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strongNew Delhi:/strong In a relief to Reliance Industries, Oil Minister M Veerappa Moily has indicated that he may not fully accept DGH's recommendation for taking away 86 per cent of the company's KG-D6 gas block area. The Directorate General of Hydrocarbons (DGH) had recommended to the ministry that RIL be asked to give up 86 per cent of its KG-D6 gas block area, including eight gas discoveries worth at least USD 5 billion, saying the firm has overshot the time allotted to it for developing the area. That is matter under examination, Moily told PTI in an interview here. He said a decision on the matter will not be taken on mere technicality of rules and it would be taken keeping the energy security of the country in mind. [caption id=attachment_875081 align=alignright width=380 strongNew Delhi:/strong In a relief
strongMumbai:/strong Reliance Industries' telecom arm will increase its staff strength by nearly three-fold this year to 10,000 as it gears up to launch fourth generation (4G) services. Company Chairman Mukesh Ambani, however, did not give any timeframe for the launch of services and said he would give more details only in next AGM about the product and the launch. Hopefully, next year same time I will be able to give more information about the product and the launch, RIL Chairman and Managing Director Mukesh Ambani said while addressing company shareholders. [caption id=attachment_848703 align=alignright width=380 strongMumbai:/strong Reliance Indus
Even though shareholders had several queries about Reliance Industries growth plans, especially in the telecom space, chairman Mukesh Ambani remained tight-lipped about his 4G roll out plans but did give out big investment numbers. He also highlighted that shale gas will be its prime growth focus in the near future. Production from shale gas will be in excess of one third of our aggregate production this year, RIL chairman Mukesh Ambani said during the annual general meeting, adding that the company's revenues have doubled from US shale gas. Ana href=http://economictimes.indiatimes.com/markets/analysis/telecom-shale-gas-biz-to-be-next-cash-cow-for-ril-analysts/articleshow/20458164.cms target=_blankem Economic Times /em article,/a quoting analysts pointed out that shale gas is going to be the front runner in Reliance's growth story as its production might just exceed that of KG-D6 basin. [caption id=attachment_848543 align=alignright width=380 Even though shareholders had severa
Reliance Industries Chairman Mukesh Ambani poses as he arrives for the company's annual general meeting in Mumbai on June 6, 2013. India's largest private firm Reliance Industries plans to invest 1.5 trillion rupees (USD26 billion) in all its businesses over the next three years, its chairman Mukesh Ambani told shareholders. Reliance is India's largest private oil and gas explorer with a strong presence in the petrochemicals and polyester sectors and has expanded into the fast-growing broadband and retail segments in recent years. Reliance Industries Chairman Mukesh
India's Reliance Industries Chairman Mukesh Ambani poses for photographs as he arrives for the company's annual general meeting in Mumbai, India, Thursday, June 6, 2013. Reliance Industries is India's largest private sector company. India's Reliance Industries Chairma
India's Reliance Industries Chairman Mukesh Ambani, right, poses for photographs with mother Kokilaben Ambani, second right, wife Nita Ambani and daughter Isha, left, during the company's annual general meeting in Mumbai, India, Thursday, June 6, 2013. Reliance Industries is India's largest private sector company. India's Reliance Industries Chairma
India's Reliance Industries Chairman Mukesh Ambani arrives for the company's annual general meeting in Mumbai, India, Thursday, June 6, 2013. Behind him are Ambani's son Anant, right, and daughter Isha, left. Reliance Industries is India's largest private sector company. India's Reliance Industries Chairma
Mukesh Ambani (R), chairman of Reliance Industries Limited, poses with his son Akash, daughter Isha (2nd L), wife Nita (C) and mother Kokilaben, before addressing the annual shareholders meeting in Mumbai June 6, 2013. India's Reliance Industries Ltd plans to invest 1.5 trillion rupees ($26.4 billion) in its businesses over three years, Ambani told shareholders on Thursday. Mukesh Ambani (R), chairman of Reli
Shares in Reliance Industries gained ahead of its annual general meeting on Thursday amid speculation the company may have new announcements about a potential tie-up with Reliance Communications Ltd. Reliance Industries, which operates in the telecoms sector via unit Reliance Jio Infocomm, gained 2.8 percent, while Reliance Communications was up 5.4 percent. [caption id=attachment_845169 align=alignleft width=380 Shares in Reliance Industries gaine
strongNew Delhi:/strong With output from Reliance Industries' KG-D6 fields hitting a new low, the petroleum ministry has ordered the Mukesh Ambani-run firm to divert a part of gas allocated to Rashtriya Chemicals and Fertilizers (RCF) to private power plants in Andhra Pradesh. The ministry on 31 May ordered that a part of 2.1 million standard cubic metres per day of KG-D6 gas allocated to RCF's Thal urea manufacturing plant be diverted to Hyderabad-based Bhagaynagar Gas Ltd (BGL) and power plants in Andhra Pradesh under a so-called gas swapping arrangement.[caption id=attachment_838051 align=alignleft width=380 strongNew Delhi:/strong With output
strongNew Delhi/strong: Reliance Industries has reported that natural gas production at its eastern offshore KG-D6 fields dropped to less than 15 million standard cubic metres per day, the lowest level since starting output in April 2009. RIL produced a total of 14.83 mmscmd from Dhirubhai-1 and 3 (D1&D3) 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 May 26, according to a status report of the Directorate General of Hydrocarbons (DGH). RIL has shut half of the 18 wells on D1&D3 field due to high water and sand ingress and a third of 6 wells on MA field due to the same reason. [caption id=attachment_831377 align=alignright width=380 strongNew Delhi/strong: Reliance In
Indian industrialist Mukesh Ambani (2nd R) walks into his office in Mumbai on April 22, 2013. The Indian government is to provide the country's richest man Mukesh Ambani, head of energy giant Reliance Industries, with full-time security from armed commandos, media reports said. Indian industrialist Mukesh Ambani
strongNew Delhi:/strong Reliance Industries has spud its first exploration well in more than five years on the flagging natural gas fields in KG-D6 block as it looks for new reserves to supplement falling output. The MJ-1 exploration well on the Dhirubhai-1 and 3 gas fields in the KG-DWN-98/3 or KG-D6 block was spud in early March and is drilling ahead, said Niko Resources, the firm's minority partner in the Krishna Godavari basin block. [caption id=attachment_674462 align=alignleft width=380 strongNew Delhi:/strong Reliance In
strongNew Delhi:/strong Having suspended audit of Reliance Industries' spending on KG-D6 gas block, the CAG has said that it is not planning to a do a performance audit of the company but wants to examine propriety of expenses made. The Comptroller & Auditor General of India (CAG), which last month suspended audit of spending on the flagging KG-D6 block following differences with over scope and extend of scrutiny, said it is willing to resume the audit. [caption id=attachment_666964 align=alignleft width=380 strongNew Delhi:/strong Having susp
strongNew Delhi:/strong Iraq today shortlisted Reliance Industries and six other firms for developing its Nasiriya oilfield and the construction of an associated 300,000 barrels per day refinery. Besides RIL, French energy giant Total, Russia's Lukoil, CNPC of China and American firm Brown Energy have been shortlisted for the project, according to Iraq's Oil Ministry. Russia's Zarubezhneft and JGC & Tonen General of Japan are the other two shortlisted from 14 companies that expressed interest in taking up the multi-billion dollar project. [caption id=attachment_657492 align=alignleft width=380 strongNew Delhi:/strong Iraq today
An Indian vegetable vendor waits for a buyer at a 'Sabji hat' (veritable market) at Choubaga, close to Kolkata, 30 August 2007. Activists of the Forward Bloc, a senior partner in West Bengal's ruling Left Front, recently ransacked a Reliance Fresh outlet in protest against the entry of Reliance into the retail agricultural business in the state. Following recent attacks on the agri retail stores, the Indian Reliance Industries planned to go slow on the roll out of Reliance Fresh outlets in the state. An Indian vegetable vendor waits fo
strongNew Delhi:/strong In a major relief to Reliance Industries, Defence Ministry has agreed to relax the No-Go zones imposed on its producing KG-D6 gas block and discovery block of NEC-25 in Bay of Bengal and permitted oil and gas activities with certain conditions. The Ministry of Defence (MoD) had in all declared 7 blocks, including RIL's Krishna Godavari basin KG-D6 block and gas discovery area of NEC-25 in the North East Coast (NEC) region, No-Go zones for reasons like overlapping with proposed Naval base or being close to missile launching and Air Force exercise area. [caption id=attachment_647802 align=alignleft width=380 strongNew Delhi:/strong In a major
Is it a prank or is Reliance Industries head Mukesh Ambani at threat from terror group Indian Mujahideen for expressing his support to Gujarat Chief Minister Narendra Modi? A letter hand delivered to the Reliance Industries office in south Mumbai on Sunday has sent the Mumbai police into a tizzy after the writer of the letter threatened an attack on Ambani for backing the Gujarat Chief Minister, a href=http://indiatoday.intoday.in/story/indian-mujahideen-narendra-modi-mukesh-ambani/1/251980.html target=_blankreported emIndia Today/em./a [caption id=attachment_642976 align=alignleft width=380 Is it a prank or is Reliance Indust
strongNew Delhi:/strong Taking a cue from Reliance Industries, Gujarat-government firm GSPC is seeking to price natural gas it will produce from KG basin block at a rate indexed to cost of imported liquid gas (LNG). Gujarat State Petroleum Corp Ltd (GSPC) wants to price gas that it will produce from Deen Dayal West (DDW) gas field in block KG-OSN-2001/3 by third quarter of 2013, at a minimum of $ 8.50 per million British thermal unit, excluding local taxes and margin. GSPC, owned by the Gujarat government, will produce a maximum of 5.24 million standard cubic meters per day of gas from the offshore DDW gas field. The gas will land at Mallavaram, near Kakinada in Andhra Pradesh, and can be ferried to customers up to Gujarat through Reliance Gas Transportation Infrastructure Ltd's East-West pipeline. [caption id=attachment_638491 align=alignleft width=380 strongNew Delhi:/strong Taking a cu
strongNew Delhi:/strong Reliance Industries has provided half of the documents sought by CAG and promised to give most of the remaining when the auditor returns to audit its spending on the flagging KG-D6 fields. RIL provided half of the documents to the team of the Comptroller and Auditor General (CAG) during their three-week stay at the company's office at Mumbai beginning January 9 and wrote to it that the rest, barring a small 10 percent, would be given when the auditor promised to return on February 11. [caption id=attachment_637585 align=alignleft width=380 strongNew Delhi:/strong Reliance In
strongNew Delhi:/strong BP, Europe's second biggest oil company, and Reliance Industries will invest $5 billion in developing untapped gas reserves in the KG-D6 block as the partners attempt to reverse the fall in gas production. Besides detailing $5 billion investment plan over next 3-5 years, BP Chief Executive Bod Dudley and RIL Chairman Mukesh Ambani in their first joint meeting with the Oil Minister M Veerappa Moily may have also discussed the dispute with CAG over audit of spendings in flagging KG-D6 gas block. [caption id=attachment_631554 align=alignleft width=380 strongNew Delhi:/strong BP, Europe'
India's biggest private sector company Reliance Industries and the country's largest telecom operator Bharti Airtel each extended nine offers each in the second round of placements at Indian Institute of Management, Ahmedabad. While the first round of placements was below expectation with consulting and investment banking firms making fewer offers, the second round was more or less in line with expectations with more than 30 companies participating this weekend. [caption id=attachment_629036 align=alignleft width=380 India's biggest private sector comp
Mukesh Ambani, chairman of the world's largest refinery, Reliance Industries Ltd, has said the US' development of shale oil and gas will make the country energy-independent as early as 2018, reported emBloomberg./em For many decades, we have heard that the US will be independent of foreign imports of energy, Ambani was quoted as saying in an interview with emCNN/em's Fareed Zakaria . Realistically, it is my judgment this will happen in the next five to seven years. [caption id=attachment_620292 align=alignleft width=380 Mukesh Ambani, chairman of the worl
Reliance Industries Ltd (RIL) is never one to refuse a loan. Even when it is rolling in cash. This is why despite being a net zero-debt company, it continues to raise loans on favourable terms, the latest one being a perpetual dollar bond. India's largest conglomerate has a cash pile of over Rs 75,000 crore, but it has used this to wangle a great deal from lenders to raise Rs 4,300 crore in long-term debt ( $800 million) through perpetual dollar bonds. The money will part-fund the Rs 1 lakh crore capital expenditure programme RIL announced last year. The programme includes expanding its petrochemicals business and ramping up oil and gas exploration. The bond market abroad is awash with liquidity and rates are low. Little wonder that RIL is eager to lock in long-dated funding. Perpetual bonds don't have to be repaid, and at current low rates they can help bring down RIL's average debt costs. The company raised the capital at a coupon rate of 5.875 percent, making it the first issuance of perpetual bonds below six percent in the world. The only risk with dollar-denominated debt is adverse movements in the rupee-dollar rate, but then Reliance has a natural hedge since over 60 percent of its turnover comes from dollar-earning exports. Perpetual bonds are instruments with no maturity date.This means it is up to the company discretion to redeem them anytime after five years. In order to compensate for the fact that investors can never redeem them, companies pay a higher rate than other bonds with a similar credit profile. RIL will pay the interest on the bond to investors on an annual basis. Bond holders can always sell the bond in the secondary market when they need the money. [caption id=attachment_607024 align=alignleft width=380 Reliance Industries Ltd (RIL) is ne
strongMumbai:/strong Reliance Industries, which is sitting on over Rs 75,000 crore in surplus cash, today launched an issue of bonds in Hong Kong and Singapore markets to raise a minimum $500 million (around Rs 2,700 crore), company sources said. This is the fifth time that the Mukesh Ambani-led company is raising long-term debt this fiscal. So far, it has raised $4 billion from overseas in the current financial year. The company is planning to raise at least $500 million by issuing perpetual bonds. The issue hit the markets today and the final amount will depend on the investor appetite. The initial pricing is 6 per [caption id=attachment_604588 align=alignleft width=380 strongMumbai:/strong Reliance Indus
strongMumbai:/strong Reliance Industries, which is sitting on over Rs 75,000 crore in surplus cash, on Monday launched an issue of bonds in Hong Kong and Singapore markets to raise a minimum $ 500 million (around Rs 2,700 crore), company sources said. This is the fifth time that the Mukesh Ambani-led company is raising long-term debt this fiscal. So far, it has raised $4 billion from overseas in the current financial year. [caption id=attachment_604825 align=alignleft width=380 strongMumbai:/strong Reliance Indus
strongNew Delhi:/strong Reliance Industries does not see any threat of work stopping at any of its KG-D6 gas fields and other blocks that figure in the list of 14 areas that have been classified as No-Go areas by the defence ministry. RIL sources said the company has not received any communication from the government to stop work in KG-D6 or any other blocks. The Ministry of Defence has either withdrawn or withheld clearances for exploration and production activity in 47 oil and gas blocks. Of these, 14 have been classified as No-Go areas. RIL's KG-DWN-98/3 or KG-D6 block has been declared as No-Go as it overlaps with a proposed naval base.[caption id=attachment_604842 align=alignleft width=380 strongNew Delhi:/strong Reliance In
Reliance Industries is planning to move forward its maintenance at a crude distillation unit (CDU) at its 580,000 barrels-per-day (bpd) Jamnagar refinery by about a week to February 6 or 7, traders said on Monday. When contacted, Reliance's spokesman was unable to comment on the matter. Traders said the CDU at the export-oriented newer complex will shut for a maximum of 25 days. The maintenance was initially planned for January but it was later postponed to around February 15. [caption id=attachment_604184 align=alignleft width=380 Reliance Industries is planning to
Mukesh Ambani Chairman and Managing Director of Reliance Industries attends the annual meeting of the World Economic Forum (WEF) in Davos January 25, 2013. Mukesh Ambani Chairman and Managing
strongNew Delhi:/strong Reliance Industries has shut its eighth well on the main gas fields in KG-D6 block, leading to output plummeting to all time low of 20.88 mmscmd. RIL, on January 9, shut the well B6 on the main producing fields of Dhiburbhai-1 and 3 (D1&D3) in Krishna Godavari basin KG-D6 block due to water loading, according to a status report of the Directorate General of Hydrocarbons (DGH). [caption id=attachment_598145 align=alignleft width=380 strongNew Delhi:/strong Reliance In