Reliance Industries Ltd (RIL) and State Bank of India (SBI), the country’s largest lender, have signed the subscription and shareholders’ agreements for their payments bank venture.

While RIL is the promoter with 70%, SBI will have an equity investment of 30%.

Doing business in overseas markets is fraught with risks; more so when companies enter new markets through leveraged buyouts. But in some cases, the risk taken turns out to be well worth it.

Consider the Tata group. On the face of it, its bravado looks misplaced, as some of its big global bets are backfiring. Its investment in Corus Group Plc.—the largest ever acquisition by the group—is practically a write-off. Now, Brexit threatens to spoil things for Jaguar Land Rover (JLR) and the European operations of Tata Consultancy Services Ltd (TCS).

Reliance Industries (RIL) has sought a probe on reports that the company was a target of illegal phone-tapping along with some government officials a decade ago.

The Indian Express on Friday reported the Essar group had allegedly tapped phones of top RIL officials, various government officials and ministers between 2001 and 2006.

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.

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