RIL had in February 2011 announced a “transformational” deal when UK’s BP picked up 30 per cent stake in its 23 oil and gas blocks.
The tough stand was taken after RIL failed to comply with the ministry’s May 2012 notice, asking RIL to compute the government’s share of profit petroleum after deducting the disallowed costs.
Group investment target hiked to R1.8 lakh cr till 2017; 40% earmarked for R-Jio.
The court has issued notice to the petroleum and natural gas ministry and the directorate general of hydrocarbons along with RIL to respond to the plea.
On hold With no clarity, RIL and partners say unable to invest $4 billion.
The case was mentioned before the court of Justice Manmohan who will now take up the case on May 20.
The company’s turnover had declined to Rs 75,817.60 crore in CY13 from Rs 78,246.75 crore in CY12.
Reliance Industries entered the fledgling retail space in 2006 when interest in retail sector was increasing.
Mukesh Ambani led-Reliance Industries’ last month won two offshore exploration blocks in Myanmar
While RIL’s net profit in FY09 was thrice that of TCS, a 29.5 per cent compounded annual growth rate (CAGR) in its net profit over the last five years has enabled TCS to inch close to RIL’s bottomline figure. During the five year period, RIL saw its net profit grow at only 7 per cent.
RIL Group president V Balasubramanian on April 2 wrote to the Chief Election Commissioner VS Sampath.
RIL group president writes to EC that the decision to raise rates was taken months before polls.
Choice was made as the arbitrators appointed earlier had sharp differences of opinion.
If it is proved that RIL deliberately produced less gas from KG-D6, the bank guarantee will be encashed depriving RIL of the incremental revenue.
The Cabinet conditioned its applicability to gas being produced from the main field in KG-D6 block to RIL furnishing a bank guarantee.