State-run Indian Oil Corporation is unlikely to renew its current agreement with Reliance Industries for lifting 25 per cent of Jamnagar refinery product for sale through its retail chain, beyond March 2004.
Reliance Industries Ltd, India's sole private sector refiner, on Monday sought Petroleum Minister Ram Naik's help in getting public sector oil companies to buy fuel from its 33 million tonne Jamnagar refinery in Gujarat.
Reliance imported about 1.09 million bpd in January as it had cut runs at its older 660,000 barrels per day (bpd) plant by about 23 per cent from a year ago.
Reliance Industries chairman Mukesh Ambani has said issue of bonus shares after a 12-year hiatus was just fulfilment of the company's commitment to reward shareholders after completion of important projects.
Indian corporate are fast tapping the international bonds market to raise funds for their operational expenses even as they reduce their presence in the rupee bond market. As bonds are costlier for companies and investors are more sceptical than the banks, chief financial officers say they are looking at other avenues for raising funds in the coming months as dollar bond rates are lower in the range of 100 to 250 basis points. "For corporate with reasonable credit quality, the Indian bond market has become less of an option from a cost point of view. "In addition, conditions imposed in the Indian bond market by investors post Franklin episode have also become very onerous," said Prabal Banerjee, president-finance of Bajaj group. "Hence very few corporate are looking at the local bond market for resource mobilisation, since both, bank loans and the overseas bond markets are much more attractive," he said.
BPCL's impending privatisation and RIL's stake sale to Saudi Aramco raise questions about the future of the West Coast Refinery, once touted as the world's largest.
RIL is aiming to revive its 350-odd outlets in Gujarat and Maharashtra by the end of April, followed by the rest of the country. The company may sell only these two products for some time. The company had closed all its 1,400-odd retail outlets through the country last year, after sales dropped drastically due to its inability to match the subsidised prices offered by state sector oil marketing companies.
Reliance Retail is all set to capture the food retail market in Gujarat by setting up over 180 Reliance Fresh stores in 16 cities and towns in the state over the next six months.
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.
But earnings of main private holding firm get a booster dose from RIL dividend
RIL is also set to file its tariff plans, which will mark the company's intent to commercialise Jio's operations, with the regulator this week
Gas production from Krishna Godavari basin block has dropped to just over 12 mmscmd and RIL is carrying out workover on main Dhirubhai-1 and 3 gas fields.
Billionaire industrialist Mukesh Ambani has turned a venture capitalist and is backing a new television channel Epic TV due to go on air next month.
Billionaire Mukesh Ambani-led Reliance Industries Ltd's plans for investing Rs 75,000 crore in solar, batteries, fuel cells and hydrogen could create valuation of $36 billion (Rs 2.6 lakh crore) for the new energy business, Wall Street brokerage Bernstein Research said in a report. Reliance currently has three verticals -- oil-to-chemical (O2C) business that houses its oil refineries, petrochemical plants and fuel retailing business; digital services that comprises telecom arm Jio; and retail including e-commerce. New Energy will be the fourth vertical. At the company's annual general meeting of shareholders last month, Ambani announced a plan to invest Rs 75,000 crore in a new energy business over the next 3 years in the next stage in its transformation.
Shares of RIL ended 2.4% higher as it pips TCS to become most valued firm
The company will wait for sizeable user base for better valuation.
He urged every investor to follow his steps and invest in Gujarat.
The company had received a loan restructuring package from banks under the 5/25 scheme last year.
The 2016 upstart, called Jio, dislodged rivals and has emerged as the nation's No. 4 carrier by offering call services free for life and data transmission at dirt cheap rates.
According to sources, Russian energy giant Rosneft or its affiliates, Saudi Aramco and Reliance Industries are in race for BPCL's three refineries - Mumbai, Kochi in Kerala and Bina in Madhya Pradesh - 16,309 petrol pumps, 6,113 LPG distributor agencies and more than a fifth of 256 aviation fuel stations in the country.
Clamping down on the delays in repatriating foreign exchange earnings, the Reserve Bank of India (RBI) has tightened norms for special economic zones (SEZs), asking them to realise and bring back full value of goods and services to India within a year from the date of export.
It was difficult to set up a unified zone on the SEZ land.
Indian companies place orders worth $600 million for US crude, which is likely to increase by nearly $2 billion in the near future.
An expectation of tax sops in Budget, weakness of dollar and robust tax collection are adding positive sentiment
India Inc has few leaders who are likely to grab headlines in 2015.
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