New Delhi: Petroleum Minister M Veerappa Moily on Friday refuted allegations of government favouring Reliance Industries (RIL) as "malicious" and said the proposed revision in natural gas price would apply to all companies. The allegations of favouring RIL were made in Delhi at a press conference on Thursday by CPI member of parliament Gurudas Dasgupta.
"The proposed pricing guidelines shall be equally applicable to both the private and public sector companies engaged in production of natural gas," a petroleum ministry statement quoted him as saying.
"It may also be highlighted that more than 60 per cent of the natural gas in India is still produced by the public sector companies. Therefore, the allegation that the price is being revised for the benefit of the private sector is completely misconceived," Moily said.
He said the proposed increase in natural gas price was being done in line with the formula proposed by Prime Minister appointed panel headed by his economic adviser C. Rangarajan and there was compelling economic logic for the proposed price revision, in view of the huge import bill on account of oil and gas to meet the domestic demand. ...
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05:56 AM, May 25, 2013
New Delhi: CPI MP Gurudas Dasgupta has asked Prime Minister Manmohan Singh to intervene in a gas deal that he says deliberately favours Mukesh Ambani's Reliance Industries Limited (RIL). Dasgputa also called for Oil Minister Veerappa Moily to step down for favouring RIL. He said if RIL's sale price of gas to the government is accepted, the government's subsidy burden would rise by Rs 36,000 crore. He said the corresponding...
11:23 AM, May 24, 2013
Mumbai: State-owned energy major Oil and Natural Gas Corporation (ONGC) on Thursday reclaimed the spot as the country's most-valued company, pushing IT giant TCS to the second slot. At the end of trade, ONGC commanded a market value of Rs 2,89,047 crore. This is about Rs 4,428 crore more than TCS's market cap of Rs 2,84,619 crore. ONGC scrip ended 0.82 per cent higher, while TCS lost 1.02 per cent...
04:53 PM, May 16, 2013
New Delhi: Oil Ministry's proposal for an across-the-board near doubling of natural gas prices has been rejected by the Cabinet Secretariat saying a ministerial panel headed by Defence Minister AK Antony did not have powers to do so. The Ministry had sent a draft proposal for the consideration of the Empowered Group of Ministers (EGoM) to price all domestically produced natural gas - be of state-run ONGC or private sector...
04:18 PM, May 15, 2013
New Delhi: Commuters of Delhi Airport Metro, travelling with their families or in groups of two or more, will now get discounts ranging from Rs 20 to Rs 80 per ticket. Delhi Airport Metro Express Private Limited on Tuesday announced the special discounted 'Family Fares'. Under the new scheme, the current tariff of Rs 180 per person between New Delhi Station and Dwarka will come down to Rs 100 if...
03:47 PM, May 14, 2013
New Delhi: Reliance Industries' billionaire chief Mukesh Ambani has kept his annual salary capped at Rs 15 crore for the fifth year in a row, while foregoing nearly Rs 24 crore from the remuneration approved for him by shareholders. Ambani has kept his salary at the country's biggest private sector entity, RIL, unchanged at this level since the fiscal 2008-09. "The Chairman and Managing Director's compensation has been set at...
02:00 PM, May 12, 2013
New Delhi: Reliance Communications on Monday raised mobile call rates by 20-30 per cent across India, a company statement said. "We have now corrected all commitment plans across the country and have increased tariffs by between 20 per cent and 30 per cent," Gurdeep Singh, chief executive officer, Wireless, Reliance Communications, said. "Our headline tariff increase from 1.2 to 1.5 paise per second in October last year did not see...
07:22 PM, May 06, 2013
New Delhi: A consortium of global telecom majors, including Reliance Jio Infocomm and Vodafone, today signed an agreement for constructing the Bay of Bengal Gateway submarine cable system that will link Malaysia and Singapore to the Middle East with connections in India and Sri Lanka. The cable system is likely to carry commercial traffic by the end of 2014. "...consortium members - Telekom Malaysia Berhad (Malaysia), Vodafone Group (UK), Omantel...
03:30 PM, Apr 30, 2013
Seoul: Park Hee-sung, a 78-year-old North Korean former agent who has been held in the enemy South for close to half a century, remains staunchly loyal to his homeland, the ruling Kim family and its Juche ideology of economic self-reliance. A trim, neat man, Park is one of around two dozen North Korean operatives trapped in exile in affluent South Korea. He lives in a charity house in central Seoul...
07:03 AM, Apr 30, 2013
New Delhi: Reliance Communications today said it has partnered with Twitter to launch a prepaid plan for GSM subscribers in the country. The promotional offer will be free for 90 days after which a fee will be charged for the plan. "Reliance Twitter Access Pack, is a promotional offer for a period of 90 days during this T20 cricketing season which comes bundled for all new GSM prepaid subscribers with...
04:44 PM, Apr 23, 2013
New Delhi: Reliance Industries' telecommunications arm will use Bharti Airtel's submarine cable network to provide data connectivity across Asia Pacific, the two Indian companies said on Tuesday. The i2i cable network connects India to Singapore and is wholly owned by Bharti, India's top mobile phone carrier. Bharti and Reliance Jio Infocomm Ltd, unit of Mukesh Ambani-controlled Reliance Industries, will continue to build on this "strategic framework" and consider other mutual...
11:47 AM, Apr 23, 2013
New Delhi: Left parties on Monday lashed out at the government for providing armed commando cover to top corporate leader Mukesh Ambani, saying the common people have been left in the lurch as gruesome incidents of rape keep happening. "It is unprecedented that at a time when such ghastly and gruesome incidents of rape are taking place and people are demanding more security, Z-plus category of security is given to...
04:20 PM, Apr 22, 2013
New Delhi: Reliance Industries Ltd Chairman Mukesh Ambani has said he will be paying for his Z-category security. The DG of CRPF had earlier told CNN-IBN that it would cost Rs 14 lakh a month to provide Mukesh Ambani the security which includes salary, supervision and escort charges. Earlier, Arvind Kejriwal of the Aam Admi Party had protested against the VIP security being provided to Mukesh Ambani. Mukesh Ambani is...
02:59 PM, Apr 22, 2013
New Delhi: Reliance Industries Ltd Chairman Mukesh Ambani is the new entrant to the 'Z' category VIP security club after the Union Home Ministry recently approved an armed commando squad following threat perception to the business tycoon. The Home Ministry has tasked country's lead anti-Naxal operations force CRPF to take the responsibility with immediate effect after the proposal to this effect was cleared by the office of Home Minister Sushil...
05:54 PM, Apr 21, 2013
Mumbai: Reliance Industries shares fell as much as 2.4 per cent on Wednesday after its revenue growth for the January-March quarter missed analyst estimates while profits were broadly in line. Reliance said on Tuesday that net profit for the March quarter rose 32 per cent, but revenue fell 1.4 per cent from a year earlier. The results were out after the close of markets. Shares were down 2.4 per cent...
10:45 AM, Apr 17, 2013
Mumbai: Indian conglomerate Reliance Industries Ltd posted a 32 per cent rise in its quarterly profit on Tuesday, as a rebound in margins at its core refining business offset falling oil and gas revenue. Reliance, controlled by India's richest man, Mukesh Ambani, said net profit in its fiscal fourth quarter which ended on March 31 rose 32 per cent from a year earlier to a higher-than-expected 55.89 billion rupees. Revenue,...
07:27 PM, Apr 16, 2013
New Delhi: The Supreme Court will on Thursday hear appeals filed by Bharti Airtel, Idea Cellular and Vodafone in response to notices sent to them regarding discontinuation of their 3G services in unlicensed cities. On April 8, the Apex Court had directed the telecom department to not take any 'coercive action' against the country's largest mobile phone company Bharti Airtel till Thursday, April 11. Last week, a panel of judges...
08:35 AM, Apr 11, 2013
Mumbai: Morgan Stanley upgrades Reliance Communications Ltd to "overweight" from "equal-weight" on the back of the company's Rs 12 billion fiber optic network sharing deal with the telecom unit of Reliance Industries Ltd. The investment bank raises its fiscal 2014 earnings estimates for Reliance Comm by 125 per cent as a result of the deal and says additional deals could cut net debt by Rs 77 billion. "We see attractive...
09:42 AM, Apr 09, 2013
Shares in Reliance Communications extended gains on Wednesday, a day after announcing a fiber optic network sharing deal with Reliance Jio Infocomm, a unit of Reliance Industries, which is widely seen as benefiting both companies. ...
10:10 AM, Apr 03, 2013
Billionaire Ambani brothers on Tuesday struck a Rs 1,200-crore deal wherein Mukesh will use his younger sibling's optic fibre network for launch of his telecom venture. Under the pact, Mukesh Ambani-led Reliance Industries' telecom arm will hire nationwide optical fibre network of Reliance Communications for the roll-out of 4G services. ...
03:59 PM, Apr 02, 2013
