Page 17 - Reliance Industries

Reliance Industries sells REC Solar Norway to Elkem ASA for $22 million

Reliance Industries Ltd on Monday said it will sell REC Solar Norway AS to Oslo-listed Elkem ASA for around USD 22 million. REC Norway is a wholly-owned unit of REC Solar Holdings and is involved in the manufacturing of kerf-based polysilicon in the Scandinavian country. In October 2021, a unit of Reliance acquired Norway's solar panel manufacturer at an enterprise value of USD 771 million as the Indian oil-to-retail conglomerate sought to extend its dominance into alternative energy. "REC Solar Holdings AS, a step-down wholly-owned subsidiary of Reliance Industries Ltd (RIL), has informed that it has, on January 14, 2024, entered into a share purchase agreement with Elkem ASA for the sale of its 100 per cent equity stake in REC Solar Norway AS for an aggregate cash consideration of USD 22 million," RIL said in a stock exchange filing. Founded in 1904, Elkem ASA is a silicon-based material provider, and listed on the Oslo Stock Exchange. "REC Norway, a wholly-owned subsidiary of R

Q3FY24 earnings preview: Consumer business to boost RIL's earnings

Analysts estimate strong performance in consumer businesses to be offset by a decline in O2C earnings

India likely to get its first $1 trn market capitalisation firm by 2032

With a mcap of $213 billion, RIL is currently the most-valued Indian firm

Reliance, Jindal among six firms to get incentives for making electrolysers

Reliance Electrolyser Manufacturing, Jindal India and John Cockerill Greenko Hydrogen Solutions are among the six firms who have emerged as successful bidders for getting incentives to set up facilities to manufacture electrolysers, a critical component required for green hydrogen production. The bids came in response to a tender by Solar Energy Corporation of India (SECI) inviting players for setting up 1.5GW manufacturing capacity for electrolysers, as per a SECI statement. Bids for electrolysers manufacturing were invited on July 7 last year. A SECI statement issued on January 12, 2024, showed that Reliance Electrolyser Manufacturing Ltd has bagged incentives of Rs 444 crore for setting up of 300MW of manufacturing capacities for electrolysers. Similarly, John Cockerill Greenko Hydrogen Solutions Private Ltd and Jindal India Ltd have also bagged incentives of Rs 444 crore each for setting up 300 MW manufacturing capacity of electrolysers each. Ohmium Operations Pvt Ltd has bagg

M-cap of 5 of top-10 most-valued firms jumps Rs 1.99 trn; Reliance shines

Five of the top-10 most-valued firms added Rs 1,99,111.06 crore in market valuation last week, with Reliance Industries emerging as the biggest gainer, in-tandem with bullish sentiments. Last week, the BSE benchmark jumped 542.3 points or 0.75 per cent. Benchmark equity indices Sensex and Nifty surged over 1 per cent to hit their fresh all-time highs on Friday. While Reliance Industries, Tata Consultancy Services (TCS), ICICI Bank, Infosys and Bharti Airtel were the gainers from the top-10 pack, HDFC Bank, Hindustan Unilever, ITC, State Bank of India and Life Insurance Corporation of India (LIC) were the laggards, taking a combined hit of Rs 76,098.67 crore. Reliance Industries added Rs 90,220.4 crore taking its market valuation to Rs 18,53,865.17 crore. The valuation of TCS jumped Rs 52,672.04 crore to Rs 14,20,333.97 crore. Shares of Tata Consultancy Services climbed nearly 4 per cent on Friday after the company reported an 8.2 per cent growth in net income for the December quart

Reliance Industries seeks minimum of $10 to produce gas from coal seams

Reliance Industries Ltd is seeking a minimum USD 10 rate for the gas it plans to produce from coal seams, as it altered its pricing formula to reflect the changed energy scenario. Reliance has sought bids from users for 0.90 million standard cubic meters per day of gas it will produce from coal-bed methane (CBM) block SP (West)_CBM-2001/1 in Madhya Pradesh, according to a tender floated by the company. Users have been asked to quote a premium they are willing to pay over and above 12.67 per cent of the Dated Brent crude oil price. Gas price shall be higher than 12.67 per cent of Dated Brent plus premium 'V'; or the government-declared monthly price for conventional gas. The government-mandated price for January is USD 7.82 per mmBtu. Reliance has set the starting bid price of 'V' at USD 0.50 per million British thermal units - bidders have to quote 'V' higher than USD 0.50. At the current Brent crude oil price of USD 78 per barrel, the minimum gas price comes to USD 10 per mmBtu .

RIL launches Graduate Engineer Trainee programme, to hire engineers

Reliance Industries Ltd, India's largest company, has launched the Graduate Engineer Trainee programme, aiming to hire graduate engineers across businesses - from petrochemicals to new energy. Reliance has opened its entry-level recruitment drive for young engineers named the Graduate Engineer Trainee (GET) 2024 programme from all over India, with an aim to nurture young, high-potential engineering talent for key technical roles across business verticals, the firm said on its website. This year, the application process has been taken online for the first time. Registration for the programme has started from January 11 and will remain open till January 19, the firm said on its website. The online application process -- as opposed to the more commonly used campus recruitment process, wherein companies can visit only a few dozen institutes every year -- is launched with a view to offer equal opportunity to every young engineering student pan-India and democratise access to world-class

Mukesh Ambani re-joins $100 bn club, wealth climbs $2.8 bn to $101.8 bn

The billionaire is the 12th-richest person in the world, ahead of L'Oreal heir Francoise Bettencourt Meyers

RIL, ACME, 7 others selected for govt sops to set up green hydrogen plants

Reliance Green Hydrogen and Green Chemicals, ACME Cleantech Solutions, and Greenko Zero are among the nine firms that have emerged as successful bidders for government's incentives for setting up facilities to produce up to 4.50 lakh tonnes of green hydrogen. On July 10, state-owned Solar Energy Corporation of India (SECI) had invited bids for selection of green hydrogen producers for setting up production facilities of 4,50,000 tonnes of green hydrogen under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme (Mode-1-Tranche-I). As many as 12 companies' bids were qualified for incentives to set up production facilities of 5,49,500 tonnes of green hydrogen, against the offered capacity of 4,50,000 tonnes. A SECI statement issued on January 9 showed Reliance Green Hydrogen and Green Chemicals Ltd has been selected to receive incentives for production of 90,000 tonnes of green hydrogen at a three-year average rate of Rs 18.9 per kg. Similarly, ACME Cleantech ...

GTPL Hathway Q3 net profit dips 38% to Rs 24.67 crore, revenue up 24%

GTPL Hathway Ltd, provider of cable and internet services, on Thursday reported a decline of 38.04 per cent in consolidated net profit at Rs 24.67 crore for the third quarter ended December 31, 2023. The company had posted a net profit of Rs 39.82 crore in the October-December period a year ago, according to a regulatory filing from GTPL Hathway, a firm owned by Reliance Industries Group. However, its total revenue was up 24.1 per cent to Rs 850.87 crore in the December quarter. It was at Rs 685.63 crore in the corresponding period a year ago. During the quarter, its revenue from the Cable TV business was at Rs 660.60 crore and Rs 135.20 crore from internet services. GTPL Hathway's total income, which also includes other income, was up 22 per cent in the December quarter to Rs 860.66 crore. Shares of GTPL Hathway Ltd on Thursday closed at Rs 199 on BSE, down 3.91 per cent from the previous close.

Reliance Ind extends rally, surges over 5% in two days; stock hits new high

RIL has outperformed the market by surging 11 per cent in the past one month, as compared to 2.6 per cent rise in the S&P BSE Sensex

HSBC ranked first for India offshore loans in 2023 helped by Reliance deals

Data compiled Bloomberg show the British bank was the bookrunner on roughly $4 billion of US-currency transactions in 2023

Markets piggyback on Reliance Industries rally; Sensex rises 271 points

Shares of RIL rose 2.7 per cent to end at a new record of Rs 2,650, valuing the firm at Rs 17.93 trillion. The stock surpassed its previous record high of Rs 2,620 on July 20, 2023

Reliance to set up carbon fibre facility in Gujarat, support green growth

Reliance Jio completed the fastest roll-out of 5G infrastructure anywhere in the world

LIVE: Mukesh Ambani says Reliance-Brookfield to open data centre next week

Catch all the latest updates from across the globe here

Reliance Industries committed to make new investments in TN: Mukesh Ambani

Reliance Industries has committed to make new investments in Tamil Nadu in the renewable energy space, said its Chairman and Managing Director, Mukesh D Ambani on Sunday. Reliance Industries would also inaugurate its state-of-the-art data centre that has been set up in partnership with Canada-based Brookfield Asset Management and US-based Digital Reality. In his virtual address at the inaugural function of the Global Investors Meet 2024 organised by the Tamil Nadu government, Ambani said, Reliance has proudly partnered in Tamil Nadu's growth over the years. Listing the company's investments in the state, he said, We have opened nearly 1,300 retail stores across the state at an investment of over Rs 25,000 crore. Jio has invested over Rs 35,000 crore in Tamil Nadu, bringing the fruits of digital revolution to 35 million subscribers in every town and village in the state." The video message was played in the presence of Union Commerce Minister Piyush Goyal, Chief Minister M K Stalin

Ambani says Reliance-Brookfield to open data centre in Chennai next week

Billionaire Mukesh Ambani on Sunday said his firm Reliance Industries in partnership with Canada's Brookfield will open a data centre in Chennai next week, marking entry into the fast-growing market. Reliance had in July last year invested about Rs 378 crore to enter an existing joint venture, where Brookfield Infrastructure and US-based realty estate investment trust Digital Realty were already partners. The three own 33 per cent each in the venture. Speaking at the Tamil Nadu Global Investors Meet here, Ambani, chairman and managing director of Reliance Industries Ltd, said his group is investing in renewable energy and green hydrogen as well as in setting up a data centre in the state. "Reliance has partnered with Canada's Brookfield asset management and US-based Digital Reality to set up a state-of-the-art data centre, which will be opened next week," he said. The Indian data centres market, which is expected to grow 40 per cent a year and draw USD 5 billion in investments by .

TMS Ep601: Reliance's GenAI, global trade in 2024, markets, Congress's NYAY

Why does Reliance want to launch its own GenAI? Can this election year change global trade? Can gold deliver double-digit returns in 2024? What is the Congress party's NYAY promise? Answers here

ONGC wins seven, Reliance-BP one oil, gas blocks in latest bid round

State-owned Oil and Natural Gas Corporation (ONGC) won seven areas for exploration of oil and gas while a consortium of Reliance Industries Ltd and BP Plc walked away with one in the latest bid round. Oil Minister Hardeep Singh Puri said 10 blocks for exploration and production of oil and gas were offered in the eighth round of Open Acreage Licensing Policy (OALP-VIII). Contracts for the 10 blocks were signed on Wednesday morning, he said. Of the 10 blocks offered, ONGC won seven while Reliance-BP, Oil India Ltd and Sun Petrochemicals Pvt Ltd got one area each. Parallelly, three coal-bed methane (CBM) blocks too were awarded and the ninth round of OALP was launched for bidding. "Estimated investments in awarded blocks for a committed exploration work programme is to the tune of USD 233 million," an official note said. India had offered 10 blocks for bidding in the eighth round of the OALP in July 2022. After extending the bid deadline a few times, the round closed in July 2023.

India Inc billionaire promoter club: Count swells to record 152 in 2023

Mukesh Ambani back at the top ahead of Gautam Adani