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Reliance Industries said it would launch super-fast internet in India next month, stressing that partnerships would be its path to growth as it announced a tie up with Microsoft and a stake sale in its oil unit to Saudi Aramco. The group's plans to launch fibre broadband is likely to worry rivals who are struggling to keep up with Jio, billionaire Chairman Mukesh Ambani's telco upstart, which has upended the market with its cheap data plans and become India's top mobile operator by subscribers in just three years. The tech push and the planned stake sale comes as Reliance - India's second-biggest company by market value - looks to bolster its consumer businesses and diversify from its core oil and petrochemicals operations.
Emerging markets currencies came under the shadow of political and global growth worries on Monday, with a defeat for Argentina's business-friendly president Mauricio Macri in primary elections portending renewed weakness for the country's local assets. Early official results showed Argentine voters soundly rejecting Macri's austere economic policies, raising questions about his chances of re-election in October. A coalition backing opposition candidate Alberto Fernandez - whose running mate is former president Cristina Fernandez de Kirchner - led by a wider-than-expected 14 percentage points with 47.1% of votes, with fourth-fifths of ballots counted.
India's Reliance Industries is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco, helping the Indian conglomerate to cut debt and giving Aramco better access to a fast growing market. While terms of the deal are yet to be finalised, Reliance will get roughly $15 billion, including some debt adjustments for the 20% stake, P.M.S. Prasad, Executive Director of Reliance Industries said on Monday, adding the two companies aim to close the deal by March 2020. The deal will see Reliance buy up to 500,000 barrels a day of crude oil from Aramco, Prasad told media after the company's annual general meeting (AGM), noting this would more than double the volumes that Reliance currently purchases from Aramco.
India is set to relax rules for setting up fuel stations after almost two decades, in a move expected to allow companies like Saudi Aramco, Total and Trafigura to gain a foothold in a sector dominated by state-run entities. The new rules - suggested by an expert panel - mirror those in developed nations like the United States and Britain, and would allow convenience stores, shopping malls and hypermarkets to sell fuels if they are eligible, said an oil ministry source. The government panel has recommended allowing marketing rights for sale of gasoil, gasoline and aviation fuel to companies with a net worth of 2.5 billion rupees.
NEW DELHI/LONDON, Aug 6 (Reuters) - Global oil major BP is deepening its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalise on rising demand in Asia's third-biggest economy. BP will own a 49% stake in its new Indian joint venture, with the rest held by Reliance, operator of the world's biggest refining complex. In 2011 BP acquired a 30% stake from Reliance in some of its exploration blocks and formed a gas sourcing and marketing tie-up.
British energy group BP is deepening its ties with Indian industrial company Reliance with a new joint venture for retail service stations and aviation fuel distribution across India, BP said on Tuesday. Reliance will own 51% of the new entity. The two companies expect the deal to close in the first half of next year and to benefit from Reliance's huge Jamnagar refining complex.
A government panel on Wednesday approved a combined penalty of 30.5 billion rupees ($442 million) on telecom operators Bharti Airtel and Vodafone Idea for not providing points of interconnection to Reliance Industries' telecom unit Jio when it began operations in 2016, Indian media reported. India's telecom regulator in 2016 recommended https://uk.reuters.com/article/india-telecoms-fines-idUKL4N1CR4EC the penalty against Bharti, and what were then Vodafone Group Plc's India unit and Idea Cellular, saying the three denied points of interconnection to Jio, a move it termed as anti-consumer and aimed at stifling competition.
India's Reliance Industries Ltd and partner BP said on Tuesday they would start developing a third gas field off India's east coast. The Reliance and BP consortium, in which BP has a 30% stake, are already developing two gas blocks off India's east coast.
India's Reliance Industries has acquired British toy retailer Hamleys, the energy-to-telecoms conglomerate said on Thursday. Reliance Industries, which runs the world's biggest single-location crude oil refinery in western India, has been gradually transforming itself into a consumer-facing behemoth through its retail and telecoms ventures. Through its Reliance Brands subsidiary, the company signed an agreement to buy Hamleys from Hong Kong-listed C Banner International Holdings.
BENGALURU (Reuters) - Global investors are in talks with Reliance Industries Ltd to invest in two infrastructure investment trusts set up to own Reliance Jio's tower and fibre assets, the Economic Times ...
Reliance Industries denied involvement in any arrangements that lead to cash payments for oil supplies to Venezuelan state oil company PDVSA via third parties, and said it is not in violation of any U.S. sanctions, according to a statement from India's giant oil refining company on Saturday. Venezuela's President Nicolas Maduro is funneling cashflow from Venezuelan oil sales through Russian state energy giant Rosneft as he seeks to evade U.S. sanctions designed to oust him from power, according to a Reuters story published on Thursday. One internal PDVSA document indicated shipments of Venezuelan oil to Reliance in April would be settled via Rosneft.
India's Reliance Industries, operator of the world's largest oil refining complex, on Friday said in a statement it was not breaching U.S. sanctions against Venezuela. The company said its recent fuel exports to Venezuela were agreed to before Washington imposed sanctions in January, and that they were meant to settle Reliance's crude oil imports from Venezuela. Reliance said it has been in "continuous communication with the US Department of State regarding its activities in Venezuela" since the imposition of sanctions.
NEW DELHI/MEXICO CITY (Reuters) - Reliance Industries is selling fuels to Venezuela from India and Europe to sidestep sanctions that bar U.S.-based companies from dealing with state-run PDVSA, according to trading sources and Refinitiv Eikon data. Reliance had been supplying alkylate, diluent naphtha and other fuel to Venezuela through its U.S.-based subsidiary before Washington in late January imposed sanctions aimed at curbing the OPEC member's oil exports and ousting Socialist President Nicolas Maduro. At least three vessels chartered by the Indian conglomerate supplied refined products to Venezuela in recent weeks, and another vessel carrying gasoil is expected to set sail to the South American nation as well, according to the sources and data.
NEW DELHI/MEXICO CITY (Reuters) - India's Reliance Industries, operator of the world's biggest refining complex, has turned to selling fuels to Venezuela from India and Europe to circumvent sanctions that bar U.S.-based companies from dealing with state-run PDVSA, according to trading sources and Refinitiv Eikon data. Reliance had been supplying alkylate, diluent naphtha, and other fuel to Venezuela though its U.S.-based subsidiary before Washington in late January imposed sanctions aimed at curbing the OPEC member's oil exports and ousting Socialist President Nicolas Maduro. At least three vessels chartered by the Indian conglomerate supplied refined products to Venezuela in recent weeks, and another vessel carrying gasoil is expected to set sail to the South American nation as well, according to the sources and data.
Reliance Industries Ltd plans to grow the number of low-cost Reliance Trends fashion stores across India to 2,500 from 557 over the next five years and integrate them with its online business, two people briefed on the plans said. The expansion, which has not been reported before, is the latest move by the conglomerate's billionaire owner Mukesh Ambani to grab a dominant share of Indian consumer spending in a struggle with rivals, particularly e-commerce giants Amazon.com Inc and Walmart Inc's Flipkart. Reliance's plans to diversify into e-commerce and expand in fashion come on the heels of India's new foreign investment curbs that have dealt at least a temporary blow to Amazon and Flipkart.
NEW DELHI (Reuters) - Reliance Industries chairman Mukesh Ambani on Tuesday met Saudi Aramco chief executive Amin Nasser to discuss Aramco's businesses including crude, chemicals and non-metallics, the ...
India's Reliance Industries Ltd, operator of the world's biggest refining complex at Jamnagar in western Gujarat, will shut one of its crude refining units from Jan. 16 for about 4 weeks for maintenance. The company said in a statement on Thursday that it also plans to shut a coker unit at the 660,000 barrel-per-day (bpd) plant, which is sited next to a 704,000 bpd export-focused refinery. Reliance has two equal-size crude distillation units at the refinery, which mainly supplies refined fuels for local markets.
(Reuters) - Indian shares fell over 1 percent for the second consecutive session on Friday, dragged by Reliance Industries Ltd after its second-quarter performance failed to please investors, while non-banking ...
Shares in Reliance Industries dropped as much as 7 percent on Friday, the first trading session after it reported record second-quarter results, weighed down by the company's heavy debt and a delay in a key refining project. Indian markets were closed for a holiday on Thursday, but shares in Reliance took a hit on Friday with some investors concerned by the company's debt load and the delay in its $5 billion petcoke gasifier project. Analysts have been counting on the project upgrade, which could boost Reliance's gross refining margins from next quarter.
India's Reliance Industries Ltd (RELI.NS), owner of the world's biggest refining complex, has halted imports of Iranian crude ahead of U.S. sanctions against Tehran's oil sector, its joint chief financial officer said. The United States plans to impose new sanctions on Iran's oil sector from Nov. 4 in a bid to curb Iranian involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile programme. V. Srikanth said Reliance has boosted purchases from other Middle Eastern suppliers and the United States to make up for the loss of Iranian barrels and reduced intake of Venezuelan oil.
Asia's richest man - to make Reliance's consumer businesses as big as its energy operations, which currently contribute the bulk of group revenues and profits. Jio marked a fourth straight quarter of profit in June-September, of 6.81 billion rupees ($93 million), compared with a loss in the same period last year. Reliance, which in August became the first Indian company to reach a market value of 8 trillion rupees, said group consolidated profit rose more than 17 percent in June-September to 95.16 billion rupees.
(Reuters) - India's Reliance Industries Ltd on Wednesday posted a higher consolidated profit for the July to September period, helped by a strong profit in its petrochemicals segment.