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.
Investment are made in Fixed Maturity Plans and other debt schemes.
The letter demands a full discussion on the shareholding in Reliance Infocomm at the December 27 meeting.
Global investment firm KKR will invest Rs 2,069.50 crore in Reliance Retail Ventures Ltd for a 0.25 per cent additional stake of the retailer at a valuation of about Rs 8.36 lakh crore, Reliance Industries Ltd said on Monday. After this investment, KKR's shareholding in Reliance Retail Ventures Ltd (RRVL), the holding company of the retail business of billionaire Mukesh Ambani-led RIL, will increase to 1.42 per cent from 1.17 per cent. The investment is at "a pre-money equity value of Rs 8.361 lakh crore (around $100.87 billion)", said a joint statement.
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 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.
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.
Delhi Police claims that the FIR reveals serious cognizable corruption & cheating offences, so matter is within its jurisdiction.
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.
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.
Even as news of a possible settlement between the Ambani brothers are doing the rounds, global rating agency Standard and Poor's on Friday
The overall market breadth in BSE remains positive with 1,723 shares advancing and 1,157 shares declining.
Equity benchmarks ended lower on Tuesday, putting a break to their seven-day rally, amid weak Asian market cues and mixed trends from European stocks. The 30-share BSE benchmark failed to hold on the early gains and declined 287.70 points or 0.48 per cent to finish at 59,543.96. During the day, it hit a low of 59,489.02 and a high of 60,081.24.
After a spike in crude oil and gas prices in October following the Hamas terror attack, prices eased down 9 per cent month-on-month in November. The Organization of the Petroleum Exporting Countries (Opec) and Opec+ agreed to a further voluntary production cut in January-March 2024 to try and support global crude prices. The best guess here is that crude prices (currently at $75/barrel, or bbl) will not likely cross significantly above $80, and gas prices are also likely to remain subdued unless there's a further escalation in the Israel-Hamas conflict.
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.
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.
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 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.
Christopher Wood, global head of equity strategy at Jefferies has rejigged his equity portfolios. In his Asia ex-Japan long-only portfolio, he has added Axis Bank (5 per cent weightage) and increased holding in Larsen & Toubro (L&T) by one percentage point. This, Wood said, will be paid for by removing the investment in ICICI Lombard General Insurance and reducing the investments in HDFC Bank and Reliance Industries (RIL) by one percentage point each.
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.
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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.
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 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.
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.
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.
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.
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 government had disallowed as much as $1.005 billion of its investment as KG-D6 output lagged targets.
Equity indices chalked up losses for the second straight session on Monday, in tandem with a bearish trend overseas as ratcheting up of hostilities in Ukraine and prospects of further rate hikes by the US Fed soured global risk sentiment. The rupee slipping to another all-time low against the US dollar amid foreign fund outflows added to the gloom, traders said. After tumbling over 800 points in intra-day trade, the 30-share BSE Sensex clawed back some lost ground to end 200.18 points or 0.34 per cent lower at 57,991.11.
The company's revenue rose 23.9 per cent to Rs 101,169 crore
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.
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.
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.
The investment bank adds that company's September-quarter earnings came in line with consensus estimates.
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.
Two weeks ago, RIL chief Mukesh Ambani instructed his senior executives to get ready for production by October, almost two-three months ahead of the earlier planned schedule, as the refinery at Jamnagar, the East-West pipeline and facilities at KG basin are nearing completion, said sources. RIL is developing the largest gas find in the world in KG basin, with estimated gas reserves of 11.5 trillion cubic feet (TCF).
They also voiced concerns over a double penalty being sought to be imposed on them for KG-D6 fields output not matching targets.
Reliance Industries (RIL), India's largest private sector company, is finalising a new alliance with engineering and project management partner Bechtel Corporation, as it prepares to enter the power sector.
