Reliance Power Ltd, an Anil Dhirubhai Ambani Group company, has tied up close to Rs 1,600 crore for its group captive power plant project coming up at Butibori industrial area in Nagpur.
The 300 mw power plant being built at the cost of Rs 2,000 crore is the largest project of its kind in the country. The funds for the project have been raised at a debt-equity ratio of 80:20 and the plant is likely to be commissioned by 2011-12.
Continue reading Reliance Power ties up Rs 1,600 cr for Butibori captive power plant
Mukesh Ambani’s Reliance Group has started selling food items such as flour, pulses and edible oil in the open market in Mumbai through a new company, testing the waters before it takes a plunge into the consumer products business.
Within the past three weeks the new company, Reliance Home Products, has introduced wheat flour, cooking oil and pulses under the brand name Healthy Life and a mango drink labelled Good Life, a company official said, adding that soaps, shampoo, tea, coffee, noodles and ketchup will follow soon.
Continue reading Mukesh Ambani’s Reliance Home Products starts selling FMCG
Anil Dhirubhai Ambani Group firm Reliance Mutual Fund today announced a dividend of up to 50 per cent for its two schemes: Reliance Regular Savings Fund and Reliance Equity Opportunities Fund.
The company would pay a dividend of 50 per cent or Rs 5 per unit and 30 per cent or Rs 3 per piece under the equity and balanced options of Reliance Regular Savings Fund, respectively, it said in a statement.
The fund house has also announced a dividend of 20 per cent or Rs 2 per unit under the retail and institutional plans of Reliance Equity Opportunities Fund. It has fixed July 24 as the record date for dividends.
Continue reading Reliance MF announced dividend for two schemes
State-run Oil and Natural Gas Corp (ONGC) has hired an ultra deep-sea drill rig from Reliance Industries Limited (RIL) for four years at close to Rs 3,915 crore.
ONGC has hired the rig Dhirubhai Deepwater KG-1 (earlier christened Deepwater Pacific-1) on an assignment basis for 4,95,000 to 5,10,000 dollar a day for four years.
We received the drillship about 7-10 days back. It is currently under inspection at Kakinada and will be deployed for drilling next month, a senior company official said. After inspection and loading, the rig would move to its first drill location off the west coast.
Continue reading ONGC hires ultra deep-sea drill rig from Reliance Industries
The net profit of oil-to-petrochemicals major Reliance Industries dropped 11.5 percent to Rs.3,636 crore ($759 million) for the quarter ended June 30, compared to the Rs.4,110 crore it netted in the corresponding period last fiscal.
In a regulatory statement Friday, the company also said it has clocked a turnover of Rs.33,309 crore ($7 billion), an increase of 22.6 percent from the Rs.43,050 crore it earned in the year-ago period.
Continue reading Reliance Industries net profit dropped 11.5 percent
Mukesh Ambani-promoted Reliance Petroleum (RPL) today reported a net profit of Rs 105 crore for the first quarter ended June 30, 2009.
Total income of the company was Rs 7,646 crore in the quarter. It started commercial production on March 15, 2009.
The total expenditure during the quarter amounted to Rs 7,425 crore, RPL said in a statement, adding the total capital employed by the company is Rs 34,693 crore.
Continue reading Reliance Petroleum reported Rs 105 cr profit in Q1
Mukesh Ambani can have three helipads at his 27-storey house, Antilia, at Altamount Road.
The state urban development department on Tuesday okayed the setting up of private and commercial helipads on the rooftop, on the side and on the marginal open space of a building. Ambani wanted to have three helipads for the landmark building solely owned and occupied by his family and staff.
The regulations, which are expected to be discussed at the civic improvements committee meeting on July 24, permit the construction of cantilever structures for helipads on the marginal open space of a building. The free tip of a cantilever should be at least 15 feet from the building.
Continue reading Mukesh Ambani helipads get BMC nod
Was the government of India speaking the whole truth when it moved a special leave petition (SLP) in the Supreme Court on Saturday to annul the gas supply deal between warring brothers Mukesh and Anil Ambani?
The Bombay high court upheld the deal between the two brothers as valid in June, forcing the hand of the Union government. Counsel for Anil Ambani have alleged that the SLP was intended to favour Mukesh Ambani by blocking the gas deal.
Continue reading Govt plea in Ambani gas supply dispute may be misleading
Amid a continuing legal battle between the Ambani brothers over gas supply, the elder of the two, Mukesh Ambani, is believed to have met Law Minister Veerappa Moily.
No details could be obtained about what transpired in the meeting late last night and an RIL spokesperson declined to comment.
Besides Moily, Mukesh is also understood to have held extensive consultations with legal experts on the ongoing battle.
Continue reading Mukesh Ambani meets Law Minister, legal experts on gas supply case
The petroleum ministry is considering issuing a notice to Reliance Industries (RIL) for allegedly violating the production sharing contract (PSC) governing supply and production of gas from the KG Basin, a government official in the know of the development said.
The government may even cancel the contract as it claims that the secret family agreement to divide the gas was signed without informing the government. The family agreement in question refers to a memorandum of understanding (MoU) drawn up in 2005, which forms the basis for the division of RIL and parts of which refer to gas supply by RIL to Reliance Natural Resources (RNRL).
Continue reading Reliance Industries may get notice for PSC violation