The Comptroller and Auditor General can do a performance audit of production sharing contracts
Construction major L&T was the biggest gainer among the Sensex components, spurting 2.30 per cent, after the company said its board has approved a Rs 9,000-crore share buyback plan.
In the run up to the general election, Aam Aadmi Party had alleged that RIL's partner Niko Resources was selling KG-D6 gas in Bangladesh for half the $4.2 per million British thermal unit rate that India pays them.
Committee of secretaries is working on the formula and it is understood that EAC is also being asked to go through the formula.
Credit rating agency Fitch India has affirmed AAA(ind) rating, indicating lowest expectation of credit risk, of Reliance Industries Ltd, following the announcement of audited results for the year ended March 31, 2002.
Reliance Industries net profit fell 21 per cent to Rs 4,473 crore (Rs 44.73 billion) in the first quarter (April-June) of the current financial year, from Rs 5,661 crore (Rs 56.61 billion) in the same period in 2011-12.
LyondellBasell had rejected a $14.5-billion takeover offer from RIL in March.
Benchmark indices bounced back on Wednesday after falling for five straight sessions, with investors snapping up the recently-mauled IT, finance and consumption stocks amid a supportive trend overseas. A rebounding rupee further bolstered sentiment, traders said. Halting its five-session slide, the BSE Sensex jumped 574.35 points or 1.02 per cent to finish at 57,037.50. Similarly, the NSE Nifty surged 177.90 points or 1.05 per cent to 17,136.55.
RIL produced a total of 22.04 mmscmd of gas from Dhirubhai-1 and 3 gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Bay of Bengal in the week ended December 30, 2012, the Directorate General of Hydrocarbons said in a production status report to the Oil Ministry.
A senior RIL executive confirmed this development, but refused to divulge further details. "There has been some research on producing ethanol from jethropa. However, the tests have not been confirmed," said a scientist who has been working with the Gujarat state government for studying crops in Kutch. Another view by the industry experts is that the sugar industry in South Gujarat is not finding enough takers for the ethanol produced.
Reliance Industries and Oil and Natural Gas Corporation will present their views as producers on pricing of natural gas on Tuesday to a panel of top government officials formed to resolve the vexed issue.
RIL saw its total headcount grow by 505 employees during the fiscal ended March 31, 2012 to a total staff size of 23,166, it said in its annual report for 2011-12.
The govt auditor also indicts DGH and management committee of D1 and D3 fields
A day after Reliance Industries Ltd announced sale of 30 per cent interest in its 23 oil and gas blocks, Canada-based Niko Resources, RIL's partner in three fields - D6, NEC 25 and D4 - on Tuesday said it has the option to increase its stake in the fields by up to 30 per cent from current working percentages.
Created to develop special economic zones in the northern state, Reliance Haryana SEZ Ltd is a joint venture between Reliance Ventures Ltd, an RIL subsidiary, and Haryana State Industrial Investment Development Corporation.
Reliance Industries will set up two gas-based captive power plants to generate a combined 1100 MW for its special economic zone in Maharashtra and also its malls and other projects.
Sources aware of the development said as part of the project, the airline had signed an agreement with Reliance Industries Ltd, which would extend quality control services at its coastal terminals for ATF imported by the airline.
Owing to a big rise in the market capitalisation of group companies such as Adani Green Energy and Adani Transmission, the group promoters, the Gautam Adani family, have closed the wealth gap with Mukesh Ambani, the promoter and owner of Reliance Industries Ltd (RIL). Ambani continues to top India's billionaire league table. The Ambani family's net worth was estimated to be Rs 8.06 trillion (around $108 billion) on Tuesday against the Rs 6.87 trillion (around $92 billion) of the Adani family.
Reliance Industries (RIL) has cut estimates for proven gas reserves in its Krishna-Godavari block off the east coast by 6.7 per cent, to 3.67 trillion cubic ft (tcf), the company said in its annual report.
The company had made its first breakthrough in the US in April when it had acquired 40 per cent stake in Atlas Energy Inc's 3,00,000 acres shale gas property for $1.7 billion. Atlas' Marcellus shale gas project spans parts of West Virginia, Pennsylvania and New York.
Mukesh Ambani-led Reliance Industries on Thursday became the first Indian company to attain the market capitalisation of Rs 4 trillion (over $100 billion) after a 4.26 per cent surge in its share prices. The share prices of country's most valued firm rose by Rs 114.7 to a life-time high of Rs 2805, pushing the company's market capitalisation to Rs 4,07,748.82 crore ($103 billion).
Mukesh Ambani-led Reliance Industries on Friday agreed to acquire Infotel for Rs 4,800 crore (Rs 48 billion) in a deal that values the Mahendra Nahata group internet service provider at about Rs 5,000 crore (Rs 50 billion).
'While renegotiating the deal, it is likely that Anil Ambani could ask for a huge compensation from RIL to satisfy the ADAG firms' shareholders, a broker closer to the Ambanis said.
RIL senior vice president (commercial) B Ganguly wrote to NTPC on Friday expressing his company's willingness to sign Gas Sales and Purchase Agreements for the state-run firm's Anta, Dadri and Faridabad plants.
Oil regulator V K Sibal has alleged that Anil Ambani Group had orchestrated a vilification campaign against him to settle personal scores with corporate rival Mukesh Ambani-led Reliance Industries.
CVC secretary K S Ramasubban on October one wrote to the CBI director Ashwani Kumar seeking 'a discreet field verification' on the allegations of RIL purchasing flats in Mumbai for oil regulator V K Sibal's daughter and incurring expenses over purchase of white goods for her.
The newly formed Cabinet Committee on Investment will soon consider clearing 47 oil & gas blocks, including Reliance Industries' producing KG-D6 gas fields, where defence clearance has either been withdrawn or withheld.
Global rating agency Standard and Poor's on Monday cautioned that the credit quality of Mukesh Ambani controlled Reliance group's flagship company RIL might "weaken"
Reliance Industries Ltd, India's most valued firm, may become the first in the country to achieve a market capitalisation of $100 billion, international brokerage and equity research major Morgan Stanley said on Tuesday.
Bajaj Auto, BHEL, Infosys, ITC and RIL are among the 12 listed Indian companies which have figured in the latest list of 'Fabulous 50' of prestigious international magazine Forbes Asia.
Reliance Industries has since April stopped selling gasoline and gas oil to Iran in an apparent bid to escape sanctions by the US, where it is eyeing an acquisition.
Reliance Industries has not violated any regulations, a spokesperson for Mukesh Ambani-led firm said on Monday, when asked about Sebi's show-cause notice in relation to sale of shares of its then subsidiary Reliance Petroleum in late 2007.
In early afternoon trade, Oil and Natural Gas Corporation toppled Reliance Industries Limited as the country's most valued firm, but its lead lasted only for a few seconds before the private sector corporate giant grabbed the top slot again.
A Division Bench led by Chief Justice Swatenter Kumar on Thursday dismissed NTPC's appeal. The suit between the two parties relates to their gas supply agreement.
Over the next five years, plans to pump money in KG DG, refining, petrochemical sectors, retail and telecom.
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.
BCCI ethics and ombudsman, served a notice to Ambani after receiving a complaint from former MPCA member Sanjeev Gupta.
An RIL spokesperson said that the company has filed its reply to the government's petition on the gas dispute.
