Reliance Industries (RIL), along with partner BP Plc, has submitted a $1.4-billion plan to produce 7 million cubic metres a day of natural gas from KG-D6 deep-sea fields in the Bay of Bengal.
Buoyed by higher margins from its core refining and petrochemical businesses, oil-to-telecoms conglomerat Reliance Industries today reported a 12.5% increase in second-quarter consolidated net profit at Rs 8,109 crore as compared with last year’s figure of Rs 7,206 crore.
Reliance Industries (RIL) hit a record high of Rs 875, up 4% on the BSE ahead of its July-September quarter (Q2FY18) results on Friday.
The government has won the award in an arbitration case against Reliance Industries (RIL), which had disputed the quantum of penalty to be paid for not finishing the promised ‘work programme’ in four oil blocks, according to sources familiar with the matter.
Reliance Industries and its partner BP plc of the UK plan to use a floating production system at high-sea in the Bay of Bengal to bring to production the deepest gas discovery in the flagging KG-D6 block.
Mukesh Ambani-promoted RIL is looking at foraying into power-storage business in a bid to expand its profile in the renewable energy sector. It may also bring on board BP Plc which is already partnering it in oil and gas business.
The government has slapped additional penalty of USD 264 million (about Rs 1,700 crore) on RIL and its partners for producing less than the targeted natural gas from the KG basin block in 2015-16.
Reliance Industries Ltd. plans to refinance a significant portion of about $12 billion of borrowings that mature over the next three years and may sell bonds to repay the debt, according to company executives with knowledge of the matter.
Seven of the top-10 most valued Indian firms together added Rs 40,799.71 crore in market valuation last week, led by RIL that emerged as the biggest gainer.
Oil-to-telecom behemoth Reliance Industries (RIL) on Friday announced bonus shares in the ratio of 1:1. This is the country’s largest bonus issue in India.