For its m-cap to more than double, RIL needs government nod for nearly doubling of its gas price of $8 per million British thermal unit together with approvals for oil and gas field investments.
Reliance Industries has made drastic changes in gas supply contracts that will jack up its KG-D6 gas price by 10 per cent over and above the new rate of $8.3 coming into effect from next month.
RIL and its partners BP plc of UK and Canada's Niko Resources have spud the seventh well on the MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Krishna Godavari basin.
RIL and BP completed the initial exploratory work on the 21 blocks, but decided to retain only four of them.
Reliance Industries Ltd on Saturday acquired exploration rights to one of the largest deep water blocks in the Sultanate of Oman.
According to RIL's announcement for the first quarter ended June 30, the KG-D6 field produced 33.1% less gas in the quarter.
After a stint in Crisil as chairman, Mohan joined the Mukesh Ambani-led company as executive director in August this year, RIL spokesperson said.
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.
With the company fighting a battle with then petroleum minister Jaipal Reddy and an aggressive Comptroller and Auditor General, seeking answers for investments made in the KG-D6 gas fields, its share price fell below Rs 700 in the middle of 2012.
The SC bench headed by judge S S Nijjar suggested to appoint foreign arbitrator in RIL'a ongoing case on gas pricing.
Global rating agency Standard & Poor's said the government's decision to increase domestic gas prices is likely to benefit two major gas producers Oil and Natural Gas Corp (ONGC) and Reliance Industries Ltd (RIL).
Reliance Industries' plans to raise $500 million from overseas markets may suffer a setback after the government decided to "discourage" all external commercial borrowings above $100 million.
RIL, according to Goldman, offers the best downstream exposure in the Asian oil sector with its high quality asset base, diversified product portfolio, efficient management of inventory valuation swings and ability to fund large organic expansionary capex without taking on debt.
The company seeks appointment of independent international experts to verify its claims.
Directorate General of Hydrocarbons Director General Rajiv Nayan Choubey did not take calls made for comments.
Agrees with RIL's stand that CAG cannot do a performance audit of the company.
Oil Minister M Veerappa Moily approved continuation of the existing rate of $4.2 per million British thermal units until the new government, which will be in place in May, decides on implementation of the new price formula.
Narendra Modi is India's most successful prime minister and the greatest global leader of current generation, billionaire Mukesh Ambani said on Wednesday as he flaunted his group Reliance Industries' Gujarati heritage and its over USD 150 billion (Rs 12 lakh crore) investment in last 10 years.
While the quantum of investment could not be ascertained immediately, RIL said that a wholly-owned subsidiary would provide 'growth capital' for the new cargo airline.
Reliance Industries has informed oil regulator DGH that four smaller gas finds surrounding the D-1 and D-3 fields in the Krishna-Godavari basin can be commercially exploited.
Reliance Industries Chairman and MD Mukesh Ambani, in an address to RIL's shareholders, said RIL would continue to follow its successful strategy and focus on improving its portfolio, increasing efficiency, product innovation and expanding its businesses in order to get closer to key markets.
To proceed with a Cabinet proposal to grant the relaxations to RIL, the Election Commission's approval will be sought.
Likely to drill three additional exploration wells in the block before the end of 2010.
RIL president and CEO (Oil and Gas) PMS Prasad, who met petroleum ministry officials to discuss under capacity production from the company's KG basin fields, said: "We have time till July 15 to decide. . . we are still evaluating our options."
The tussle between Mukesh Ambani-led Reliance Industries and his brother Anil's Reliance Natural Resources over gas supply came to the fore in Bombay High Court on Thursday with RIL alleging that RNRL wanted to trade the fuel.
Reliance Industries Ltd (RIL), in its efforts to gain control over LyondellBasell, is looking to team up with the unsecured creditors and bond holders of the bankrupt Dutch petrochemicals giant.
At $4.64 per mBtu, KG gas is alleged to be over-priced.
RIL became the first Indian company to hit the Rs 9.5 lakh-crore market capitalisation level. Shares of Bharti Airtel soared 7.36 per cent and Vodafone Idea rallied 34.68 per cent after both the companies announced a hike in mobile phone call and data charges from December.
Investment are made in Fixed Maturity Plans and other debt schemes.
After a long wait for government approval, Reliance Industries (RIL) is to begin work on development of four satellite fields -- D-2, D-6, D-19 and D-22 -- in India's largest gas field, block D6 in the Krishna-Godavari basin, or KG-D6.
Reliance Industires made its presence felt early today following reports that the company has made its second large gas discovery at a field in Shahdol in Madhya Pradesh.
RIL promoter Mukesh Ambani, who is currently in the US, has already held meetings with the top brass of Chevron, ExxonMobil and Texmaco.
Equity mutual funds (MFs) deployed maximum in shares of Reliance Industries (RIL) in June at Rs 2,177 crore, followed by Maruti Suzuki (Rs 2,045 crore) and Bharti Airtel (Rs 1,310 crore). Shares of both RIL and Bharti Airtel have been turbulent this month. On July 1, shares of RIL crashed over 7 per cent, following the government imposing windfall taxes on domestic crude oil production and fuel exports.
Mukesh Ambani-led Reliance Industries Ltd, which is engaged in the textile business apart from petroleum, has approached the Controller General of Patents, Designs and Trade Marks for a process patent to make thermoplastic polyester. RIL filed an application in this regard in March this year and the approving authorities have published the claims made by the company in their latest Patent Office Journal, giving public notice.
The company's revenue rose 23.9 per cent to Rs 101,169 crore
RIL declined to comment on this or related allegations, saying the entire issue was in court.
Delhi Police claims that the FIR reveals serious cognizable corruption & cheating offences, so matter is within its jurisdiction.
Reliance Industries has offered $13.5 billion to buy LyondellBasell Industries, 12.5 per cent more than its previous offer, and may sweeten it further to get control of the bankrupt petrochemicals firm.
With an aim of roping in a strategic partner for its Haryana SEZ project, corporate giant Reliance Industries is believed to be in talks with IL&FS and a couple of other players for part-sale of its stake.
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