In a damning indictment, the CAG has said Oil Ministry and its technical arm DGH approved notification of now flagging gas discoveries in Reliance Industries' KG-D6 block despite the company not doing enough appraisal.
Mukesh AmbaniReliance Industries (RIL) has rallied nearly 6% to Rs 868 in noon deals on the BSE on back of heavy volumes. The stock opened at Rs 825 and has seen over two-fold jump in trading volumes on the counter.
With new gas price announcement being held hostage to technicalities, British energy giant BP and Niko Resources of Canada have told Oil Ministry that they are party to the arbitration initiated by Reliance Industries on KG-D6 gas production lagging
Uttar Pradesh Chief Minister Akhilesh Yadav has written to Prime Minister Manmohan Singh seeking natural gas from Reliance Industries' coal seam (CBM) blocks for expansion of Phulpur fertiliser plant in his state.
Niko Resources and BP, which partner Mukesh Ambani-promoted Reliance Industries Ltd (RIL) in the KG-D6 block, might not get to increase the price of gas produced from the block, in spite of Cabinet intervention.
The Oil Ministry has asked CAG to quantify the loss to the government caused by Reliance Industries' awarding contracts worth $2.4 billion for developing oil and gas finds in the KG-D6 block on the basis of a single bid.
India is home to the fifth largest group of billionaires in the world and Mukesh Ambani, chairman of Reliance Industries, is the country's richest man with a personal fortune of $18 billion, says a report.
The Aam Aadmi Party (AAP) has sought an investigation into deals in which privately held companies of Reliance Industries Ltd (RIL) Chairman Mukesh Ambani received Rs 6,530 crore through a multi-level transaction routed through two companies in Singapore.
Reliance Industries Ltd (RIL) has denied the Aam Aadmi Party (AAP)’s allegations against the company and its chief Mukesh Ambani. It said the AAP’s “continued tirade&" against RIL appeared to be instigated by vested interests.
Reliance Industries Ltd, owner of the world's biggest oil refining complex, imported 14.2% less crude in January compared with the previous month and continued to skip purchases from Iraq, trade data compiled by Reuters show.
M Veerappa MoilyAmid controversy on natural gas price rise, Petroleum Minister Veerapa Moily told Prime Minister Manmohan Singh Reliance Industries Ltd (RIL)'s contract for KG-D6 fields could not be terminated pending arbitration on output lagging
Nikhil R Meswani wears several hats: The executive director of Reliance Industries is primarily responsible for the petrochemicals division, apart from corporate affairs, taxation policies, and the cricket franchise 'Mumbai Indians'.