up a petrochemical complex in Pakistan.
Mittal, who is partnering HPCL for the project, will bring to the joint venture his vast expertise in project execution and unparalleled skills in managing governments.
Billionaire Mukesh Ambani's Reliance Industries Ltd (RIL) has seen pre-tax profit recover to pre-pandemic levels on the back of continued growth in consumer businesses, Moody's Investors Service said on Monday. The oil-to-retail-to-telecom behemoth on Friday reported a 0.7 per cent Ebitda (earnings before interest, tax and depreciation and amortisation) growth for the quarter ended December 31, 2020, compared with the corresponding quarter in the previous year. "A strong performance in digital services and retail segments underpinned the improvement in consolidated earnings, a credit positive," Moody's said commenting on the earnings. Continued growth in earnings combined with the company's strong balance sheet with zero net debt on a reported basis will keep Reliance's credit metrics strong for its Baa2 rating over the next 12-18 months, it said.
Over a third of Ambani's speech was focussed on RIL's plans.
The company's net profit was Rs 5,972 crore in the same period of 2014-15 fiscal.
Modelled loosely around the National Highway System of the US, he in 2001 launched the Golden Quadrilateral and the North-South & East-West Corridor projects to build 4/6 lane highways between four top metropolitan cities of Delhi, Mumbai, Chennai and Kolkata as well as from Srinagar to Kanyakumari and Porbandar to Silchar.
Strong gains in metal, energy, auto and power shares lifted the key indices to new highs.
Struggling to meet budget targets, the government had in the just concluded fiscal asked cash-rich PSUs to pay second interim dividend as well as undertake share buyback.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 12 per cent rise in December quarter net profit on improving oil-to-chemical business, strong continued momentum in retail and steady telecom unit Jio.
Reliance Industries Ltd on Thursday posted a 10.25 per cent rise in net profit at Rs 2,547 crore (Rs 25.47 billion) for the quarter ended June 30, as compared to Rs 2,310 crore (Rs for the corresponding quarter in FY2005-06.
Gail to finalise HPL equity participation soon
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 Ltd, India's biggest petrochemicals company, on Thursday reported a consolidated net profit of Rs 5,169 crore (Rs 51.69 billion or $1.17 billion) for the year ended March 31, 2004.
India invited fresh bids on Tuesday for a stake of 51 per cent in state-run Fertilisers and Chemicals Travancore Ltd.
