At a time when the policy repo rate is at 6 per cent and three-month government treasury bills are trading at 6.15 per cent, India’s biggest company, Reliance Industries, raised Rs 15 billion of three-month money on Monday at 7.1 per cent.

About the same time last year, Reliance was raising money for two to three months at 6.13-6.15 per cent, much closer to the prevailing treasury bill rate. On Tuesday, Godrej Industries raised money through three-month commercial paper at 7.12 per cent.

Shares of Mukesh Ambani-controlled Reliance Industries Ltd surged nearly 4% on Tuesday emerging as the top gainers on BSE Sensex after Reliance Jio Infocomm Ltd outperformed India’s largest telecom company Bharti Airtel Ltd and Idea Cellular Ltd in monthly subscriber addition in the month of February. According to the data released by the telecom regulator TRAI (Telecom Regulatory Authority of India) on Tuesday, Reliance Jio Infocomm added about 87.4 lakh new subscribers in February.

Mukesh Ambani's Reliance Industries (RIL) and global energy major BP said the two companies had sanctioned the second phase of integrated development for their D6 oil and gas block in the Krishna-Godavari (KG) basin.

"The companies are moving forward to develop the block's discovered deepwater gas fields in an integrated series of projects, bringing new gas production for India," it was stated. This 'satellite cluster' is the second of three projects in the KG-D6 block's integrated development.

Thanks to decontrol of auto fuel prices and the reduced threat of a return of rigorous regulations, Reliance Industries and Essar Oil (Rosneft) have fast-tracked the process of strengthening their fuel retail network. These private-sector companies, which currently have a little over 5,550 retail fuel outlets —less than 10% of the total — will together add another 2,500 over the next couple of years.

A Reliance Industries-JM Financial Asset Reconstruction Company combine is the sole bidder for the bankrupt Alok Industries. Sources familiar with the transaction indicated the resolution plan submitted by the team would require lenders to take a fairly big haircut of between 80% and 85%. Against outstandings of close to Rs 30,000 crore, the RIL-JM Financial combine is understood to have agreed to put in Rs 4,000-4,500 crore. However, it could not be confirmed whether the committee of creditors (comprising lenders to the beleaguered company) had taken a decision on the proposal.

Reliance Industries Ltd (RIL) said today that it has bid jointly with JM Financial Asset Reconstruction Company to acquire the debt ridden textile manufacturer Alok Industries.

In a clarification to stock exchanges, RIL said it is awaiting the outcome of the process.

Reliance Industries (RIL) has been asked by the Directorate General of Hydrocarbons (DGH) to relinquish two deep-sea satellite gas discoveries—D6 and D19—in the KG-D6 block, off India’s east coast after the company told the regulator that it had no immediate plan to develop these fields.

The Comptroller and Auditor General of India (CAG) has pulled up the MMRDA for non-recovery of Rs 7.7 billiion dues from Mukesh Ambani-owned Reliance Industries Limited (RIL), India's largest private sector company.

The CAG report, tabled in Maharashtra Legislature today, said Mumbai Metropolitan Region Development Authority is yet to recover Rs 8.55 billion froms RIL and Starlight Systems Private Limited, as lease premium dues on additional built up area allowed to the lessees in Mumbai's Bandra-Kurla Complex.

NEW DELHI: Reliance Industries (RIL) is selling some of the Eagle Ford shale gas project's ‘assets’ in the US for $100 million to Sundance Energy, marking the company's exit from the second shale gas venture as it sharpens focus on telecom.

The acreages and producing wells assets being hived off are located in Atascosa, La Salle, Live Oak and McMullen Counties of Texas and were not slated to be developed in the near term, the company said in a statement on Tuesday. RIL will retain its interest in the remaining core assets of the Eagle Ford project.

Mukesh Ambani, Reliance Industries on Tuesday, announced an agreement to divest its interest in certain acreage, producing wells and related assets in the western portion of its Eagle Ford shale position for a consideration of $100 Million.

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