Reliance Industries Limited

Defence ministry reportedly declares RIL-BP’s KG-D6 block a “no-go” area

Defence ministry reportedly declares RIL-BP’s KG-D6 block a “no-go” area The defence ministry has declared Reliance Industries and its partner BP plc's KG-D6 oil & gas block a "no-go" area as it overlaps with a proposed naval base, sources privy to the development revealed.

According to the sources, RIL-BP's KG-D6 oil & gas block is one of the 14 blocks that have been classified as no-go areas. The ministry of defence has either withdrawn or withheld approvals for a total of 47 oil & gas blocks.

RIL pulls sale tag off textile unit

RIL pulls sale tag off textile unit Reliance Industries Ltd (RIL) has dropped its plans to sell its textile unit, including the iconic brand Vimal, for the time being, a person with direct knowledge of the matter said.

Mukesh Ambani-led RIL had hired the services of British advisory firm NM Rothschild to find a purchaser for the textile unit. But, challenging business environment for textile companies deterred potential buyers from placing desirable, forcing the India conglomerate to roll back the sale process.

RIL shares hit 52-week high on better-than-expected Q3 results

RIL shares hit 52-week high on better-than-expected Q3 results 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.

RIL shares hit 52-week high as analysts expect 17% rise in net profit

RIL shares hit 52-week high as analysts expect 17% rise in net profitStock 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.

RIL starts drilling work at one of KG-D6 block’s satellite fields

RIL starts drilling work at one of KG-D6 block’s satellite fieldsReliance 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.

RIL suggests appointment of international experts to review gas production

RIL suggests appointment of international experts to review gas productionA team of international experts should be appointed to verify if Reliance Industries Ltd (RIL) is knowingly producing less gas from its Andhra offshore field in order to take advantage of higher price in future, RIL has suggested.

Oil ministry withdraws note against RIL gas price hike

Oil ministry withdraws note against RIL gas price hikeThe 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."

RIL softens its stance over KG-D6 audit issue

RIL softens its stance over KG-D6 audit issueReliance 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.

CAG asks oil ministry not to approve new investments in KG-D6

CAG asks oil ministry not to approve new investments in KG-D6The oil ministry should not allow Reliance Industries Ltd (RIL) to make any more investments in its KG-D6 oil & gas block because any increase in capital expenditure in the block will likely hurt government's financial interests, the Comptroller & Auditor General (CAG) of India said.

The CAG also recommended a similar action for the Panna-Mukta & Tapti (PMT) group of gas blocks, which are jointly owned by RIL, British gas giant BG and government-owned ONGC.

Reliance denies Arvind Kejriwal's allegations

Reliance denies Arvind Kejriwal's allegationsReliance 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 slams CAG

Digvijaya slams CAGDigvijaya 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.

RIL KG-D6 gas price won’t be revised till 2014: says petroleum ministry

RIL KG-D6 gas price won’t be revised till 2014: says petroleum ministryThere 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.

RIL dismisses Kejriwal’s allegations

RIL dismisses Kejriwal’s allegationsReliance 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 remains richest Indian on Forbes list

Mukesh Ambani remains richest Indian on Forbes listMukesh 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.

Oil Ministry gives nod to RIL's plan to raise KG-D6 production

Oil Ministry gives nod to RIL's plan to raise KG-D6 productionGiving a big relief to Reliance Industries Ltd, the Oil Ministry has agreed to the company's plans to raise natural gas production from the flagging KG-D6 without any need to get a performance audit by the Comptroller & Auditor General of India (CAG).

In a letter sent to RIL, the Oil Ministry stated that all the government nominees on the Reliance-operated KG-D6 block oversight committee had approved all the development proposals made by the company.

RIL stays away from fresh round of bidding for 2G spectrum

RIL stays away from fresh round of bidding for 2G spectrumReliance 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.

Oil ministry wants RIL to submit accounts to CAG

Oil ministry wants RIL to submit accounts to CAGReliance 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.

RIL not ready for CGA audit, says Oil Ministry

RIL not ready for CGA audit, says Oil MinistryThe 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.

RIL’s second quarter net profit declines 5.7% year-on-year

RIL’s second quarter net profit declines 5.7% year-on-year 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.

Reliance expected to report quarterly profit rise today

Reliance expected to report quarterly profit rise today Reliance Industries, India's most valuable company by market capitalisation, is expected to report an increase in profit for the July to September quarter, after reporting profit declines in three previous quarters in a row.

Reliance is all set to report profit for the July to September quarter following market hours on Monday.




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