Reliance Industries Limited

Revision of natural gas pricing not appropriate before April 2014: petroleum ministry

Revision of natural gas pricing not appropriate before April 2014: petroleum ministryThe 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.

Reliance plans to place bid for mobile phone spectrum: report

Reliance plans to place bid for mobile phone spectrum: reportReliance Industries Ltd. (RIL), the textile-to-oil group headed by billionaire Mukesh Ambani, has reportedly plans to place a bid for mobile phone spectrum in the upcoming auction, which is slated to take place in November.

Citing an unidentified person familiar with the situation, the Press Trust of India (PTI) reported that RIL wanted to get hold of spectrum to complement its existing wireless broadband services with voice call facility.

Kotak downgrades RIL to ‘sell’

Kotak downgrades RIL to ‘sell’Kotak Institutional Equities has said that the recent rally in the shares of Reliance Industries Ltd (RIL) is not justified by fundamentals and also expressed concerns over refining margins.

Kotak has downgraded the company's shares to "sell" from "reduce" due to the rally in the value of shares. The shares of the company have risen 11.6 percent this month till Tuesday. "We do not see any fundamental reasons behind RIL's recent run-up. We would use the unwarranted euphoria to sell the stock," the report said.

CLSA upgrades rating for Reliance Industries to 'outperform'

CLSA upgrades rating for Reliance Industries to 'outperform'Asia Pacific-focused brokerage firm CLSA on Friday upgraded rating for Reliance Industries Ltd (RIL), saying the underweight trade on the company was over.

CLSA upgraded RIL from an 'Underperform' rating to 'Outperform' and also hiked its twelve-month target price for the company's stock to Rs 850 a share.

Panel to settle KG-D6 dispute between RIL and Petroleum ministry

Panel to settle KG-D6 dispute between RIL and Petroleum ministryAn arbitral panel that includes two former chief justices, S P Bharucha and VN Khare, will try to resolev the dispute between Reliance Industries (RIL) and the ministry of petroleum and natural gas.The two sides have a disagreement over the recovery of cost for developing the eastern offshore KG-D6 gas fields. The Supreme Court had approved the setting up of the arbitral panel for the resolution of the dispute. Justice SS Nijjar has disposed a plea from RIL and said that the two arbitrators will appoint a third arbitrator and aim to resolve their differences.

RIL to share KG-D6 accounts details with CAG

RIL to share KG-D6 accounts details with CAGReliance Industries Ltd has agreed to share the KG-D6 accounting details with the CAG under the purview of the production sharing contract (PSC).

Oil Minister Jaipal Reddy has been asking the company to stat sharing the accounts with the CAG. The block's management committee is set to meet soon to discuss matters. The minister had asked the company to provide data for audit last month.

Reliance Industries to invest $1 billion in aerospace

Reliance Industries to invest $1 billion in aerospaceReliance Industries Ltd (RIL), led by billionaire businessman Mukesh Ambani, is planning to invest about as much as $1 billion over the next few years in its new aerospace division.

The company might also hire about 1,500 people and will tie up with international partners to bring the technology of the civil as well as military application into the country, according to a report. Reliance Industries spokesman has not commented on the matter.

RIL planning to invest $1 billion in its aerospace division

RIL planning to invest $1 billion in its aerospace divisionReliance Industries Ltd (RIL), which is one of the most valued companies in the country, is planning to invest about $1 billion in its aerospace division over a period of the coming five years.

The Mukesh Ambani-led company might hire about 1,500 people and will tie up with international partners to bring the technology of the civil as well as military application into the country, according to a report. Reliance Industries spokesman has not commented on the matter.

Reliance Industries to invest Rs. 1 lakh crore

Reliance Industries to invest Rs. 1 lakh croreOne of India's largest business groups, Reliance Industries said on Thursday that it is planning to invest a whooping Rs. 1 lakh crore in various business segments including petrochemicals and oil & gas besides retail and telecom.

The additional investment is aimed at doubling its operating profits in 4-5 years. RIL Chairman and Managing Director Mukesh Ambani announced that the new projects in petrochemicals and refinery business will be brought online in the coming 2 to 3 years.

RIL reduces estimates for KG basin

RIL reduces estimates for KG basinReliance Industries Limited has lowered its estimates for the gas reserve at the Krishna-Godavari block by 6.7 per cent to 3.67 trillion cubic ft as the production from the block continues to fall.

RIL appoints Fluor Corporation for Jamnagar unit services

RIL appoints Fluor Corporation for Jamnagar unit servicesIndia's Reliance Industries Ltd has selected Fluor Corporation to provide project management services for the company's refining and petrochemical complex in Jamnagar, the company said in a statement.

RIL also said that the services will be provided to petroleum coke gasification units, refinery off-gas cracker, downstream petrochemical plants, and captive power plant. Under the deal, Texas-based Fluor Corporation will also offer procurement services for the pet coke gasification project.

RIL reports 21.2% fall in earnings

RIL reports 21.2% fall in earningsIndia’s Reliance Industries (RIL) has reported a disappointing 21.2 per cent fall in earnings in the quarter till March 2012.

The figures report by India’s largest private-sector conglomerate is mostly in line with the analyst expectations. The conglomerate’s other income 33 percent compared to the previous quarter and four times than the same quarter in eh previous year. The other income figure stood at Rs 2,295 crore.

Reliance KG-D6 block’s production falls to a new low

Reliance KG-D6 block’s production falls to a new lowThe gas production from Reliance Industries' KG-D6 block have fallen to its lowest level ever to the level of about 28 million standard cubic meters per day after the company had to close down six wells because of water and sand ingress.

Mukesh Ambani tops list of richest Indian

Mukesh Ambani tops list of richest IndianReliance Industries head, Mukesh Ambani has emerged as the richest Indian in the world in the Forbes list of billionaires.

Mukesh Ambani emerged as the richest among the 48 Indian billionaires. The top ten in the country includes Savitri Jindal and family, Sunil Mittal and family, Kumar Birla, Anil Ambani, Dilip Shanghvi, Shashi and Ravi Ruia and Kushal Pal Singh.

Mukesh Ambani was ranked as the 19th richest person in the world in the list, which was topped by Mexican telecom tycoon Carlos Slim for the third year. Mr. Slim has an estimated fortune of $69 billion.

Reliance Industries, BP to submit plan for the D6 block

Reliance Industries, BP to submit plan for the D6 blockReliance Industries and BP are planning to submit a new field development plan for the entire D6 block by the month of June.

The new plan is aimed at increasing the output and cut costs and revive the tough relationship between the company and the Indian authorities. The new field development plan (FDP) will be in place of an existing one that is only meant for a segment.

Reliance to offer jet fuel handling services to aviation firms

Reliance to offer jet fuel handling services to aviation firmsReliance Industries Ltd has said that it is in discussions with various aviation firms in the country to offer them with jet fuel handling services at various airports across the country.

Tushar Pania, a spokesman for the company said, “We have been approached by airlines to provide them services for handling aviation turbine fuel on their behalf at the airports.”

Relaince invites bid for selling gas for five years

Relaince invites bid for selling gas for five yearsIndia's Reliance Industries has invited bids for bids for selling gap that will be produced from its blocks at Shahdol and Annupur in the central Indian state of Madya Oradesh.

The company said that it is aimin go to produce up to 3.5 million standard cubic metres a day (mscmd) of gas by the second half of 2014 from two coal-bed-methane (CBM) blocks from locations in the state.

Reliance Industries net profit falls 14% in October-December quarter

Reliance Industries net profit falls 14% in October-December quarterIndian major, Reliance Industries ahs reported a fall of 14 per cent in net profit in the October-December quarter due to falling sales, falling value of the Indian rupee and pressure on margins.

The company said that its net profit fell 14% to Rs. 4,440 crore in the quarter compared to the same quarter last fiscal. About Rs. 1,717 crore of this was earned from the huge cash reserves of Rs. 74,540 crore and it is excluded in the calculation of the profit then it would record a fall of 38 per cent.

RIL might exercise India’s biggest buyback

RIL might exercise India’s biggest buybackReliance Industries is panning to buyback its equity shares, and according to reports, it will be the biggest buyback ever seen in the country.

Reliance Industries has said in filings to the stock exchanges in the country that its board of directors will meet on Wednesday to consider approving the buyback, which is expected to about 5 or 6 times bigger than the largest buyback in the country yet.

RIL may acquire stake in Hathway Cables, Den Networks

RIL may acquire stake in Hathway Cables, Den NetworksAccording to some reports, Reliance Industries Ltd is planning to pick up stake in cable operators Hathway Cables and Den Networks.

RIL has expressed interest in purchasing a minimum of 26 percent stake in the operators. A company spokesperson has indicated that the company was in talks with various cable operators for creating partnerships and entering into content deals.




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