"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.
The two sides had approached Supreme Court challenging a decision by the Bombay high court on June 15, which said RIL should provide 28 million cubic metres of gas per day to RNRL at $2.34 per mmBtu and both the parties should sign a necessary agreement for the same within a month.
The battle between the Ambani brothers flared up again today -- this time over the Anil Dhirubhai Ambani Group's (ADAG's) bid to seal a merger deal with South African telecom company, MTN.
Last week, RIL moved the apex court challenging the Bombay high court order that asked it to supply 28 mmscmd of gas to RNRL at $2.34 per mmbtu.
But RIL is yet to agree on the grounds that it is studying the implication of the judgement. On June 15, the Bombay high court gave the two companies a month's time to work out a firm gas volumes, price, timelines and other commercial details for sourcing the fuel from Krishna Godavari basin fields.
The letter, delivered by an unidentified person to Ambani's personal staff in a sealed envelope at his Maker Chambers office on February 24, also said IM would damage his 27-storey mansion 'Antilia' on Altamount Road, a police officer said on condition of anonymity.
However, copious oil supplies amid growing global output and slowing Chinese oil consumption will put India in a better bargaining position with Gulf suppliers.
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.
He also described Moily as Mukesh Ambani's agent.
The ministry has attributed the fall in output to non-fulfilment of RIL's commitment to drill 22 wells in the field.
Quarterly earnings of corporates, trading activity of foreign investors and inflation data are the key factors that are expected to drive the momentum in the equity markets this week, analysts said.
The foreign acquisitions are being looked at to strengthen RIL's core businesses like petrochemicals, polymers and refinery, sources said, adding that the company has found that the economic downturn has created some right-valued acquisition opportunities.
At a time when exchange-traded funds (ETFs) were unloading Jio Financial Services from their portfolios, some active fund managers were placing large bets on the demerged financial services arm of Reliance Industries Ltd (RIL), a report by Nuvama Alternative & Quantitative Research shows. Motilal Oswal Mutual Fund and Quant Mutual Fund were the top MF buyers of the stock in August. They bought around 60 million shares each, together investing around Rs 2,800 crore.
RIL is understood to be the first major Indian enterprise to participate directly in a global oil futures market, emphasising the trend of continued growth in Asian oil production.
Mukesh Ambani-owned Reliance Industries Limited, which closed down fuel pumps in UP last month due to mounting losses, has denied plans of converting the defunct outlets into malls. The company was forced to shut the outlets as the petrol and diesel sold there were costlier by nearly Rs 10 and Rs 6, respectively, vis-a-vis public sector retailers.
Over the next five years, plans to pump money in KG DG, refining, petrochemical sectors, retail and telecom.
On March 10, the boards of directors of RIL and IPCL had approved the scheme merger. RIL's associate companies hold 47.3 per cent of IPCL's equity share capital.
In the rights issue, the company is offering one share for every 15 shares held at Rs 1,257. The rights shares are expected to be listed on the BSE and NSE on or around June 12.
Reflecting the differences with elder brother Mukesh on buyback of shares by flagship company Reliance Industries, Anil Ambani on Wednesday said he had proposed that 12 per cent equity in RIL held by the Petroleum Trust and four companies be distribu
The Standing Committee on Petroleum and Natural Gas in its report tabled in Parliament today asked the ministry to strictly monitor implementation of directions issued to RIL for reversing the trend of falling gas output from the Bay of Bengal field.
The All India Football Federation (AIFF) on Thursday roped in International Management Group-Reliance Industries Limited as their commercial partner by signing a 15-year agreement worth Rs 700 crore, one of the most lucrative deals in Indian sports.
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.
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.
It was agreed at the meeting to recommend to the competent authority on two issues namely the Declaration of Commerciality of certain wells in the NEC 25 and KG D6.
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.
Bharti will have to deal with 15 different regulatory regimes in Africa as opposed to just one in India.
Petroleum ministry has rejected Reliance Industries Limited's plan to sell natural gas to Anil Ambani Group firm Reliance Natural Resources Ltd at less than half the market price.
Based on the panel's formula, the base price of domestic natural gas comes to around $7.4 per million British thermal unit (mBtu), but the pricing formula proposed by RIL, officials say, translates the price into $13-14 an mBtu.
Investors were on Monday sceptical on the shares of Ambani sibling companies and their prices remained subdued despite a resurgent stock market.
After a stint in Crisil as chairman, Mohan joined the Mukesh Ambani-led company as executive director in August this year, RIL spokesperson said.
With over half the Plan funds that Parliament approves being spent through non-government channels, to cite the figure in CAG Vinod Rai's presentation to the Planning Commission, members of the Parliament have no way of knowing whether the money is properly spent.
The windfall taxes on domestic crude oil production and fuel exports will generate close to $12 billion (Rs 94,800 crore) for the government in the remainder of the current fiscal while trimming profits of firms such as Reliance Industries Ltd and ONGC, Moody's Investors Service said Tuesday. On July 1, the government imposed windfall gain taxes on the export of petrol, diesel and aviation turbine fuel (ATF), and on the domestic production of crude oil. It has also mandated exporters to meet the requirements of the domestic market first.
The younger Ambani sibling had a two-hour meeting with K V Kamath, chief of ICICI Bank and a friend of the family, who is said to be working out a formula to end the feud at the behest of Kokilaben Ambani.
The 62 per cent increase in natural gas prices by the Indian government will boost the profitability of upstream companies in the country and support their investment spending, Fitch Ratings said on Tuesday. The price for gas from fields that were assigned by the state to oil companies, mainly Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), increased to $2.90 per million British thermal units (mmBtu) for October 2021-March 2022, from $1.79 per mmBtu in the previous six months. "Higher gas prices will increase the input cost for key end-consumer sectors, to the extent the price hike is passed on," Fitch said.
The proposed reorganisation plan by Reliance Industries Ltd to transfer its refining, marketing and petrochemical (oil-to-chemicals) businesses to a wholly-owned subsidiary is a step towards facilitating participation by strategic investors in the unit, Fitch Ratings said on Tuesday. The reorganisation of the business in Reliance O2C Limited (O2C) "will have a neutral impact on RIL's credit metrics and rating," it said in a statement. The transfer will be on a "slump sale basis", subject to attaining the requisite approvals.
Jiophone Next will be available from Diwali for Rs 6,499 per unit for customers wanting to buy the smartphone without financing option, Jio and Google said in a joint statement on Friday. Jio is also giving a finance option for the Jiophone Next where users can make an upfront payment of Rs 1,999 and pay the rest in easy monthly instalments spread across 18-24 months, the company said in a statement. "This is the first time that a phone in the entry-level category is getting a financing option.
Emerging as the single largest export zone in the country, the Jamnagar SEZ has seen its export nearly touch Rs 80,000 crore (Rs 800 billion) till March 2010.
Mukesh Ambani, who heads Reliance Industries, has been ranked among top five best performing CEOs in the world by the prestigious Harvard Business Review.
Vimal also plans to emerge as the leading textile brand by 2009-10, on the back of an aggressive retail presence all over India and the introduction of innovative premium products. The brand will also offer complete solutions to export markets -- from fibre to garments -- and will sharpen focus on the global automotive furnishing business.
