According to the plan made by the lenders and RIL, all Future group listed companies will be merged into Future Enterprises. RIL will then invest Rs 8,500 crore in the merged entity which will include the retail business.
Thanks to a $5.7 billion deal with Facebook, a Rs 53,125 crore rights issue and more stake sale to companies such as Saudi Aramco, the target is likely to be achieved by December.
The Reliance Dhirubhai Ambani Group revealed plans of venturing into the power equipment business.
A total of 41 companies had applied for the permit
The developers, Reliance Sea Link One Pvt Ltd -- a joint venture between the Anil Dhirubhai Ambani group's Reliance Infrastructure and Hyundai Engineering -- is ready with the financial closure for the project after MSRDC submitted a no-objection certificate from its bond holders to the joint venture company.
RIL had earlier decided not to pursue the cash-and-carry model due to a number of reasons, including a growing unrest towards organised retail.
State plans to ask Centre to increase K-G gas allocation.
RIL chief Mukesh Ambani said the company was fully geared to participate in India's growth and continued global recovery in the coming years.
R-Cap, part of the Anil Dhirubhai Ambani Group, may get a controlling stake in the venture if the negotiations fructify.
The apex court sets aside Delhi HC order on the oilfield.
The partnership will also see the two parties cooperate on technology initiatives, including development of affordable smartphones.
State-owned Oil and Natural Gas Corp (ONGC) may have won a large oil block in Venezuela but the Petroleum Ministry wants Reliance Industries to join the project to give stability to the venture.
Govt's move will facilitate entry of global giants such as Total SA of France, Saudi Arabia's Aramco, BP Plc of the UK, and Trafigura's downstream arm Puma Energy.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
India Gas Solutions the equal joint venture between the two companies, is looking to sell LNG to five power producers in Andhra Pradesh - GMR, GVK, Lanco Infratech, Sravanthi Energy and Konaseema Gas.
Ambani is banking on new businesses to boost profit as earnings from producing oil and natural gas has slowed in the past three years.
Is it Rs 300 billion or Rs 66 billion or Rs 33.12 billion?
India's two corporate giants Tata Group and Mukesh Ambani owned Reliance Group have booked space in DLF Ltd's malls for rolling out their retail ventures.
Power Grid Corp of India Ltd is set to form joint ventures with five more companies, including Oil and Natural Gas Corporation and Essar, for setting up transmission lines in the country entailing a total investment of Rs 5,000 crore (Rs 50 billion).
The merged entity will become the third biggest refiner behind IOC and Reliance Industries.
Unable to kickstart its maiden transmission project even two years after winning the bid, Reliance Energy Ltd has now sought government intervention to ensure that state-run Power Grid Corporation of India Ltd signs the joint venture agreement.
The much-anticipated IPL-style Indian Super League (ISL) is set to roll again. The bidding process of the football tournament will start from on Monday.
Wipro's scrip jumped 2.97 per cent to Rs 468.50 on the NSE.
"This is a huge positive and is expected to bring in $8-10 bn capital in the industry."
The deal, as well as some other strategic and financial investments in works, will help Ambani cut debt at RIL.
Attracted by the boom in the automobile sector, Reliance Industries Ltd (RIL) has formed a joint venture with Russia's biggest petrochemical company, SIBUR, to jointly invest $450 million (Rs 2.040 crore) to set up a 100,000-tonne butyl rubber factory, said a company release. RIL will have majority stake.
Nova's new owner has decided not to pursue this project.
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.
Indian Oil Corporation (IOC) and two other public sector oil firms will install 22,000 electric vehicle (EV) charging stations over the next 3-5 years to support the nation's target to reduce its carbon intensity and reach net zero emissions by 2070. IOC, the country's largest state-controlled refiner by capacity, will set up EV charging facilities at 10,000 fuel outlets over the next three years, chairman Shrikant Madhav Vaidya said. Bharat Petroleum Corporation Ltd (BPCL) said it will set up 7,000 stations over the next five years while Hindustan Petroleum Corporation Ltd (HPCL) has plans for 5,000 stations.
Richest Indian Gautam Adani's ports-to-power-to-cement conglomerate is "deeply overleveraged" with the group predominantly using debt to invest aggressively across existing as well as new businesses, CreditSights, a Fitch Group unit, said on Tuesday. In a report titled 'Adani Group: Deeply Overleveraged', CreditSights said, "In the worst-case scenario, overly ambitious debt-funded growth plans could eventually spiral into a massive debt trap, and possibly culminate into a distressed situation or default of one or more group companies." Starting out as a commodities trader in the late 1980s, the Adani group has diversified from mines, ports and power plants into airports, data centers and defence.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
The two companies have approached banks to raise up to Rs 8,000 crore as debt to fund their expansion plans.
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).
State-run gas utility GAIL India Ltd buys 0.9 million standard cubic meters per day of output from Ravva Satellite fields at $4.30 per mmBtu. The new price sought by the Ravva consortium is 60 per cent more than the maximum price of $4.20 per mmBtu approved for RIL's KG-D6 fields for five years to March 2014.
State gas utility GAIL India on Tuesday won rights to retail CNG and piped cooking gas in two of the six cities auctioned and is set to win for another two cities, while its joint venture with Hindustan Petroleum beat Reliance Industries to bag another city.
The race for acquiring India's third largest mobile services provider Hutch, has hotted up with Reliance Communications backed by an US equity funder
