Helped by a huge cash pile of over Rs 70,000 crore, corporate giant Reliance Industries has become a debt-free entity — a feat its billionaire chief Mukesh Ambani had promised to achieve about ten months ago.
At the end of last financial year ended March 31, 2012, Reliance Industries Ltd (RIL) had total cash balance of Rs 70,252 crore (USD 13.8 billion), as against an outstanding debt of Rs 68,259 crore (USD 13.4 billion) — making the country’s most valued firm debt free on a net cash basis.
Continue reading Mukesh Ambani keeps promise: RIL becomes debt free
Mukesh Ambani’s next big idea — rollout of commoditised fourth-generation 4G telecom services across the country — is taking concrete shape.
After announcing last month that Nagpur would be a hub for its 4G operations, trials are set to begin for services at Reliance Industries’ (RIL) massive complex in Jamnagar next month, in a pilot before the project is escalated nationwide.
An RIL spokesperson refused to comment.
The megacorp is expected to begin rolling out services using the ultra-fast Long Term Evolution or LTE technology.
Continue reading RIL to start 4G trials in Jamnagar soon
Reliance Industries Ltd is likely to sell coal bed methane (CBM) at a price of at least $10 a unit as the oil ministry feels the company followed the correct procedure of inviting bids on an arm’slength basis but the issue has to be scrutinized by the directorate general of hydrocarbons.
Continue reading Reliance Industries likely to sell CBM for $10 per unit
The Competition Commission of India (CCI) on Tuesday cleared the bid by Reliance Industries Ltd (RIL) to acquire Bharti group’s stake in Bharti AXA life and general insurance companies, its first order on mergers and acquisitions (M and As) since it started scrutinizing them in June.
Continue reading Reliance-Bharti AXA deal gets CCI approval
Expanding its ties with UK’s oil major BP, Mukesh Ambani-led Reliance Industries Ltd (RIL) may soon announce plans to set up multi-billion dollar liquefied natural gas (LNG) import terminal to meet rising demand for gas. RIL, which is likely to source LNG cargoes from BP’s gas fields across the glo
be, could also offer the British energy major an equity stake in the new terminal. The location of the terminal is being finalised, said a source close to the company, adding, it could come up on the western or eastern coast of India.
Continue reading RIL-BP venture eyes ambitious LNG terminal
Reliance Industries Limited (RIL) group president Parimal Nathwani laid the foundation stone for various development works that are to be taken up by the company at Dwarka, on Sunday.
According to a press release, the company will take up development work worth Rs 2.68 crore in Dwarka.
Works will include the construction of well-equipped rest rooms for pilgrims, cloak rooms, drinking water facility and also a museum based on the life of Lord Krishna.
Continue reading Reliance Industries undertakes development work in Dwarka town
Anil Ambani-led Reliance Power on Wednesday asked the Central Government to release the report of the Comptroller and Auditor General (CAG) of India on the audit of Reliance Industries(RIL) KG D6 capital expenditure (Capex).
In the interest of transparency, and to set the matter at rest, the Directorate General of Hydrocarbons (DGH) should publicly disclose the full reports of CAG and other auditors, referred to in the statement, including the identity of auditors and the terms of reference, said Reliance Power Chief Executive Officer J. P. Chalsani while addressing a press conference here.
Continue reading Reliance Power asks for CAG report on KG D6 capital expenditure
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
Ratnagiri Gas and Power Pvt. Ltd may get natural gas supplies from Reliance Industries Ltd (RIL) four months later than scheduled.
We may not be able to receive gas from RIL till after September, when our current fuel supply contract with Petronet LNG Ltd comes to an end, Ratnagiri Gas managing director A.K. Ahuja said over telephone from New Delhi on Tuesday.
Reliance Industries‘ increasing weight in the benchmark indices is causing problems for long-term institutional investors as they are facing regulatory hurdles, a report says.
According to financial services major Credit Suisse’ research report, Reliance Industries’ neutral weight, which has been rising rapidly, is causing problems for all types of ‘long-only’ institutional investors.
The report said domestic index investors are constrained by rule imposed by the regulator that they cannot own more than 10 per cent of their assets under management in a single stock.
Continue reading Reliance Industries’s growing index weight causing problems for lng term investors