The HPL board had reinstated its CDR committee to woo lenders.
Mukesh Ambani-led Reliance Industries Ltd (RIL) plans to invest Rs 75,000 crore ($9 billion) each into its new energy business and petrochemical expansion, according to a company presentation. In its FY25 result statement, Ambani said the company has laid a strong foundation for its projects in renewable energy and battery operations. "In the coming quarters, we will see the transition of this business from incubation to operationalisation.
Mangalore Refinery and Petrochemicals Ltd will seek membersÂ’ approval to convert loans of Rs 3650 million into equity shares of Rs 10 each.
IndianOil already has a 8.89 per cent stake in HPL by virtue of a Rs 150-crore (Rs 1.5-billion) investment made in 2004.
India and the visiting US officials have decided to hold a wrap-up session on Saturday morning to conclude the three-day talks on the proposed bilateral trade agreement, government sources said. They said the discussions are at a "very" early stage.
State-owned oil firms such as ONGC and IOC will invest over Rs 1.11 lakh crore in the next fiscal year starting April as they supplement the government's massive spending programme to spur economic growth. Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), GAIL (India) Ltd, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Oil India Ltd (OIL) will together make a 7.4 per cent higher capital expenditure in the 2022-23 fiscal (FY23). The capex spending of Rs 1.11 lakh crore in 2022-23 compares with a revised estimate of Rs 1.04 lakh crore for the current fiscal year that ends in March, according to Union budget documents.
Embattled Adani Group on Monday said it has put on hold major equipment procurement and site construction activities for the Rs 34,900 crore petrochemical project at Mundra in Gujarat as the project has not yet tied up finances. The group's flagship Adani Enterprises Ltd (AEL) incorporated a wholly-owned subsidiary, Mundra Petrochem Ltd in 2021 for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in the Kutch district of Gujarat. Asked by stock exchanges to comment on a PTI report on Sunday that the group has suspended work on the project, AEL said, "The financial closure of the Green PVC project of Mundra Petrochemicals Limited ( MPL) is pending with the financial institutions and it is in their active consideration."
Reliance Industries Ltd, India's most valuable company, is back on a growth path after six months of challenges as it posted better than expected earnings in the December quarter, brokerages said.
Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) has surprised the street with a better than expected performance in its oil-to-chemicals (O2C) division in October-December 2024 (Q3FY25). RIL executives attributed it to favourable feedstock sourcing and higher volumes. However, they also listed cost optimisation and other measures.
The legal battle for control of Haldia Petrochemicals Ltd took a new twist on Wednesday when The Chatterjee Group contended before the Company Law Board that 15.5 crore (Rs 155 million) shares of the company were unaccounted for.
State owned refiner Indian Oil Corporation has proposed merger of its subsidiaries Indian Oil Blending Ltd, IBP Co Ltd, Bongaigaon Refinery and Petrochemicals Ltd and Chennai Petroleum Corp Ltd with itself, Petroleum Minister Mani Shankar Aiyar said
'The government has put in a lot of effort to provide infrastructure for the industry.'
'The government has put in a lot of effort to provide infrastructure for the industry.'
Mukesh Ambani-controlled Reliance Industries Ltd (RIL) is planning to spend $3 billion for a new petrochemical complex at Jamnagar.The new complex will utilise residual gases generated from the two existing refineries, of which one is located in a special economic zone (SEZ), to generate further downstream products."The investment could be in the range of $3 billion, depending on raw material prices," said a Reliance official on condition of anonymity.
From the 30 Sensex firms, Bajaj Finance, Reliance Industries, Tata Steel, JSW Steel, Tech Mahindra, Tata Motors, Kotak Mahindra Bank and Maruti were the biggest laggards. Reliance Industries Ltd, India's most valuable company, on Monday reported a 5 per cent fall in the July-September quarter net profit as weak oil refining and petrochemical business hurt operational performance. ICICI Bank, Bharti Airtel, Asian Paints, Adani Ports, UltraTech Cement and HCL Technologies were among the gainers.
Oil and Natural Gas Corporation has received the first shipment of Sakhalin-I crude oil from Russia at its subsidiary Mangalore Refinery and Petrochemicals Ltd.
ONGC will submit a proposal to the Union government for acquiring Hindustan Petroleum Corporation Ltd's entire 16.97% stake in Mangalore Refinery & Petrochemicals Ltd at Rs 37.75 per share even though HPCL is not keen to divest its holding.
The government has allowed Reliance Industries Ltd and Mangalore Refineries and Petrochemicals Ltd to sell kerosene outside the public distribution system, Petroleum Minister Mani Shankar Aiyar said on Thursday.
The Rs 16,047-cr company has appointed public sector consultancy, Engineers India Ltd, to conduct feasibility studies for the plant with a capacity of 3 million tonnes a year that is likely to be set up near the gigantic South Pars gas field in Iran.
Reliance Industries Ltd on Monday reported an almost flat March quarter net profit, amid a recovery in its core oil and petrochemicals business and sustained momentum across the consumer-facing telecom and retail businesses. RIL's net profit stood at Rs 18,951 crore, or Rs 28.01 per share, in the January-March quarter of the 2023-24 fiscal as compared to Rs 19,299 crore, or Rs 28.52 a share, a year ago, according to a company's stock exchange filing.
This is the first payment Indian refiners have made to Iran since February.
World's third largest oil firm Royal Dutch/Shell will source petrol and diesel from Mangalore Refinery and Petrochemicals Ltd for its upcoming 2000 petrol stations in the country.
A deal with the Assam government, which holds majority stake in the company through Assam Industrial Development Corporation Ltd, is likely by October.
Mangalore Refinery and Petrochemicals Ltd (MRPL) will double offtake of crude oil from Cairn India's Rajasthan fields to 0.4 million tons this fiscal.
IOC owns about 74 per cent in BRPL and the merger would be effective on Wednesday, the company said in a statement to the Bombay Stock Exchange. Shareholders of BRPL will get four shares of IOC for every 37 shares they held.
Indian Oil Corporation (IOC) on Tuesday reported halving of its March quarter net profit largely because of losses in the petrochemical business and shrinking margin after it announced a pre-election fuel price cut despite rising input costs. The net profit of Rs 4,837.69 crore in January-March compared to Rs 10,058.69 crore a year back and Rs 8,063.39 crore in the preceding October-December quarter, according to a stock exchange filing by the company.
The government has slashed by up to 20 per cent the supplies of cheaper domestically produced natural gas to city retailers -- a move that may result in Rs 4-6 per kg hike in the price of CNG sold to automobiles, unless excise duty on the fuel is cut, sources said. Natural gas pumped from below the ground and from under the seabed from sites ranging from the Arabian Sea to Bay of Bengal within India is the raw material that is turned into CNG for sale to automobiles and piped cooking gas to households.
Oil and Natural Gas Corporation is likely to buy 16.95 per cent stake of Hindustan Petroleum Corporation Ltd in Mangalore Refinery and Petrochemicals Ltd for about Rs 550 crore.
Executives from private companies such as Shell and Blackstone are likely to be invited for interviews for the post of chairman and managing director of state-run Oil and Natural Gas Corporation.
