According to tax experts, the restructuring would lead to a much lower tax outgo on dividend distribution.
In its first-ever break through in the United States, Reliance Industries Limited on Friday said its subsidiary Reliance Marcellus LLC would enter into a joint venture with United States-based Atlas Energy.
A friend of Mukesh Ambani should not be petroleum minister
Now that the Bombay High Court has rejected the Ministry of Petroleum and Natural Gas' (MoPNG) attempts to help Mukesh Ambani's Reliance Industries Limited (RIL) wriggle out of its 2005 contract to supply 28 million metric standard cubic metres per day (mmscmd) of gas to Anil Ambani's Reliance Natural Resources Limited (RNRL), the pressure on it has increased several times over.
The apex court also heard a plea for bringing back black money stashed in tax havens abroad.
RIL said RNRL has maintained that the May 12, 2005 draft agreement between the RIL and NTPC should be the basis for fixing the price of gas from the KG Basin but it has ignored the provision for government approval.
Shares of Future Group firms on Monday faced heavy drubbing, tanking up to 20 per cent, after Reliance Industries said its Rs 24,713-crore deal to acquire Future Group's assets cannot be implemented after secured creditors of the Kishore Biyani-led companies voted against the proposal. The stock of Future Consumer plummeted 19.91 per cent, Future Supply Chain Solutions slipped 19.96 per cent, Future Lifestyle Fashions 19.89 per cent, Future Enterprises tumbled 9.87 per cent and Future Retail fell 4.96 per cent on the BSE. Shares of Reliance Industries also dipped 1.75 per cent.
An RIL spokesperson said that the company has filed its reply to the government's petition on the gas dispute.
Mukesh Ambani-led RIL said on Friday it would not be possible to supply gas to Anil Ambani group firm RNRL without the government's nod and requested the Supreme Court not to restrain it from selling gas to others.
Reliance will offer high-quality voice and video calling services like Skype.
eGOM is likely to reconsider the 5000 hectre SEZ land ceiling limit in the coming month.
Both groups warn of initiating strict actions, issue public notices.
While Reliance/Infotel Broadband stands to gain if Qualcomm is forced out of the BWA race, will the potential Indian consumer of broadband wireless services gain from this unseemly tussle? That is a question that remains unanswered.
RIL declined to comment on this or related allegations, saying the entire issue was in court.
"There would be no impact on the government at all and it would suffer no loss whatsoever. RIL would also make a profit of Rs 30,000 crore (Rs 300 billion) at this rate," RNRL said in an affidavit before a bench headed by chief justice K G Balakrishnan.
Reliance Industries has put together an aggressive plan to build its drone business which includes expanding manufacturing capacity five-fold, participating in the new drone production linked incentive scheme, and experimenting with limited logistics payloads to deliver goods. The target is to become a key player in the expected $5 billion market in India by the end of the decade. The drone business is being carried out through a Bangalore-based start up, Asteria Aerospace, in which Reliance has taken a majority stake. Asteria is a subsidiary of Jio Platforms Ltd.
The main issue in the case is terms of Gas Supply Master Agreement whereby Mukesh Ambani-led RIL is to supply natural gas from its Krishna Godavari reserves to Anil Ambani's RNRL. Both parties have filed appeals before division bench, not satisfied with single judge's verdict last year.
'The competition between the two is definitely going to be of great interest to the Indian market.'
Ambani family truce unlocks RIL growth potential.
The Galwan clash occurred six months after the Doklam disengagement and two high-profile meetings. India should not be caught by surprise once again, asserts former foreign secretary Shyam Saran.
Reliance Industries Limited has hived-off its overseas oil and gas projects into a separate wholly-owned company based in Dubai and is eyeing a tie-up with ONGC Videsh Ltd to jointly bid for oil and gas opportunities abroad.
At $4.64 per mBtu, KG gas is alleged to be over-priced.
Anil Ambani group distanced itself from CBI's action on Monday accusing top officials of Reliance Infocomm for illegal call routing (before the split between Ambani brothers).
Reliance had in 2006 won government nod to invest $8.836 billion in Dhirubhai-1 and 3 fields in KG-D6 block after promising an output of 61.88 million cubic meters a day from 22 wells by April 2011 and 80 mmscmd from 31 wells by 2012.
According to senior officials in the department of telecommunication 20 Mhz of spectrum has been given to the four firms -- Infotel, Bharti, Aircel and Tikona Digital, which have licences to offer services.
Reliance will also announce its third quarter results on the same day.
The home ministry has tasked country's lead anti-Naxal operations force Central Reserve Police Force to take the responsibility with immediate effect after the proposal to this effect was cleared by the office of Home Minister Sushilkumar Shinde.
Resuming arguments over its dispute with Anil Ambani Group firm Reliance Natural Resources Ltd, senior counsel Harish Salve said it was RNRL which had in 2007 argued that marketing freedom cannot be allowed to the Mukesh Ambani-run firm and asked the government to frame Gas Utilisation Policy.
Benchmark stock indices Sensex and Nifty rebounded from early lows to close over 1 per cent higher on Tuesday, helped by heavy buying in index heavyweight Reliance Industries, Infosys and TCS amid gains in global equities. The 30-share BSE Sensex closed up by 696.81 points or 1.22 per cent at 57,989.30. It touched a high of 58,052.87 and a low of 56,930.30 in intra-day trade.
Whether it was the issue of the treasury stock (which came about when Reliance Industries Limited and Reliance Petroleum merged), or the dependent nature of so-called independent directors of RIL, or the opaque structuring of conflict-of-interest deals, Anil Ambani came out with guns blazing, accusing his older brother Mukesh of trying to diddle the shareholders of the company their father had built.
As if rejecting the truce offer made by Anil Ambani to estranged brother Mukesh, Reliance Industries Limited sources on Sunday said this was yet another attempt to present corporate dispute as a family feud.
Development plan for K-G basin runs for 12 years, so can't supply to RNRL for 17 years, says RIL.
Equity investors are a happy lot as their wealth jumped by over Rs 5.36 lakh crore in the first two days of trading in the New Year, driven by optimism in the broader market amid firm global cues. The 30-share Sensex zoomed 672.71 points or 1.14 per cent to settle at 59,855.93 on Tuesday. The benchmark had jumped 929.40 points or 1.60 per cent to close at 59,183.22 on Monday, the first trading day of 2022.
As Wal-Mart's disclosures on lobbying generated political heat in India, records with American House of Representatives show that around 27 Indian companies have spent money on lobbying in the US.
They were among nine corporates that reported over a Rs 1,000 crore gain in market capitalisation in a month
After missing two self-imposed deadlines, billionaire Mukesh Ambani's Reliance Industries Ltd on Friday announced recalibration of a proposed $15 billion deal to sell 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco, saying the two firms have agreed to re-evaluate the proposed investment in light of the Indian firm's new energy forays. The stake sale talks, which were first officially revealed in August 2019, are being reset in light of Reliance making forays into new energy business in recent months by investing $10 billion in alternative energy over three years. To pivot to green energy, it has already bought a German maker of photovoltaic solar wafers and signed a deal with a Danish company to manufacture hydrogen electrolysers in India.
"You have made India and Indians proud by putting Gujarat on the global map. Gujarat is blessed to have an inspiring leadership like you," said Mukesh Ambani.
Three special economic zones promoted by Mukesh Ambani and Anand Jain in Navi Mumbai are among among 36 proposals that got cleared by the Board of Approval on Friday.
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