Reliance Industries Ltd has won government approval for laying six petroleum product pipelines across the country to sell output from its 33 million tonnes per annum Jamnagar refinery in Gujarat.
RIL on June 15 wrote to Oil Ministry proposing to price natural gas it produces from the Krishna Godavari basin block in Bay of Bengal at a rate equivalent to price India pays for importing liquefied natural gas, official sources said.
Anil Ambani Group firm Reliance Infrastructure has agreed to pay the levy, although under protest, and has asked the Mukesh Ambani firm to resume natural gas supplies to its power plant.
There have been reports that RIL's mark-to-market losses on oil prices hedges has run into billions of dollars after its bets on crude futures went wrong last year, when prices first surged to a high of over 147 dollars and then plunged to below $40 a barrel.
The board of directors of Reliance Industries, which met on Saturday, approved a proposal to merge IPCL with the company.
Softening its stand on CAG audit, Reliance Industries has agreed to a scrutiny of its expenses in the flagging KG-D6 gas block by the official auditor even after expiry of the contractual period.
State plans to ask Centre to increase K-G gas allocation.
Mukesh Ambani-led Reliance Industries on Tuesday said it has made the first oil discovery at an exploratory block in the Cambay basin in Gujarat.
Securities and Exchange Board of India is keeping close watch on scrips of Reliance Industries Ltd in the light of allegations made by Anil Ambani about breach of corporate governance norms in RIL.
Sequel to firm's announcement of cut in K-G gas reserves after long decline in output; agency says it expects decline in cash flows.
The agreements between the four new companies transferred to Anil Ambani and his elder brother Mukesh's flagship company Reliance Industries may become the bone of contention.
RIL had in the New Exploration Licensing Policy rounds won 45 blocks and of these it has surrendered 14 blocks back to the government as it could not find commercially recoverable oil and gas, sources close to the company said.
If proved correct, MJ-1 would the third biggest gas field in KG-D6 after D1&D3.
RIL, which has faced numerous delays in getting approvals and shifting goal-posts, said the country did not have a stable policy regime and this was responsible for exit of global energy giants like Royal Dutch Shell, BHP Biliton of Australia, Statoil of Norway and Brazil's Petrobras.
Reliance Industries Ltd announced on Tuesday a big-ticket expansion in retailing business, which would have presence in 1,500 cities across India at an investment of about Rs 25,000 crore (Rs 250 billion) generating over 1000,000 new jobs.
Corporate giant Reliance Industries (RIL) on Tuesday said it has allotted 1.6 lakh shares to its employees under the Employees Stock Option Scheme (ESOP).
According to an official close to the development, in the coming financial audit report, to be tabled in Parliament's Budget session next year, CAG will detail the slide in the government's share in petroleum sector profits due to a drop in gas production.
Narendra Modi is India's most successful prime minister and the greatest global leader of current generation, billionaire Mukesh Ambani said on Wednesday as he flaunted his group Reliance Industries' Gujarati heritage and its over USD 150 billion (Rs 12 lakh crore) investment in last 10 years.
It would be complete by 2012 with a total investment of over Rs 11,300 crore, including an estimated Rs 2,300 crore from RIL and Rs 9,000 crore from GAIL. Analysts say refineries -- Mangalore Refinery and Petrochemicals, Chennai Petroleum Corporation, Essar, Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation -- located in the vicinity of these pipelines would benefit as they would be able to substitute costly fuel oil with cheaper gas.
Reliance Industries Ltd will announce its audited financial results for the year ended 31st March 2003, on Wednesday, April 23.
The sharing agreement will provide more bandwidth for RJIL to provide its high-speed 4G services.
Winner will construct 300,000 barrels per day refinery.
Equity benchmark Sensex tumbled over 575 points on Thursday, tracking heavy losses in index-heavyweights HDFC twins, TCS and Reliance Industries amid a weak trend in global markets. Declining for the third straight day, the 30-share Sensex slumped 575.46 points or 0.97 per cent to settle at 59,034.95. During the day, it tanked 633.06 points or 1.06 per cent to 58,977.35. The broader Nifty-50 also declined 168.10 points or 0.94 per cent to close at 17,639.55.
Analysts said with more power sector companies referred to the NCLT by banks, large companies would be at an advantage.
A top management team of Anil Ambani group firm RNRL got stood up by Reliance Industries officials, who neither responded nor turned up for a proposed meeting to follow up the Bombay high court order on gas supply.
Fitch Ratings on Tuesday said a higher natural gas price will help improve Reliance Industries' profitability in 2014-15 fiscal and would lead it to invest more in raising production.
The Reliance Anil Dhirubhai Ambani Group on Wednesday threatened to sue three top officials of Mukesh Ambani's Reliance Industries for breach of trust and their inability to protect the interest of shareholders of an ADAG company.
Reliance Industries Ltd had sought to settle certain investigations into alleged violation of insider trading norms in sale of shares of its erstwhile subsidiary Reliance Petroleum Ltd, but the application to settle of the matter under Sebi's consent framework was rejected by the regulator.
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.
The bench observed that it needs more time to study Sebi's view on the matter.
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RIL with a market cap of Rs 2,98,776 crore (Rs 2,987.76 billion) is the country's second most valued company after Tata Consultancy Services.
The Raigad district administration has asked RIL to submit details regarding production and safety measures at the plant.
The Election Commission asked the government to defer announcement of the new price till completion of the polls and so RIL was asked to continue selling the gas at old rates.
Extending their rally to a third straight day, benchmark indices Sensex and Nifty jumped nearly 2 per cent on Monday on heavy buying in Reliance Industries and Infosys amid a firm trend in global equities. The 30-share BSE Sensex rallied 1,041.08 points or 1.90 per cent to settle at 55,925.74. During the day, it gained 1,197.99 points or 2.18 per cent to 56,082.65. The broader NSE Nifty jumped 308.95 points or 1.89 per cent to settle at 16,661.40.
RIL's Dhirubhai-34, or R-Cluster field, in the flagging KG-D6 block was to produce about 13 million standard cubic metres per day of gas, equivalent to present day output from D1&D3 as well as MA fields, by 2017-18.
Ambani's wealth jumped $3.59 billion in the past 24 hours, while Adani added $2.96 billion to his net worth.
