The company discovered 3.75 trillion cubic feet of in-place gas reserves under coal seams in Sohagpur coal bed methane (CBM) blocks in Shahdol district of Madhya Pradesh, senior officials said.
After Reliance Industries announced the record date for its demerger scheme, its counter is now abuzz with activity with a clutch of investors resorting to block deals for acquiring over 5.03 crore shares.
Tata Consultancy Services had dethroned RIL from the pole position in market-valuation charts on December 30, the last trading session of 2011, but its leadership position proved to be short-lived and it slipped to the second position in Monday's trading session -- the first of 2012.
Reliance Industries will account for about 40 per cent of the country's energy production in the next 18 to 24 months, putting the company on track to earn a quarter of its profit from oil and gas production, from 5 per cent now.
The Reliance Industries Ltd board, under the chairmanship of Mukesh Ambani, on Monday fully supported the buyback of shares brushing aside the criticism and objections raised by vice-chairman Anil Ambani
Within 24 hours of the brothers Ambani deciding on a ceasefire, the stock market and Reliance pundits are out with their calculators to figure out the financial implication of ending the non-compete terms five years in advance and the loss that Anil Ambani's Reliance Natural Resources Limited would incur post the Supreme Court verdict.
GAIL India chairman and managing director B C Tripathi said the availability and possibility of gas has changed with the change in government policy.
Reliance Industries is in talks with global energy majors, like British Gas of the UK, Chevron Corp of the US, Exxon and Shell for a possible stake sale in its Krishna-Godavari basin gas fields. RIL is looking for a strategic partner for its KG-D6 gas block to get deep sea exploration technology. The percentage of stake to be divested has not been firmed up & may depend on the value that the partner was bringing in. The block contains over 50trillion cubic feet of gas reserve
INX Media, the company set up by Indrani Mukherjea, wife of ex-Star Group CEO Peter Mukherjea, has roped in three top advertisers -- Vodafone, Reliance Industries and Future Group -- for their Hindi entertainment channel 9X. Each of these advertisers are believed to be paying Rs 35-40 crore (Rs 350-400 million) for a three-year contract. The television broadcaster has formed Club INX, which will include corporates keen to advertise on the channel.
Reliance Industries and Network 18 group on Tuesday joined hands for a multi-layered deal, under which the Mukesh Ambani-led corporate giant would sell a part of its interest in Eenadu TV channels and would also fund promoters of the media group.
Mukesh Ambani-led RIL on Tuesday said its newly acquired internet arm Infotel has paid Rs 12,847.77 crore (Rs 128.477 billion) it bid for pan-India Broadband Wireless Access spectrum.
Tech Mahindra was the top gainer in the Sensex pack, rising around 4 per cent, followed by HDFC, Infosys, Bajaj Finserv, Asian Paints and Bajaj Finance. Nifty rose 229.15 points to 18,102.75.
Besides, in its efforts to make the employees part of its growth story, RIL disclosed having granted close to three crore stock options to over 14,000 employees, estimated to be worth about one billion dollar at the grant price and about $1.9 billion at the current share price. Its head count rose to 25,487 at the end of 2007-08, up from 12,540 employees two years ago as on March 2006.
Reliance Industries has strongly defended its decision to impose a marketing margin over-and-above the government-approved sale price for KG-D6 gas, saying the levy was to cover for the risk and cost associated with marketing of gas.
RIL, which began gas production from KG-D6 fields in April last year, is currently producing 63-64 million standard cubic meters per day or 40 per cent of the nation's output.
Petroleum secretary G C Chaturvedi said the arbitration notice grants a time of up to a month to respond and there was no hurry.
RIL on Monday submitted a commerciality report for the Dhirubhai-39 discovery in block KG-DWN-2003/1, about 50 km off Machilipatnam in Andhra Pradesh, to the oil ministry and the directorate general of hydrocarbons. A company official said the well KG-V-D3-A1 flowed 38.1 million cubic feet per day of gas and the find was later named Dhirubhai-39.
The groups plan to take on well-entrenched players like Amazon, Flipkart, and Paytm by merging their offline businesses with e-commerce initiatives.
Mukesh Ambani-led Reliance Industries on Saturday said it plans to invest upto $14 billion in its oil exploration and production business and laying transportation pipelines.
Stock markets will remain closed on Tuesday
Mukesh Ambani's Reliance Industries Ltd on Wednesday told the Supreme Court that the demerger scheme worked out with his brother Anil Ambani was categorical that the gas supplies from the KG Basin to his group was not for trading and meant for promoting power generation plant.
RIL on April 2 shut the well A1 on the main producing fields of Dhirubhai-1 and 3 (D1&D3) in Krishna Godavari basin block KG-DWN-98/3 or KG-D6 for "reservoir build-up study," according to a status report of the Directorate General of Hydrocarbons.
The entry of a new developer through competitive bidding would delay the development of discoveries by at least 10 years.
The Supreme Court on Thursday refused to halt the Bombay High Court's decision that allowed Mukesh Ambani-led RIL to amend its plea on a gas supply deal with NTPC at a committed price citing government policy.
However, the apex court allowed NTPC to file a reply to deny the allegations, if any, levelled by RIL in its amended written statement.
The government is likely to allow Reliance Industries Ltd to sell domestic cooking gas directly to bulk consumers in the country to overcome the problem of glut in LPG during lean season.
Reliance Industries has asked the government to immediately name new customers of its natural gas, saying it is being forced to produce less than capacity in the absence of mandated buyers.
Reliance Industries has regained the top slot among Indian energy companies on the Platts global list
Union government limits powers of Anti Corruption Bureau to corruption cases involving Delhi state govt officials
Reliance Industries may make a firm bid to acquire bankrupt chemicals and fuel maker LyondellBasell Industries AF in February 2010 after $20 billion of debt owned by the troubled firm is restructured.
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