The Petroleum Trust, one of the promoter entity in RIL, sold 1,50,00,000 equity shares of the company at an average price of about Rs 2,125 per share, Reliance Industries said in a filing to the Bombay Stock Exchange.
Monday's meeting of the empowered group of ministers on pricing of gas from Reliance Industries' D6 block in the Krishna-Godavari basin has proved inconclusive.
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.
The entry of a new developer through competitive bidding would delay the development of discoveries by at least 10 years.
Petroleum secretary RS Pandey declined to comment on the court verdict till the Government received a copy of the order. The Bombay high court on Monday upheld Anil Ambani group firm Reliance Natural Resources Ltd's contention to buy 28 mscmd of gas from Reliance Industries Ltd at USD 2.34 per mmBtu for 17 years.
Of the total investment announcements, tracked by an Assocham Eco Pulse study during August and September this year, the petroleum sector attracted Rs 53,300 crore (Rs 533 billion) with Indian Oil Corporation and the Reliance Group planning to pump in Rs 43,500 crore (Rs 435 billion) and Rs 8,000 crore (Rs 80 billion) respectively.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
India's reforms are business-friendly rather than market-friendly, says T N Ninan.
Though the NDA government had been trying to privatise 20 companies, a decision for which was taken in 2017, and included national carrier Air India, the investor community evinced little enthusiasm for any of them. Now, with an in-principle approval for privatisation of BPCL, CCI and SCI, the government has taken the plunge again.
RIL is peeved with the govt for blocking of approvals and non-revision of gas price produced from its underperforming KG-D6 block.
Their first target would be bulk buyers.
Even as India is mulling legislation to make energy-efficient air conditioners and refrigerators, consumer durable manufacturers are already thinking beyond that.
The India story got stronger on the global arena with the country expanding its presence on the elite list of Fortune Global 500 companies, as the PSU banking major State Bank of India has become the sixth domestic firm to feature in the league.
Reliance India Limited, which has secured a licence to set up 5,849 petrol stations, will set up its first 500 by March next year, petroleum secretary B K Chaturvedi said on Tuesday.
The Bharatiya Janata Party has said Prime Minister Manmohan Singh owes an explanation to citizens on why Jaipal Reddy was shifted as minister of petroleum and natural gas.
Gas pricing guidelines stipulate that a new gas price will apply to all producers except RIL.
Reliance Industries on Monday said its city gas would be cheaper by almost 33 per cent compared to liquefied petroleum gas being supplied by oil PSUs.
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.
Essar has announced a $6bn expansion plan to more than triple capacity at its refinery, while Reliance, at its site a few kilometres away, is working on plans to almost double capacity.
The tankers carrying fuel from terminals to dealer outlets would not just have global positioning system (GPS) tracking but also an electronic key (e-key).
Why does the world's fastest-growing major consumer of energy fail to attract investments in oil and gas? This is a question worth pondering after private sector conglomerate Reliance Industries Ltd (RIL) failed to close a $15-billion downstream asset deal with Saudi Arabia's national oil company, Aramco. It's understandable if multi-billion dollar investments in oil and gas projects or deals involving state companies that need to traverse a complex bureaucracy at state and federal levels and the corridors of ministries unravel. However, Mukesh Ambani-run RIL, India's most successful energy company, is not typically known to fumble on closing deals (Ambani closed deals worth around Rs 2 trillion early last year in telecom and retail with blue chip investors).
The Reliance Industries special economic zone at Jamnagar in Gujarat, which had been given a sector-specific status (petroleum and petro-chemicals) earlier, was today modified to a multi-product zone by the board of approval, which met in New Delhi.
RIL stated on Saturday that it had never contested the government's right to get spendings on the flagging KG-D6 gas fields audited by the Comptroller and Auditor General of India but added that the consent must not lead to a performance audit of a private firm.
Reliance Industries Ltd will give Rs 750 crore (Rs 7.5 billion) discount on LPG and kerosene to public sector petro retailers in 2005-06.
Directorate General of Hydrocarbons Director General Rajiv Nayan Choubey did not take calls made for comments.
"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.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The shift comes as the gap between the international benchmark Brent and the Middle East price marker narrows
The company had initially objected to audit by CAG for time barred years as per Production Sharing Contract and had not accepted the 'exceptional circumstances' advanced by the ministry
The government is working on a plan to pass on part of the revenue loss public sector oil marketing firms are incurring on sale of liquefied petroleum gas and kerosene, to refiners, including Reliance Industries Ltd.
The Comptroller and Auditor General can do a performance audit of production sharing contracts
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.
The auditor said that it has unfettered right of access to all records of Reliance Industries (RIL) during its audit of operations in the Krishna-Godavari basin and would override any conditions sought to be imposed on the process.
Reliance Industries Ltd, India's largest private sector oil firm, has sought compensation similar to what is extended to public sector fuel retailing companies
The release also points out that the prevailing domestic gas prices command a significantly higher price than the proposal of RIL.
According to RIL's announcement for the first quarter ended June 30, the KG-D6 field produced 33.1% less gas in the quarter.
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