Reliance Industries has served a notice for suspension of gas supplies to four fertiliser plants in Uttar Pradesh from Thursday unless they enhance their financial guarantees to cover for state sales tax.
Cutting across party lines, MPs in Rajya Sabha expressed deep concern over the dispute and said the private contractor should not be allowed to enter into a memorandum of understanding for distribution of gas from a national asset.
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.
Two Indian companies - Reliance Industries and Tata Consultancy Services - figure in the financial disclosure report submitted by Lawrence Summers, director of President Barack Obama's National Economic Council.
GAIL on Wednesday said it is in talks with Reliance for laying a Rs 6,725 crore pipeline from Kakinada in Andhra Pradesh to Uran to pipe natural gas from RIL's gas fields in Bay of Bengal to consumption centres in West and North.
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.
RIL said production capacity from KG-D6 has far exceeded the 40 million standard cubic meters per day (mmscmd), for which buyers have been tied-up, and has asked the government to immediately name customers for an additional 25 mmscmd so as to avoid irreversible damage to the field reservoirs.
The first cargo of 25,000 tonnes of Euro-IV grade diesel from RIL's refinery at Jamnagar was shipped by Hindustan Petroleum Corporation Ltd on Friday, said an informed source. This is also the first coastal supply of Euro-IV diesel for the Indian market.
Mukesh Ambani-controlled Reliance Industries on Wednesday said there are no proposals for a bonus issue or a stock split of its shares.
The university will be set up under Reliance Foundation, the new philanthropic initiative of the Reliance Group, and will be modelled on the lines of American universities. RIL will invest Rs 500 crore (Rs 5 billion) in the foundation with plans to scale up its contribution to Rs 1,000 crore (Rs 10 billion).
Reliance Industries' flagging KG-D6 gas block holds 80 per cent less reserves than previously estimated, the firm's junior partner Niko Resources of Canada said.
The Registrar of Companies has given a clean chit to Reliance Industries, while disposing of complaints that its merger with Reliance Petroleum would benefit only promoter Mukesh Ambani.
Earlier, the listing agreement was a bilateral one.
RIL now has the capacity to produce 60 mmscmd but is constrained to produce less as the government is yet to identify customers beyond the initial 40 mmscmd that had been allocated primarily to fertiliser and power producers in accordance with the Gas Utilisation Policy.
RIL's predominantly gas rich KG-D6 block, off the east coast, has also helped boost availability of the environment friendly fuel in the country.
Days after a CAG draft report said his firm got out of turn favours from the oil ministry and its technical arm DGH, Reliance Industries chairman Mukesh Ambani on Friday met Prime Minister Manmohan Singh.
RIL plans to give up about 56 per cent of "low prospectivity area" in its eastern offshore KG-D6 block and retain only the portion where oil and gas discoveries have been made.
India Gas Solutions Pvt Ltd -- the equal joint venture between the Mukesh Ambani-led firm and Europe's second largest oil firm - is among the three companies shortlisted by Gujarat government for giving out 25 per cent stake in the Mundra terminal.
In a surprise move, oil regulator DGH has asked Reliance Industries to include the marketing margin the company charges on sale of natural gas from its field to the approved gas price for calculating the government's share from the project.
Vendors say Infotel Broadband close to signing tower leasing deals with Anil Ambani company
Reliance Industries has announced the setting up a 2 million tonne per annum petrochemical complex at its special economic zone at Jamnagar with an investment of Rs 13,500 crore (Rs 13.5 billion).
A Committee of Secretaries will meet on July 6 to discuss pricing of natural gas to be produced from Reliance Industries' block off the east coast and whether the Centre should take its share in cash or kind.
In a letter to the state principal secretary (energy and petrochemicals) S Jagdeesan on September 4, RIL executive director PMS Prasad said NTPC is currently buying natural gas on spot basis, which could potentially increase the cost of power by about Rs 1,500 crore.
Gas production at KG-D6 field dropped by a steep 53 per cent.
Petroleum Minister Murli Deora has sought reconstitution of an empowered group of ministers to decide on allocation of gas from RIL-operated KG-D6 fields to new customers. Deora, who met T K A Nair, principal secretary to the prime minister on Sunday, has formally written to the Cabinet secretary for reconstitution of the eGoM on the lines of the previous ministerial group headed by the then External Affairs Minister Pranab Mukherjee.
1,400 km pipeline will transport gas from KG basin to west coast.
BP Plc, Europe's second biggest oil company, and Reliance Industries will invest $5 billion in developing untapped gas reserves in the KG-D6 block as the partners attempt to reverse the fall in gas production.
Reliance had shut its 1,432 filling stations in March 2008 after sales dropped to almost nil as it could not match the subsidised price.
RIL's Dubai-based subsidiary Reliance Exploration & Production DMCC "signed the completion documents for divestment of its 25 per cent working interest in the Yemen's Block-9 to Medco Yemen Malik Ltd, a wholly-owned subsidiary of PT Medco Energi Internasional Tbk of Indonesia," the company said in a statement.
A slew of investment proposals in West Bengal, starting from agri-retail chain to petrochemicals, are likely to be discussed when Reliance Industries Chairman Mukesh Ambani meets Chief Minister Buddhadev Bhattacharya in Kolkata on Wednesday.
Reliance Industries Ltd is seeking export-oriented unit status from the government for its existing 33 million tonne per annum refinery in Jamnagar.
"All requirements including providing bank guarantee have been met by NTPC and gas flow can start as early as tomorrow," an official said.
Reliance Industries, headed by India's richest man Mukesh Ambani, has bought an ultra-luxury Rolls Royce hatchback costing Rs 13.14 crore.
Oil ministry had previously proposed a 30 per cent hike in price of gas produced by Oil and Natural Gas Corporation and Oil India Ltd to $2.3 per mmBtu but finance ministry wants these rates to be brought on par with RIL, sources in the know of the development said.
Police have arrested two persons, who allegedly tried to extort Rs 50 lakh (Rs 5 million) from Reliance Industries for withdrawing their petition filed in Bombay high court opposing the company's merger with group firm RPL.
The country's most valued corporate entity Reliance Industries on Thursday said it received 1,093 complaints from investors during the latest quarter, but all were resolved.
RIL, which operates the world's largest refining complex at Jamnagar in Gujarat, said it earned $10.3 for turning every barrel of crude oil into petroleum products.
The government told the Bombay high court on Friday that the empowered group of ministers decided that Mukesh Ambani-led RIL will start supplying gas from the KG basin to Anil Ambani's Dadri power project and other upcoming power plants once it is ready to begin operations.
