These investments will be targeted at petrochemicals, exploration and production and telecom businesses.
RIL is insisting on a more relaxed contract for committing more gas to NTPC.
Reliance Industries chairman and MD Mukesh Ambani on Tuesday announced an additional Rs 20,000-crore investment for West Bengal over the next three years. Ambani said the fresh investment will be in the areas of digital life solutions, retail and bio-energy.
Future Group founder and CEO Kishore Biyani on Tuesday said Amazon was fully aware of his group's talks with Reliance Industries for the sale of retail assets that followed the US giant offering no concrete help to tide over the cash crisis. Opening up after being locked in an intense legal battle with Amazon over the Rs 24,713 crore deal with Reliance, Biyani in an interview with PTI said the US giant's 2019 investment in Future Coupons Pvt Ltd (FCPL) -- Future Retail's parent -- was for coupon and gifting business only and the same could continue post-retail assets going to Reliance. He hoped to complete the deal with Reliance within two months of Sebi approval.
The 12-year loan will part finance the proposed expansion of RIL's petrochemical plants and setting up of new gasification unit and refinery off-gas cracker over the next 2-3 years.
Shares of TCS rose by 2.48 per cent to end the day at Rs 3,195.10 on the BSE, while RIL shares fell by 0.08 per cent to Rs 963.80.
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.
Proxy advisory firm IiAS has recommended that institutional investors should vote against Anant Ambani's appointment on the Reliance Industries board, citing his age as the reason. Is that why Anant and his dad, RIL Chairman Mukesh Ambani, worshipped at the Dwarkadhish temple in Devbhumi Dwarka district, Gujarat, on Tuesday?
RIL operates 33 million tonne domestic-tariff area or DTA refinery that sells most of its products to domestic market, and 29 million tonne only-for-exports or SEZ unit.
RIL's gas production from its D6 fields in the Krishna Godavari basin on Sunday touched 50.15 mmscmd. This for the first time surpasses ONGC's 49.6 mmscmd output.
RIL has more than half a dozen undeveloped discoveries.
Oil Min rejects RIL arbitration notice.
RIL gets $4.2 per million British thermal unit for the gas produced from its KG-D6 fields in the Bay of Bengal.
HDFC Bank was the top gainer in the Sensex pack, rallying nearly 4 per cent, Infosys jumped over 3 per cent. Sun Pharma, NTPC, HCL Tech, Tech Mahindra, HDFC, RIL and TCS also closed with gains. On the other hand, Axis Bank was the top laggard, followed by ITC, ICICI Bank, IndusInd Bank and Maruti Suzuki.
RIL board, headed by Mukesh Ambani, on Saturday approved a demerger plan as part of separation of group companies Reliance Energy and Reliance Capital to create a separate entity for younger sibling Anil Ambani.
Mukesh Ambani's Jio Financial Services (JFS) is set to seek shareholders' approval for its leasing subsidiary to acquire telecom equipment and devices worth Rs 36,000 crore ($4.33 billion) from Reliance Retail. Jio Leasing Services Limited (JLSL), a wholly-owned subsidiary of JFS, plans to enter the device leasing business, and the equipment will be deployed in broadband wireless connectivity and other services.
In a sharp retort to a notice of gas supply suspension to one of its power plant, Anil Ambani group firm Reliance Infra on Wednesday questioned the legality of Mukesh Ambani-led RIL's warning for not paying an "illegal" marketing margin.
ONGC has suffered a loss of over Rs 30,000 crore due to alleged siphoning off of natural gas by Reliance Industries Ltd (RIL) from the PSU's well in Krishna-Godavari (KG) basin and appointment of an experts body on the issue "will not help", the state-run oil firm said.
Reliance concealed and did not reveal the data to ONGC.
Infosys lost the country's most influential stock status to Mukesh Ambani-led Reliance Industries Ltd (RIL), as the shares of the IT giant fell sharply by about 13 per cent.
A bench headed by Chief Justice P Sathasivam sought response from CBI on the petition filed by Civil society members including former Cabinet Secretary T S R Subramanian and ex-Naval chief Admiral L Ramdas seeking probe by the agency in the alleged 'collusion between RIL and the political establishment'.
Among the Sensex firms, Tech Mahindra, Wipro, Infosys, Tata Consultancy Services, HCL Technologies, Larsen & Toubro, ITC, Sun Pharma, NTPC and Titan were the major gainers. Nestle, Axis Bank, Tata Motors, ICICI Bank, HDFC Bank and Bharti Airtel were the laggards.
Refining and petrochemicals contribute around 90 per cent to RIL's overall revenue and profit.
RIL has slapped an arbitration notice challenging oil ministry's decision to take away 814 square kilometer of its eastern offshore KG-D6 area that contained five gas discoveries.
Mukesh Ambani-led RIL, which had a cash chest and marketable securities worth over Rs 90,000 crore (Rs 900 billion) at the end of the last fiscal, is known for very effectively managing its financial resources by placing them in liquid instruments and highly rated securities.
Sharp improvement in refining margin is expected to be the prime driving force.
In a media statement, RIL said that Anil Ambani is carrying out an orchestrated campaign to prejudge a legal dispute. Refuting Anil's allegations, the RIL statement said that Anil's outburst is an attempt to malign RIL and venerable public institutions.
Multiple triggers such as asset sales, pickup in energy cash flows, increased traction in omni-channel retail, and rise in ARPUs could further drive the stock.
E-commerce major Amazon has written to Sebi yet again, apprising the market regulator of the formation of the arbitration tribunal at SIAC while urging it to suspend the review of the Rs 24,713 crore Future-RIL deal. It has also filed an appeal with the division bench of the Delhi high court against the December 21 order of the single member bench, according to sources.
Strong refining and petrochemical margins seen boosting consolidated net by up to 6%
The KG-D6 fields, which began production in April 2009, hit a peak output of 69.43 mmscmd in March 2010 before water and sand ingress led to more than a third of the wells shutting down.
Irked by the response of Reliance Industries on resolving an issue coming in the way of the gas contract, power PSU NTPC on Friday said it is talking to Mukesh Ambani led company to lift fuel alloted by the government.
Moving a step further in effecting the settlement between the Ambani brothers, Reliance Industries, headed by elder sibling Mukesh, has filed the demerger scheme in the Bombay high court seeking approval.
Reliance Industries Ltd (RIL) has opposed the proposal of a new pipeline from Kakinada to Srikakulam floated by Andhra Pradesh Gas Infrastructure Corporation (APGIC). RIL has argued that gas availability for the pipeline is uncertain and will not contribute to the development of a national gas grid.
RIL estimates output from KG-D6 could reach up to 60 mscmd in the next five years, when all satellite fields are brought into production.
In its offer, that comes days after RIL invoked the arbitration clause under the non-compete agreement and asked RCOM to start conciliation as part of the process, Reliance Communication proposed to meet 'RIL in week of 14th July to clarify any doubts'. RCOM sources said that neither there was any dispute nor occasion for conciliation process and said that communication to RIL makes it clear that the company reserved the rights to take all actions as legally advised.
Reliance Industries (RIL's) annual report released on Sunday highlighted the company's focus on new energy solutions, with chairman and managing director (MD) Mukesh Ambani stating that the age of fossil fuels will not continue much longer. RIL has sought shareholders' approval to give Ambani another five-year term as MD till 2029 at nil salary. The recently demerged Jio Financial Services, which "will leverage the prowess of digital and retail businesses", was expected to be listed soon.
Analysts say the company's petrochemical segment and higher other income would boost its revenues. On an average, brokerages expect RIL's net profit to rise 12-17 per cent compared with the year-ago period.
The property was acquired by RIL for around Rs 172 crore
