RIL has complained the to power ministry about NTPC's reluctance to sign an agreement to buy gas from it and said that the power PSU stands to lose Rs 15,000 crore (Rs 150 billion)on buying imported LNG.
Reliance Industries Chairman Mukesh Ambani on Wednesday attributed the three-fold increase in shareholders' wealth at over Rs 1,00,000 crore (Rs 1,000 billion) in three years due.
Petronet LNG, which operates a recently expanded ten-million-tonne gas regassification plant in Dahej on the west coast, is exploring a swap option with the gas from the Krishna-Godavari field (K-G D6) on the east coast owned by Reliance Industries Ltd.
A number of investment banks in their research reports on Wednesday hailed the deal, saying it was strategic in nature for both cash-rich RIL and debt-laden RCOM.
The 'failure' to drill the committed 50 wells on the KG-D6 fields led to natural gas output dramatically falling over the past three years.
A company executive said unlike India, the price of petrol changed on a daily basis in the US. "In India, we don't have a level playing field, since the government gives public sector oil marketing companies subsidies. Since the RIL refineries operate on better refining margins, we could earn more revenue from free markets," he said. "We have better understanding beyond a theoretical knowledge about the US and European markets after our long experience in these markets."
Reliance Industries (RIL), India's largest company by market capitalisation, will begin producing gas from its Krishna- Godavari (KG) field, which is off the country's east coast, "by December" this year, a senior executive said.
RIL is peeved with the govt for blocking of approvals and non-revision of gas price produced from its underperforming KG-D6 block.
Reliance Industries has posted good growth in Q1 of the current financial year.
The broader NSE Nifty too reclaimed the key 11,500-mark. It touched a high of 11,562.25, before finally settling at 11,536.90, showing a gain of 59.95 points, or 0.52 per cent.
US e-commerce major Amazon told the Supreme Court on Tuesday that the talks with the Future Group to resolve the dispute over Future Retail's merger deal with Reliance Retail have failed and sought intervention to ensure that the stores of FRL are not taken over. A bench headed by Chief Justice N V Ramana, on March 3, had acceded to Amazon's request and granted 10 days to it for exploring the possibility of resolving the dispute through dialogue with the Future Group. The bench, also comprising justices A S Bopanna and Hima Kohli, is hearing Amazon's appeal against the January 5 order of the Delhi high court, which stayed the arbitration proceedings before the arbitral tribunal over Future Retail's merger deal with Reliance Retail. "It often happens that sometimes, we hope very positively but in the end, it is not positive at all.
State-run NTPC has agreed to buy natural gas from Reliance Industries but is opposed to paying marketing margin to the private firm and wants to use the fuel at plants other than Kawas and Gandhar that were identified by the government.
RIL, which operates the world's biggest refining complex at Jamnagar in Gujarat, reported a net profit of Rs 5,589 crore (Rs 55.89 billion) in January-March as against Rs 4,236 crore (Rs 42.36 billion) in the same period a year ago.
Reliance Industries Ltd, on Thursday announced that it has struck gas off the Orissa coast in Bay of Bengal.
Telecom major Alcatel-Lucent on Wednesday said they are in talks with various service providers, including Reliance Industries and Tikona Digital Networks for deploying infrastructure for mobile broadband services.
Reliance Industries, which has proposed to invest $1.5 billion more in developing satellite gas finds in the prolific KG-D6 block, will drill six wells this year.
Billionaire Mukesh Ambani-led Reliance Industries has made it to the annual list of the world's 100 most respected companies compiled by the Wall Street Journal, topped by US-based healthcare products major Johnson & Johnson.
Cabinet Committee on Economic Affairs had on July 22 cleared the sale of stake by RIL to BP in 21 blocks.
The company's staff strength fell by 704 workers during the fiscal year ended March 31, 2011, and stood at 22,661 employees.
Institutional investors have hiked their holding in Reliance Industries Ltd to nearly 29 per cent - highest in about 7 years - as LIC and foreign funds stocked up shares worth Rs 1,000 crore in the last quarter.
The Trust has offered to sell about 20 million shares in RIL at Rs 2,125 apiece, said executives familiar with the development. "The promoters are primarily looking to sell 10 million shares, with an option to sell an additional 10 million, that would fetch Rs 4,250 crore (Rs 42.5 billion)," they said.
Upstream regulator Directorate General of Hydrocarbons has sent notices to Reliance Industries and Niko Resources of Canada, seeking explanation as to how they arrived at the increased figure of 35.4 trillion cubic feet (tcf) of gas reserves.
RIL is talking to consumers of gasoline (petrol) as well as US fuel marketers who currently have a deficit, he said but did not give details. The company recently started gasoline trading operations in the US. Its office located in Houston would trade in gasoline both on the US Gulf Coast and New York Harbor market.
RIL and partner BP plc are carrying out remedial action to stop water ingress from choking wells even as the first production well on the block in more than four years ramped up output by over 15 per cent to 13.7 million standard cubic meters per day.
It reported a record net profit of Rs 36,075 crore for the 2017-18 fiscal, up 20.6 per cent.
As part of efforts to increase pressure on the government of Iran to discontinue its alleged nuclear weapons programme, the US has been aggressively urging foreign governments and companies to avoid commercial activity in Iran's energy sector, the State Department said after releasing a list of such companies.
The government on Tuesday clarified that no papers of sensitive nature were ever given to Mukesh Ambani-run RIL or its Canadian partner Niko Resources, and added they were provided only those papers needed to implement the decision on pricing of natural gas from their field.
Mukesh Ambani-led RIL and Anil Ambani's RNRL are locked in a dispute over the terms of the gas supply master agreement, whereby RIL is to supply gas for RNRL's power projects. Earlier, the division bench of Justices J N Patel and K K Tated had said it would like to finish the hearing before Diwali, so that the judgment could be written during the vacation. But now, with the government's entry into the litigation, the hearing may not get over before the Diwali vacation.
The main issue in the case is terms of Gas Supply Master Agreement whereby Mukesh Ambani-led RIL is to supply natural gas from its Krishna Godavari reserves to Anil Ambani's RNRL. Both parties have filed appeals before division bench, not satisfied with single judge's verdict last year.
Disagreements over scope of audit cropped up on the very first day the Comptroller and Auditor General of India began to the second round of audit of spendings on eastern offshore KG-D6 fields with RIL alleging that the auditor was not confirming if the accounts scrutiny would be as per the provisions enshrined in the Production Sharing Contact.
Barclays said the refinery would, however, now need to find new sources for the energy for its internal uses.
With a surge of nearly three-fold in its cash position since the beginning of this fiscal, Reliance Industries on Thursday disclosed that over 95 per cent of these are parked in banks.
The MoU says the gas supply agreement is with Reliance Energy and for the Dadri power project, senior counsel Harish Salve representing RIL said. "Nowhere does it say that the gas will go to RNRL," Salve told the division bench of Justices J N Patel and K K Tated. REL and RNRL are both Anil Ambani group companies.
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While the Cabinet has approved doubling of gas price from April 1 next year, Oil Ministry is proposing that old rates of $4.2 per million British thermal unit apply to gas from D1/D3 and MA fields in eastern offshore KG-D6 block till it proved that RIL had proved less than targets only because of geological factors.
The government has put a spanner in the plans of oil companies like Reliance Industries Limited and Hindustan Petroleum Corporation Limited to make ethanol directly from sugarcane, without producing sugar.
The apex court sets aside Delhi HC order on the oilfield.
Revenue jumped 54.5 per cent to Rs 156,291 crore.
The combined market valuation of six of the 10 most valued companies surged by Rs 1,56,247.35 crore last week, with Reliance Industries Ltd (RIL) emerging as the biggest gainer. While RIL, Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, HDFC and Bajaj Finance saw gains in their market capitalisation (m-cap) in the holiday-shortened week, Infosys, HUL and LIC suffered losses. Stock markets were closed on Tuesday on account of Muharram.
IndusInd Bank was the top gainer in the Sensex pack, rising nearly 6 per cent, followed by Axis Bank, SBI, Maruti, Tech Mahindra and Reliance Industries. NSE Nifty surged 183.70 points to close at 17,166.90.
Reliance Industries' eastern offshore KG-D6 gas fields at peak production will help the nation save $8.3 billion annually or 0.7 per cent of the GDP, investment banker Morgan Stanley said on Friday.
