Boost for Andhra Pradesh: Mukesh Ambani’s Reliance Industries Limited commits to invest Rs 55,000 crore in 4 years
Posted on 26th February 2018 |
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| In a big fillip to Andhra Pradesh, Reliance Industries (RIL) and its associate companies have made a committed investment of Rs 55,000 crore in the state to facilitate the business of marketing gas and LNG. India gas Solutions Private, a 50:50 joint venture company of RIL, BP International (BP) and Andhra Pradesh Economic Development Board (APEDB) signed a memorandum of understanding (MoU) during the three-day CII Partnership Summit with a committed investment of Rs 40,000 crore. In addition, another Rs 15,000 crore investment has been proposed by Reliance Infocomm for expanding its digital infrastructure operations in the state. RIL and BP announced that they are moving forward to develop discovered offshore gas discoveries in Block KGD6 in Krishna Godavari basin in Andhra Pradesh through three projects with investments of upto Rs 40,000 crore. The development of the three projects is expected to bring a total capacity of 30-35million cubic metres of gas a day of domestic gas production onstream, which is phased over 2020-2022 and will create considerable direct and indirect employment during the construction phase over the next five years. Also, RIL and BP plan to pursue skill development programmes as part of the execution of these projects. Mukesh Ambani, chairman, RIL, had recently met Andhra Pradesh chief minister N Chandrababu Naidu for discussing the business prospects for the state. Besides oil and gas, Reliance Infocomm, a subsidiary of RIL, will commit direct and/or indirect investment to Andhra Pradesh in the field of digital infrastructure, citizen services and industrial development involving an investment of approximately Rs 15,000 crore and is expected to generate over 20,000 new jobs. The company is expected to invest in the proposed Electronic Park in Tirupati and develop infrastructure for the state capital, Amaravati. Meanwhile, as part of other agreements signed at the Summit, Ace Urban Infocity, formerly known as L&T Infocity, has planned to develop a fully integrated innovation technology campus in Visakhapatnam with an investment of `crore. The facility, first of its kind in India, is expected to create 18,000 jobs in IT and ITES innovation. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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