Mumbai, May 9 : The Reliance Industries (RIL)-led consortium operating the offshore KG-D6 gas fields plans to serially invest $5 billion to reverse falling output.
"We are planning to invest in a series of projects to develop around four trillion cubic feet of discovered natural gas resources from the block," RIL chairman Mukesh Ambani said in the company's annual report for 2012-13.
India’s capital market regulator, the Securities Exchange Board of India (Sebi) has imposed a pentalty on Reliance Petroinvestments (RPIL) for insider trading in IPCL shares in 2007.
Reliance Petroinvestments is a subsidiary of Reliance Industries (RIL) headed by Mukesh Ambanni. According to the order, RPIL generated a profit of about Rs. 3.82 crore through the trades related to insider trading between February and March 2007. It is believed that the insider trading occurred before the announcement about dividend declaration and the merger of a group.
Mumbai, April 16 : Reliance Industries Limited (RIL) said Tuesday its profit increased 32 percent to Rs. 5,589 crore for the quarter ended March 31 owing to strong margins in the oil refinery business.
The company has posted a net profit of Rs. 5,589 crore in January-March quarter, up 31.94 percent from Rs. 4,236 crore recorded in the corresponding quarter of last year.
"The growth in earnings was largely driven by strong and improved refining margins during the year," RIL chairman and managing director Mukesh Ambani said in a statement.
Mumbai, April 3 : Indian markets continued to cheer the agreement reached Tuesday by Reliance Industries to share the optic fibre network of Reliance Communications for 4G telecom services, as analysts said it could entail more such pacts in the future.
Hotel Leelaventure has said announced that it has sold its IT Park Building in Chennai to Reliance Industries under a deal valued at Rs. 170.17 crore.
The sale of the building is a part of the company's plans to reduce its debt, which touched Rs. 4,750 crore as on March 2012. The company is aiming to reduce its debt by Rs. 2,750 crore in the coming future with the help of measures like sale of non-core assets, partial stake sale in some hotel projects and new partnerships with developers.
Stock in Reliance Industries Ltd (RIL) climbed to its 52-week high on Monday after India's biggest firm by market value reported better-than-expected results for quarter through December 2012.
In the three months to December 31, the company's net profit jumped 24 per cent year-on-year to Rs 5,502 crore; while net sales climbed more than 10 per cent to Rs 93,890 crore.
Exports grew 16.6 per cent to settle at Rs 66,915 crore from the previous quarter, while net turnover jumped 10 per cent, from 85,135 crore to Rs 93,886 crore.
Stock in Reliance Industries Ltd (RIL) hit its 52-week high of Rs 893.1 a share before closing at Rs 889.65 a share on the Bombay Stock Exchange (BSE) after an analysts' poll said that the conglomerate would enjoy a year-on-year increase of 17 per cent in net profit to Rs 5,200 crore and a rise of 6 per cent in revenue to Rs 90,000 crore in the quarter through December.
Reliance Industries' KG-D6 block, which has long been suffering criticism for the falling output, is expected to start increase production another 10 million metric standard cubic meters per day (mmscmd).
The block's operators, viz. RIL, BP and Niko Resources, on Sunday started a new drilling work at one of the satellite fields in the D6 block on the east coast. On the completion of the development activity, the field is expected to increase the block's production by 10 mmscmd.
The Petroleum Ministry has withdrawn a note opposing any increase in price of gas produced from Reliance Industries Ltd's KG-D6 oil & gas block before April 2014 as an expert committee headed by Prime Minister's Economic Advisory Council Chairman C Rangarajan is scrutinizing pricing of the fuel.
The note was circulated among the members of the Empowered Group of Ministers (EGoM) on October 10.
Speaking on the condition of anonymity, a top Petroleum Ministry official said, "Yes, the note to EGoM has been withdrawn."
Reliance Industries Ltd (RIL) has reportedly softened its stance over audit of its KG-D6 oil & gas block by the Comptroller Auditor General (CAG).
RIL has agreed to allow the national auditor to audit accounts of KG-D6 block for four years starting financial year of 2009.
Reliance Industries Ltd (RIL) has rebutted anti-corruption activist Arvind Kejriwal's allegations that Mr. Mukesh Ambani and his company have illegitimate accounts in Swiss banks.
Kejriwal on Friday alleged that in December 2006, Mukesh Ambani and his brother Anil Ambani had Rs 100 crore each in a Geneva branch of UK-based banking giant HSBC.
The anti-corruption activist also alleged that black money accounts are operated through HSBC Bank, which is facilitating money laundering and hawala transactions in India.
Digvijaya Singh, the general secretary of Congress party has criticized the Comptroller and Auditor General of India (CAG) soon after it pointed out Oil Ministry for agreeing to terms laid down by the Reliance Industries relating to an audit of the company's KG-D6 oil field.
There are no plans to revise the price of gas from KG-D6 block before April 2014, new petroleum minister M Veerappa Moily said.
Reliance Industries Limited (RIL) has asked the petroleum ministry to increase the price of gas being produced from its KG-D6 block by threefold, from $4.20 per unit to $14.2 per unit. Yesterday, India Against Corruption (IAC) activist Arvind Kejriwal recently alleged that former petroleum minister Jaipal Reddy was moved out of the petroleum ministry as he was not ready to bow to RIL's pressure.
Reliance Industries Limited (RIL) has dismissed anti-corruption activist-turned-politician Arvind Kejriwal's allegations pertaining to its D-6 block in the Krishna Godavari (KG) basin, saying the allegations were lacked any truth or substance.
On Wednesday, Kejriwal and his associate Prashant Bhushan had accused RIL of getting undue favours pertaining to gas production deals. The duo claimed that both the BJP-led NDA and Congress-led UPA governments were responsible for RIL obtaining the contract for producing gas at D-6 block.
Mukesh Ambani, the chairman of Reliance Industries, has remained the richest person in India on the Forbes India rich list for the fifth year in a row.
Mukesh Ambani had a net worth of $21 billion, according to this year's Forbes India list. Even as the total worth of the billionaire has fallen for the third straight year, he has maintained his top position on the list as the richest Indian for half a decade.
Reliance Industries Ltd. (RIL) surprised market observers by its decision not to participate in the spectrum auction.
Cash-rich RIL had bankrolled Infotel Broadband, apparently to participate in the spectrum auction. Rumours about its potential participation in the auction were first trigger by its participation in the pre-bid conference.
But the Mukesh Ambani-promoted company decided to stay away, just as his brother Anil Ambani's Reliance Communication didn't apply for fresh round of bidding for 2G spectrum.
Reliance Industries Ltd's plans to raise output of natural gas from the dwindling KG-D6 fields has not been given green signal as the company has not allowed the Comptroller & Auditor General of India (CAG) to audit of its accounts.
GC Chaturvedi, secretary to the Petroleum & Natural Gas Ministry, has told Pulok Chatterji, principal secretary to the prime minister, that the petroleum ministry would not give a green signal to any permission for RIL's flagship KG-D6 fields in view of its denial to submit its accounts for CAG scrutiny.
The Union Oil Ministry has informed the Prime Minister's Office (PMO) that the private firm, Reliance Industries has not agreed to an audit by the comptroller and auditor general (CAG) into its expenditures.
Mukesh Ambani-promoted Reliance Industries Ltd (RIL) on Monday reported a decline in net profit for the second quarter ended September 30, due to declining gas production and squeezed petrochemicals margins.
Though RIL enjoyed an increase of 15 per cent in net turnover to Rs 90,335 crore in July to September quarter year-on-year, yet profit after tax dropped 5.7 per cent to Rs 5,376 crore year-on-year.
EBIDTA and EBIDTA margins slipped 21.73 per cent and 8.5 per cent respectively year-on-year.
The petroleum ministry has reportedly turned down Reliance Industries Ltd's (RIL's) request for immediate revision in natural gas price, saying a revision would not be appropriate before April 2014.
Mukesh Ambani-led RIL had sought more than a three-time hike in the price of natural gas being generated from its eastern coast-based KG-D6 field, which is the largest gas field in India.