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.
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.
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.
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.
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.
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.
The 50-share NSE Nifty settled up 28.15 points, or 0.27 per cent, at 10,326.90 after shuttling between 10,358.70 and 10,315.05.
Corporate India is starting to step up its capital expenditure plans amid government incentives and signs of rising demand, company executives and analysts have indicated. This coincides with the Reserve Bank of India (RBI) recently citing a double-digit growth in private capital expenditure. Healthy balance sheets of banks and corporates, along with increasing capacity utilisation and improving business sentiment, are contributing to a favourable environment for sustained growth in private sector investments, the RBI said in its policy last week.
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.
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.
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.
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 will announce its audited financial results for the year ended 31st March 2003, on Wednesday, April 23.
If proved correct, MJ-1 would the third biggest gas field in KG-D6 after D1&D3.
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).
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.
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.
Winner will construct 300,000 barrels per day refinery.
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.
The sharing agreement will provide more bandwidth for RJIL to provide its high-speed 4G services.
Even as the slowdown in the information technology (IT) services sector deepens, banking, financial services and insurance (BFSI), as well as oil and gas companies, emerge as the primary drivers of corporate earnings in the country. The IT services sector's share in corporate earnings declined to a five-year low of 17.4 per cent in the second quarter (Q2) of 2023-24 (FY24), whereas banks and finance companies accounted for 46.5 per cent, and oil and gas firms contributed 16.8 per cent. At their peak, IT services firms like Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro represented just over a third of the combined net profit of all listed companies in the Business Standard sample.
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.
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.
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 Raigad district administration has asked RIL to submit details regarding production and safety measures at the plant.
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.
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 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.
As part of ongoing de-merger of Reliance group companies following settlement of ownership between two Ambani brothers, Mukesh Ambani-owned Reliance Industries Ltd has acquired 37.95 per cent stake in Reliance Energy, owned by the younger brother.
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.
In the biggest ever deal in the Indian media sector, RIL will acquire control in Network 18 Media & Investments Ltd, including its subsidiary TV18 Broadcast Ltd.
In its first decision, the Cabinet Committee on Investment (CCI) on Wednesday cleared Reliance Industries' producing KG-D6 block and gas discovery area NEC-25 along with 3 other areas where the Defence Ministry had either barred oil and gas activity or put stringent conditions on that.
Based on a petition filed by Palem Srikanth Reddy, president of the Jana Palana Party, a division bench comprising justices G Rohini and T Sunil Chowdary issued notices and posted the matter on April 2 for further hearing.
