Reliance Industries (RIL) is now part of the world Top 75 club with a market capitalization of $122.87 billion. The median market cap of the top 75 companies in the world was $161 billion, according to Bloomberg data. The RIL stock, which has surged 45% over the past 12 months, gave the third best return among the top 100 companies globally by market value after Eli Lilly and Merck.
Oil regulator Petroleum and Natural Gas Regulatory Board (PNGRB) has approved a 37% rise in tariff from April 1 for the pipeline that transports Reliance Industries’ eastern offshore KG-D6 gas to customers. The pipeline primarily transports KG-D6 gas, which has steadily dipped from 69.43 million standard cubic meters per day (mnscmd) achieved in March 2010 to under 3 mnscd. PNGRB said transporting natural gas on the East-West pipeline would cost Rs 71.66 per million British thermal unit (mmBtu) from April 1 as compared to Rs 52.33 per mmBtu tariff.
The NCLT approved Reliance Industries and JM Financial’s joint bid of Rs 5,050 crore to acquire the debt-laden textile firm, Alok Industries. Alok Industries owed its lenders Rs 29,500 crore. The resolution plan was approved by the Committee of Creditors (CoC) in June 2018. The lenders had agreed to take about 83% haircut on their dues. SBI leads the consortium of lenders claiming dues of more than Rs 23,000 crore from Alok Industries.
The NCLT, Ahmedabad Bench, partly allowed the plea by Reliance Industries (RIL) in the ongoing insolvency case of Essar Steel. While the bench allowed RIL to get its Rs 16.41 crore claim registered by the resolution professional as an operational creditor, it, however, rejected its application for a personal hearing. As per the Supreme Court order, only one operational creditor could be heard in this case and hence RIL plea was rejected since its claim is less than 10%, said NCLT. NCLT also held that RIL is not eligible to oppose the Rs 42,000 crore resolution plan submitted by ArcelorMittal.