The apex court sets aside Delhi HC order on the oilfield.
The MoU says the gas supply agreement is with Reliance Energy and for the Dadri power project, senior counsel Harish Salve representing RIL said. "Nowhere does it say that the gas will go to RNRL," Salve told the division bench of Justices J N Patel and K K Tated. REL and RNRL are both Anil Ambani group companies.
The government has put a spanner in the plans of oil companies like Reliance Industries Limited and Hindustan Petroleum Corporation Limited to make ethanol directly from sugarcane, without producing sugar.
In the run up to the general election, Aam Aadmi Party had alleged that RIL's partner Niko Resources was selling KG-D6 gas in Bangladesh for half the $4.2 per million British thermal unit rate that India pays them.
The Comptroller and Auditor General can do a performance audit of production sharing contracts
Bajaj Finance was the top loser in the Sensex pack, shedding around 3 per cent, followed by Bajaj Finserv, Reliance Industries, M&M, Nestle India and SBI. On the other hand, Axis Bank, Tech Mahindra, PowerGrid and Maruti were among the gainers.
Reliance Industries' eastern offshore KG-D6 gas fields at peak production will help the nation save $8.3 billion annually or 0.7 per cent of the GDP, investment banker Morgan Stanley said on Friday.
Future Retail Ltd (FRL) on Tuesday said it will explore all legal remedies to pursue its Rs 24,713-crore deal with RIL following a Delhi high court order directing status quo to be maintained till the court pronounces its order. Earlier in the day, a Delhi high court bench of Justice J R Midha directed FRL to maintain status quo in relation to its deal with Reliance Retail that has been objected to by US-based e-commerce giant, Amazon. Amazon welcomed the latest court directive.
Reliance Industries net profit fell 21 per cent to Rs 4,473 crore (Rs 44.73 billion) in the first quarter (April-June) of the current financial year, from Rs 5,661 crore (Rs 56.61 billion) in the same period in 2011-12.
Three business houses are likely to be in the final race to strike a deal with Germany's Metro AG for investing in its India unit -- Metro Cash & Carry. Industry sources in the know named Reliance, Adani Group, and Thailand's conglomerate Charoen Pokphand (CP) as potential frontrunners to acquire a partial or full stake in the Gurugram-headquartered Metro Cash & Carry, which has 31 stores and 5,000 direct employees. Around 20 companies, including strategic and private equity investors, were approached by the German chain, inviting them to bid for the Indian wholesale business, according to a source aware of the M&A developments.
Committee of secretaries is working on the formula and it is understood that EAC is also being asked to go through the formula.
ICICI Bank, HUL, HDFC Bank, M&M, Ultra Cement, IndusInd Bank and Tech Mahindra were among the losers in the Sensex pack. NSE Nifty slipped 13.95 points to 17,355.30.
Credit rating agency Fitch India has affirmed AAA(ind) rating, indicating lowest expectation of credit risk, of Reliance Industries Ltd, following the announcement of audited results for the year ended March 31, 2002.
LyondellBasell had rejected a $14.5-billion takeover offer from RIL in March.
RIL produced a total of 22.04 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 week ended December 30, 2012, the Directorate General of Hydrocarbons said in a production status report to the Oil Ministry.
The Competition Commission of India (CCI) on Tuesday said it has approved Reliance Retail Venture's acquisition of German firm Metro AG's wholesale operations in India. Reliance Retail Ventures Ltd (RRVL) is a subsidiary of Reliance Industries Ltd (RIL) while Metro Cash & Carry India is engaged in the wholesale operations in India. In December last year, it was announced that RRVL had signed definitive agreements to acquire a 100 per cent equity stake in the company for a total cash consideration of Rs 2,850 crore.
RIL saw its total headcount grow by 505 employees during the fiscal ended March 31, 2012 to a total staff size of 23,166, it said in its annual report for 2011-12.
A senior RIL executive confirmed this development, but refused to divulge further details. "There has been some research on producing ethanol from jethropa. However, the tests have not been confirmed," said a scientist who has been working with the Gujarat state government for studying crops in Kutch. Another view by the industry experts is that the sugar industry in South Gujarat is not finding enough takers for the ethanol produced.
The govt auditor also indicts DGH and management committee of D1 and D3 fields
Reliance Industries and Oil and Natural Gas Corporation will present their views as producers on pricing of natural gas on Tuesday to a panel of top government officials formed to resolve the vexed issue.
Reliance Industries, headed by India's richest man Mukesh Ambani, has bought an ultra-luxury Rolls Royce hatchback costing Rs 13.14 crore.
The development of the constitution of the tribunal comes at a time when the Delhi high court in December 2020 refused to restrain Amazon from interfering in Future Retail's deal with Reliance Retail by writing to statutory authorities.
A day after Reliance Industries Ltd announced sale of 30 per cent interest in its 23 oil and gas blocks, Canada-based Niko Resources, RIL's partner in three fields - D6, NEC 25 and D4 - on Tuesday said it has the option to increase its stake in the fields by up to 30 per cent from current working percentages.
Created to develop special economic zones in the northern state, Reliance Haryana SEZ Ltd is a joint venture between Reliance Ventures Ltd, an RIL subsidiary, and Haryana State Industrial Investment Development Corporation.
India's trade account could come under pressure and there could be an inflation push if crude oil prices remain above the $90 per barrel (Brent) for a prolonged period since India imports over 85 per cent of its oil and roughly 50 per cent of its gas. A rebound in economic activity is bound to lead to higher fuel demand. While India is the third-largest importer of crude, it is a net exporter of refined products, which helps to compensate to some degree.
Sources aware of the development said as part of the project, the airline had signed an agreement with Reliance Industries Ltd, which would extend quality control services at its coastal terminals for ATF imported by the airline.
Reliance Industries will set up two gas-based captive power plants to generate a combined 1100 MW for its special economic zone in Maharashtra and also its malls and other projects.
Reliance Industries (RIL) has cut estimates for proven gas reserves in its Krishna-Godavari block off the east coast by 6.7 per cent, to 3.67 trillion cubic ft (tcf), the company said in its annual report.
The company had made its first breakthrough in the US in April when it had acquired 40 per cent stake in Atlas Energy Inc's 3,00,000 acres shale gas property for $1.7 billion. Atlas' Marcellus shale gas project spans parts of West Virginia, Pennsylvania and New York.
Mukesh Ambani-led Reliance Industries on Friday agreed to acquire Infotel for Rs 4,800 crore (Rs 48 billion) in a deal that values the Mahendra Nahata group internet service provider at about Rs 5,000 crore (Rs 50 billion).
M&M was the biggest loser in the Sensex chart, falling 6.39 per cent, followed by Tech Mahindra, Nestle India, Bajaj Finance, Axis Bank, ITC, JSW Steel, HDFC Bank and RIL. On the other hand, Sun Pharma, Tata Motors, Bharti Airtel, L&T and Infosys were among the winners, rising up to 2.10 per cent.
Mukesh Ambani-led Reliance Industries on Thursday became the first Indian company to attain the market capitalisation of Rs 4 trillion (over $100 billion) after a 4.26 per cent surge in its share prices. The share prices of country's most valued firm rose by Rs 114.7 to a life-time high of Rs 2805, pushing the company's market capitalisation to Rs 4,07,748.82 crore ($103 billion).
The newly formed Cabinet Committee on Investment will soon consider clearing 47 oil & gas blocks, including Reliance Industries' producing KG-D6 gas fields, where defence clearance has either been withdrawn or withheld.
'While renegotiating the deal, it is likely that Anil Ambani could ask for a huge compensation from RIL to satisfy the ADAG firms' shareholders, a broker closer to the Ambanis said.
RIL senior vice president (commercial) B Ganguly wrote to NTPC on Friday expressing his company's willingness to sign Gas Sales and Purchase Agreements for the state-run firm's Anta, Dadri and Faridabad plants.
Oil regulator V K Sibal has alleged that Anil Ambani Group had orchestrated a vilification campaign against him to settle personal scores with corporate rival Mukesh Ambani-led Reliance Industries.
CVC secretary K S Ramasubban on October one wrote to the CBI director Ashwani Kumar seeking 'a discreet field verification' on the allegations of RIL purchasing flats in Mumbai for oil regulator V K Sibal's daughter and incurring expenses over purchase of white goods for her.
Reliance Industries Ltd, India's most valued firm, may become the first in the country to achieve a market capitalisation of $100 billion, international brokerage and equity research major Morgan Stanley said on Tuesday.
