Reliance, bp start up second new deepwater gas field in KG D6 block ANI | Updated: Apr 26, 2021 10:06 IST
RIL and bp have been developing three deep-water gas developments in block KG D6 - R Cluster, Satellite Cluster and MJ - which together are expected to produce around 30 mmscmd (1 billion cubic feet a day) of natural gas by 2023, meeting up to 15 per cent of India s gas demand.
The developments will each utilise existing hub infrastructure in the KG D6 block. RIL is the operator of the block with 66.67 per cent participating interest and bp holds 33.33 per cent participating interest.
The satellite cluster is second of the three developments to come onstream following the start-up of R Cluster in December 2020. It had originally been scheduled to start production in mid-2021.
Fitch Ratings said on Tuesday the proposed reorganisation plan by Reliance Industries Ltd (RIL) to transfer its refining, marketing and petrochemical (oil-to-chemicals) businesses to a wholly-owned subsidiary as a step towards facilitating participation by strategic investors in its O2C businesses. We anticipate the reorganisation will have a neutral impact on RIL s credit metrics and rating, it said.
The transfer will be on a slump sale basis subject to attaining the requisite approvals. The consideration for transfer will be in the form of long-term interest-bearing debt of 25 billion dollars to be issued by O2C to RIL.
RIL s external debt is proposed to remain with RIL only. As RIL moves its oil refining, petrochemical and 51 per cent stake in a fuel retail subsidiary among other businesses to O2C, it will continue to hold businesses like textiles and upstream oil & gas, and will act as an incubator for new growth businesses.
Six of top-10 most valued firms add over ₹1.13 lakh crore in cumulative m-cap
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FILE PHOTO: A man walks out of the Bombay Stock Exchange (BSE) building in Mumbai, India, January 3 2020. REUTERS/Francis Mascarenhas/File Photo
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. Updated: 17 Jan 2021, 12:03 PM IST PTI
Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS), HDFC Bank, Infosys, ICICI Bank and Bharti Airtel were the gainers
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NEW DELHI :
Six of the top-10 most valued domestic firms together added ₹1,13,018.94 crore in market valuation last week, with Tata Consultancy Services and Bharti Airtel emerging as the biggest gainers.
Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS), HDFC Bank, Infosys, ICICI Bank and Bharti Airtel were the gainers.