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.
RIL declined to comment on this or related allegations, saying the entire issue was in court.
Investment are made in Fixed Maturity Plans and other debt schemes.
Equity indices staged a pullback on Tuesday after three days of declines as investors scooped up IT, metal and consumption stocks amid a largely positive trend overseas. A recovery in the rupee added to the momentum, traders said. Overcoming a wobbly start, the 30-share BSE Sensex climbed 274.12 points or 0.45 per cent to settle at 61,418.96.
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.
The government may permit Reliance Industries Limited to export surplus LPG from the west coast and allow it to import on the deficit east coast to make huge savings on freight cost.
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.
Delhi Police claims that the FIR reveals serious cognizable corruption & cheating offences, so matter is within its jurisdiction.
The Comptroller and Auditor General of India (CAG) is expected to complete the special audit of the accounts of KG Basin oil and gas fields of Mukesh Ambani-owned Reliance Industries Ltd (RIL) by February next year, a top official said.
This follows a letter by RIL to the ministry, justifying the increase in capex.
Reliance Industries may sell part of its stakes in some of the overseas oil and gas blocks to lower its exploration risk.
The letter demands a full discussion on the shareholding in Reliance Infocomm at the December 27 meeting.
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 overall market breadth in BSE remains positive with 1,723 shares advancing and 1,157 shares declining.
RIL produced a total of 13.58 mmscmd of gas from Dhirubhai-1 and 3 gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Bay of Bengal in the first week of February, which rose to 13.63 mmscmd in the following week.
RIL is keen on buying Cairn India's Rajasthan crude oil but said it cannot take the oil unless the pipeline from fields to Gujarat coast is built.
The division of the Reliance empire has helped fuel the upward rally in Reliance's market value as shareholders' wealth surged 100 per cent within a year of the demerger, while net profits doubled in two years.
The company's revenue rose 23.9 per cent to Rs 101,169 crore
RIL produced a total of 14.83 mmscmd from Dhirubhai-1 and 3 (D1&D3) gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Bay of Bengal in the week ended May 26, according to a status report of the Directorate General of Hydrocarbons.
If the EC decides to put on hold a gas price revision for RIL, it would set a precedent for pricing decisions of the government and policy decisions taken but undergoing procedural delays.
Even as news of a possible settlement between the Ambani brothers are doing the rounds, global rating agency Standard and Poor's on Friday
Some documents not yet provided, spokesperson tells DNA Money. Murli Deora's Petromin says report submitted! ADAG once again asks for tabling of report, shows 'proof' govt appointed auditors of RIL expense sheet have conflict of interest.
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Following adverse media reaction to the June 27 decision of the Cabinet Committee on Economic Affairs, the finance ministry had issued an office memorandum asking the petroleum ministry to see if there was a way to make RIL clear its gas supply backlog at the existing price.
'I would not suggest buying these stocks in the dip, as the upside in profit is dented without a safety net for a rainy day.'
The Standing Committee on Petroleum and Natural Gas in its report tabled in Parliament today asked the ministry to strictly monitor implementation of directions issued to RIL for reversing the trend of falling gas output from the Bay of Bengal field.
Reliance Industries on Friday unveiled five fundamental strategic shifts for growth, laying emphasis on acquisitions and partnerships for growth rather than the organic route.
RIL is keen to hike gas price from April 2014 but due to some technical glitches, it may not be able to pass on burden of high production cost to customers.
Reliance Industries and its partner BP Plc on Thursday won approval to invest $3.18 billion in R-Series gas field in the flagging KG-D6 block.
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 Venezuela-based company is also in talks with ONGC for exploration of Ayacucho and Boyaca fields.
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.
The government had disallowed as much as $1.005 billion of its investment as KG-D6 output lagged targets.
According to senior RIL executives, more than half the work has been completed on the pipeline, which will transport gas from the KG basin to the RIL refinery at Jamnagar.
Even as the slowdown in the information technology (IT) services sector deepens, banking, financial services and insurance (BFSI), as well as oil and gas companies, emerge as the primary drivers of corporate earnings in the country. The IT services sector's share in corporate earnings declined to a five-year low of 17.4 per cent in the second quarter (Q2) of 2023-24 (FY24), whereas banks and finance companies accounted for 46.5 per cent, and oil and gas firms contributed 16.8 per cent. At their peak, IT services firms like Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro represented just over a third of the combined net profit of all listed companies in the Business Standard sample.
Moily said several gas fields of both RIL and state-owned Oil and Natural Gas Corp were economically unviable to produce at current rate of $4.2 per million British thermal unit.
Attracted by the boom in the automobile sector, Reliance Industries Ltd (RIL) has formed a joint venture with Russia's biggest petrochemical company, SIBUR, to jointly invest $450 million (Rs 2.040 crore) to set up a 100,000-tonne butyl rubber factory, said a company release. RIL will have majority stake.
The investment bank adds that company's September-quarter earnings came in line with consensus estimates.
Energy conglomerate Reliance Industries and its partner BP plc on Friday said they have made a second deep-water gas condensate discovery in the Cauvery basin, off the east coast.
RIL and its partners BP Plc of UK and Canada's Niko Resources had last month spud the seventh well on the MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in the Krishna Godavari basin.
Reliance Industries will not "scale down" production from Krishna Godavari basin to accommodate RNRL's future needs, nor would it renegotiate the government-approved price of the gas, the Bombay High Court was told on Thursday.
