Mumbai: State-owned fuel marketers are pushing back against a regulatory suggestion to allow Reliance Industries Ltd (RIL) to use their pipelines to sell jet fuel at the Mumbai airport.

Currently, the three public sector oil marketing companies — Bharat Petroleum Corp. Ltd (BPCL), Hindustan Petroleum Corp. Ltd (HPCL) and Indian Oil Corp.

Shareholders of Reliance Industries have approved giving Mukesh Ambani another five years as the Chairman and Managing Director of the company. Ambani, 61, has been on the board of Reliance Industries Ltd (RIL) since 1977 and was elevated as Chairman of the company after the death of his father and group patriarch Dhirubhai Ambani in July 2002.

Consumer-centric businesses would be the focus of Reliance Industries (RIL) in the coming years, indicated its chairman, Mukesh Ambani, while addressing shareholders at the company’s 41st Annual General Meeting on Thursday.

“As the ‘golden decade’ rolls on, our consumer businesses (Reliance Retail and Jio) will contribute nearly as much to the overall earnings of the company as our energy and petrochemical businesses,” he said.

Reliance IndustriesNSE 0.43 % chairman Mukesh Ambani addressed the company's 41st annual general meeting (AGM) at Birla Matushri Sabhagar in Mumbai.

The oil-to-telecom conglomerate continued with its trend of making big announcements related to its telecom arm Jio. In its previous AGM, the company had announced the launch of Jio phone.

Reliance Industries has signed an agreement to acquire US-based open telecom solutions provider Radisys, according to a statement.

The cash acquisition is aimed at cementing Jio's position in futuristic areas such as 5G and Internet of Things (IoT).

NEW DELHI: India’s largest private oil company, Reliance Industries Ltd, and state-run oil refiner-retailers are locked in a dogfight over selling jet fuel to carriers as India is poised to become the world’s third-largest aviation market by 2020.

Mumbai airport has become their latest battleground, with Reliance complaining to authorities and regulators that Bharat Petroleum and Hindustan Petroleum were creating entry barriers by not allowing other jet fuel sellers access to their pipelines feeding the airport.

Mumbai: Reliance Industries Ltd (RIL) is considering an initial public offering (IPO) of its telecom unit Reliance Jio Infocomm Ltd in the next two to three years, a person with knowledge of the matter said.

RIL plans to list Reliance Jio on the exchanges after the company’s consumer businesses, which includes Reliance Jio, overtakes its energy business in terms of revenue, the person said on condition of anonymity.

Lenders to bankrupt textile company Alok Industries have approved a joint resolution plan submitted by Reliance Industries (RIL) and JM Financial Asset Reconstruction Company (JMF ARC). According to the plan, the combine will acquire Alok Industries for Rs 50.50 billion, of which the lenders will receive Rs 40 billion.

The corporate debtor owes banks Rs 295 billion, which means they are taking a haircut of more than 86 per cent.

Shares of Reliance Industries (RIL) hit a new high of Rs 1,031, up 1% on the BSE in intra-day trade on Thursday. The market value of the Mukesh Ambani-led RIL appreciated by 50% from its 52-week low of Rs 686 recorded on July 3, 2017 in intra-day deal.

In past one year, the stock outperformed the market by surging 45% as compared to 14% rise in the S&P BSE Sensex.

The Maharashtra government’s decision in March to partially ban the use of plastic has put the country’s largest polymer producer in recycle mode. The Mukesh Ambani-led Reliance Industries (RIL) is now creating a platform for recycling, building a corpus and setting up a full-fledged sustainability team.

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