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.
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.
Cairn India is 25th on the list with 22.2 per cent CGR.
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.
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.
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.
GAMES-TOURISM Tourism industry asked to cash on C'Wealth Games New Delhi, Aug 19 (PTI) With over one lakh foreigners expected to throng the city during Commonwealth Games, tourism industry must gear up to reap the benefits, Tourism Minister Kumari Selja said today.
Reliance Industries has written to the government that it has no objection to the Comptroller and Auditor General of India auditing its gas field costs and said it is operating the field in compliance with rules.
Transparency International, a non-profit organisation fighting against corruption and malpractices, gave Reliance Industries and ONGC ninth and 26th positions, respectively, in its latest report Transparency in Corporate Reporting.
Reliance Industries is awaiting government approval for two gas discoveries it has made in the Krishna Godavari basin deep sea block, the company's junior partner Hardy Oil & Gas said.
EGF, managed by the Capital Group, bought 16.13 million shares, or a 1.02 per cent stake, in RIL from the open market in the March-ended quarter. When share prices were down in the fourth quarter, Life Insurance Corporation added 2.4 million shares of RIL to its kitty, taking its stake to 5.52 per cent. The purchase would have cost LIC over Rs 250 crore. LIC had also bought over six million shares of RIL in the third quarter, at an investment of around Rs 800 crore.
Reliance Industries Limited on Wednesday became the first Indian company to hit the Rs 19 lakh crore market valuation mark following a rally in its share price. The market heavyweight stock jumped 1.85 per cent to its record high of Rs 2,827.10 on the BSE. Following the gain in the share price, the company's market valuation jumped to Rs 19,12,814 crore in morning trade on the BSE.
the Sensex lost 23 points to close at 28,185 levels and the Nifty shed 7 points to end at 8,515 mark.
Mukesh Ambani's Reliance Industries Ltd is taking the Bombay High Court order of June 15 on gas supply to Anil Ambani's Reliance Natural Resources Ltd to the Supreme Court."We have been advised to and are filing appropriate proceedings in the Supreme Court against the judgment delivered by the Bombay High Court," it told RNRL in a mail, in reply to an earlier letter sent in the day by the former, demanding that the HC judgement be implemented without more delay.
The Delhi high court on Friday declined Future Group's plea for stay on an arbitration tribunal order refusing to interfere with the Emergency Award (EA) which restrained it from going ahead with the Rs 24,731 crore merger deal with Reliance Retail. Justice Suresh Kumar Kait sought response from US-based e-commerce giant Amazon which had challenged the merger before the Singapore arbitration tribunal under SIAC, and listed the appeals by Future Coupons Pvt Ltd (FCPL) and Future Retail Ltd (FRL) for further hearing on January 4. Senior counsel Harish Salve, appearing for FRL, urged the court to pass an interim order clarifying that an earlier order passed by the Supreme Court - which stayed all proceedings in relation to the enforcement of the EA - would remain in force despite the subsequent order passed by the duly constituted arbitration tribunal.
Reliance Industries Ltd said on Friday it will consider declaring a dividend at its AGM to be held on June 27.
The combined market-cap of all listed Adani group firms has plunged nearly Rs 7.11 trillion since January 24 when the Hindenburg report was made public.
Led by Tata Motors and Tata Consultancy Services (TCS), the combined revenue of the Tata group's listed firms crossed the Rs 10-trillion mark for the first time, in 2022-23. The group's 14 key listed companies in which Tata Sons holds a direct equity stake reported a combined revenue of Rs 10.07 trillion in FY23, up 15.3 per cent from Rs 8.73 trillion in FY22. The combined net profit of these companies was, however, down 10.6 per cent year-on-year (YoY) at Rs 66,670 crore in FY23, from a record high of Rs 74,540 crore in the previous financial year, when the profit had jumped 156 per cent YoY, aided by Tata Steel's strong showing.
Reliance Industries has sought tripling of its KG-D6 gas price from April 1, 2014 after the current below market rate of USD 4.205 per mmBtu expires.
RIL will initially start gas production from eight wells, with an initial output likely to be 5 mmscmd (million standard cubic metres) per day. Bombay high court had last week allowed Reliance to sell gas from KG-D6 at $4.20 per million British thermal units in accordance with the government's gas utilisation policy, which gives priority to fertiliser units followed by existing power plants.
Reliance Industries on Friday reported more than doubling of its March quarter net profit to Rs 13,227 crore as improvement in petrochemical and consumer business countered continued weakness in refining business.
The empowered group of ministers (EGoM) on gas headed by External Affairs Minister Pranab Mukherjee on Thursday decided that gas allocation from RIL's D-6 block will be made to power projects subject to availability and without prejudice to court decisions, according to a government release.
The Bombay High Court will hear on November 25 the petition filed by Reliance Industries Ltd seeking the court's approval of a scheme to demerge the company into four new entities as part of a settlement reached between Ambani brothers.
Mukesh Ambani-led RIL has sought to lift the sty as it claims it's ready to produce gas next month. Arguing before the court against vacation of the stay, RNRL senior counsel Mukul Rohatgi said, "There is no immediate supply of gas. Let the directorate general of hydrocarbons make a statement when the company is ready to produce the gas."
Reliance Industries Ltd's legal battle over the Uttar Pradesh government's decision to impose 21 per cent value-added tax on gas is holding up supply to NTPC's two power plants and Indian Oil Corporation's Mathura refinery, despite a group of ministers making allocation to them.
Axis Bank was the top gainer in the Sensex pack, rallying over 4 per cent, followed by ICICI Bank, UltraTech Cement, HUL, SBI, PowerGrid, Bajaj Auto and Reliance Industries. NSE Nifty jumped 143.65 points to 14,485.
Among Sensex components, shares of Reliance Industries, India's largest company by market value, stole the show by surging 1.61 per cent to their highest in over three months.
RIL had in 2006 proposed to invest $2.234 billion in developing the Dhirubhai-26 or MA discovery, the only oil find in the KG-DWN-98/3 (KG-D6) block in Krishna Godavari basin off the east coast.
A week after doubling of natural gas prices was approved, the Oil Ministry on Friday rebutted charges of the move resulting in windfall gains to Reliance Industries, saying new gas production from the company's fields will not start before 2017-18.
2nd time within a few days RIL has hit the forex debt market.
Union leaders said RIL's bonus offer of Rs 33,000 was not acceptable to them. Last year it was Rs 40,000.
The empowered group of ministers, however, decided to allocate the initial 40 million standard cubic metre per day of gas from KG-D6 basin to the existing power and fertiliser plants and proposed units like the captive power plant at Nagothane did not figure in the scheme of things. A company spokesperson confirmed the scrapping of the project.
"The MoU between the (Ambani) brothers is in the private domain and has never been produced in the court. Agreements between the brothers were entered into on the basis of negotiation and decision on the case cannot be taken on this basis," Milind Sathe, senior counsel for Mukesh Ambani's RIL had told a division bench in July this year.
The block was offered to the consortium under New Exploration and Licensing Policy (Nelp VII). RIL has 70 per cent participating interest and BP, which is the operator of the block, holds the remaining 30 per cent.
Reliance Industries is ostensibly seeking a 25 per cent increase in the price of natural gas it produces from the eastern offshore Krishna-Godavari Basin after it wrote to the Oil Ministry saying it has customers willing to pay more than the government-approved price.
However, shares have remained flat during this period.
Upstream regulator DGH has suggested that the $1.235-billion investment of Reliance Industries should be disallowed over the Mukesh Ambani-run firm's failure to adhere to prestated drilling and gas production targets, but the oil ministry is yet to agree on the numbers.
