Last week, Mint reported that Reliance Industries Ltd (RIL) will be withdrawing from its ongoing arbitration with the government on natural gas pricing. In March, the government approved pricing and marketing freedom for natural gas produced from difficult terrain (albeit capped with a ceiling price). It also said the new rules will be applicable only on conclusion/withdrawal of pending arbitration or litigation pertaining to gas pricing.

India’s largest IT company, Tata Consultancy Services (TCS), has become the third conglomerate to invest large cash holdings in government bonds, a trend that could boost the young debt market but also stir volatility.

TCS ploughed $3 billion into the market from January to March, its annual balance sheet showed last month, shifting funds that totalled 80 percent of its surplus cash position. Previously the company had largely invested in mutual funds.

State-owned IOC, BPCL and HPCL have struck a temporary deal with Reliance Industries and Essar Oil to resume buying petrol and diesel from private refiners on revised terms.

Short of own production, state refiners Indian Oil Corp (IOC), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum Corp (BPCL) buy about 12 million tonnes of diesel annually from Jamnagar refineries of RIL and the Vadinar unit of Essar.

In a major change of stand, Reliance Industries Limited (RIL) has withdrawn an arbitration slapped on January 14, 2015 against the petroleum ministry seeking damages for 81% contract area being taken away in its deepwater block KG-D6. The private explorer had said that the area being taken away includes five discoveries estimated to hold nearly a trillion cubic feet of natural gas.

Mumbai: Reliance Industries Ltd (RIL) on Friday said it has restarted its purified terephthalic acid (PTA) plants at Dahej and is ramping up production to full capacity.

Reliance Industries has restarted its purified terephthalic acid (PTA) plants and is ramping up production to full capacity at Dahej, the company said in a statement. The PTA plants had been shut for a brief period owing to increased water salinity.

"Reliance Industries ensured PTA supplies to downstream customers from its Hazira and Patalganga plants during the brief shutdown at Dahej. Now, the customers will be getting PTA from all three locations," a company spokesperson said.

Reliance Industries has sold its stake in African fuel retailer GAPCO to Total SA of France for an undisclosed sum.

Total, which is already a leading retailer of petroleum products in Africa, will acquire Gulf Africa Petroleum Corporation’s (GAPCO) assets in Kenya, Uganda and Tanzania, sources said.

Mukesh Ambani-led Reliance Industries leads the pack of 56 Indian firms in Forbes’s annual list of the world’s 2,000 largest and most powerful public companies, with the US leading the list with 586 companies.

The 2016 Forbes ‘Global 2000’, a snapshot of the world’s largest companies, shows the dominance of US and China in the current global business landscape.

MUMBAI|NEW DELHI: Reliance Industries (RIL) and joint venture partner BP Plc are moving towards ending their dispute with the government on gas pricing, but are yet to officially approve the proposal for it, industry sources said. RIL and BP declined to comment on the matter.

RIL, BP and their partner Canada's Niko Resources are contemplating pulling out of the arbitration against the government as the government's policy changes announced in March requires them to drop the case if they want to accept the higher gas prices being offered.

Private explorer Reliance Industries (RIL), which is targeting to start production of coal bed methane (CBM) from its Sohagpur (West) block in Madhya Pradesh in FY17, has sought marketing and pricing freedom for the commodity.

On May 17, petroleum minister Dharmendra Pradhan reviewed the CBM output in the country that is still lagging way behind targets with the output being a meagre one million standard cubic metres per day (mmscmd).

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