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New Delhi, Apr 23 () Reliance Industries Ltd has cut crude oil processing at its exports-only refinery at Jamnagar in Gujarat in March by close to one-fourth as it joins public sector oil firms in cutting run-rate to align production with a coronavirus-induced slump in fuel consumption. RIL's 35.2 million tonnes a year SEZ refinery processed 2.51 million tonnes of crude oil into fuel in March, a drop of 24 per cent year-on-year, according to data released by the Ministry of Petroleum and Natural Gas on Thursday. However, the company's older refinery at the same site processed 5.7 per cent more crude at 3.01 million tonnes. Refiners started to cut down on crude processing only in the latter half of March after travel restrictions first imposed by states followed by a nationwide lockdown beginning March 25 evaporated fuel demand. Fuel demand in nations where Indian refiners exported products like diesel and petrol has also stalled following the outbreak of the pandemic. Public sector refineries in India processed almost 4 per cent less fuel in March. Private sector Nayara Energy's Vadinar refinery in Gujarat too cut crude processing by a similar proportion. The data showed that RIL's SEZ refinery operated at 83.98 per cent capacity in March, as compared to 110.51 per cent capacity utilisation in the same month a year back. Its old refinery, that caters predominately to the domestic market, operated at 101.67 per cent of its 33 million tonnes a year capacity. PSU refineries operated at 101 per cent of their installed capacity as they used cheap crude to fill depots and storage bunks. RIL's twin refineries at Jamnagar produced 4.16 per cent more petroleum products in March at 7.3 million tonnes. Nayara Energy produced 3.33 per cent fewer petroleum products at 1.64 million tonnes while PSU refineries produced almost 2 per cent less product at 11.95 million tonnes. Overall, Indian refineries processed 5.7 per cent less crude oil at 21.2 million tonnes in March and produced 22.9 million tonnes of petroleum products. Prime Minister Narendra Modi had announced a 21-day lockdown beginning March 25, shutting offices and factories, barring those involved in essential services. Also, flights were suspended, trains stopped plying, vehicles went off the road and cargo movement stopped as most people were asked to stay home to help check the spread of coronavirus. The lockdown has been extended till May 3. In March 2020, the country's petroleum product consumption fell 17.79 per cent to 16.08 million tonnes. Diesel, the most consumed fuel in the country, saw demand contract by 24.23 per cent to 5.65 million tonnes. This is the biggest fall in diesel consumption the country has recorded as most trucks went off-road and railways stopped plying trains. Petrol sales dropped 16.37 per cent to 2.15 million tonnes, while ATF consumption fell 32.4 per cent to 4,84,000 tonnes. However, LPG sales rose 1.9 per cent to 2.3 million tonnes in March. April consumption is likely to be worse with petrol sales collapsing 64 per cent, while diesel slumping by 61 per cent. Aviation turbine fuel (ATF) consumption dropped by 94 per cent as most airlines have stopped flying. ANZ DRR

Reliance cuts crude processing at Jamnagar SEZ refinery by 24 pc

<ul><li><keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> is reportedly in talks to sell a 25% stake in its <keyword id="6394038" type="UNKNOWN" weightage="20" keywordseo="refinery">refinery</keyword> and petrochemicals unit to <keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword>. </li><li>The deal with Aramco - dubbed the world’s most profitable company after it reported a net income of $111 billion last year (twice as much as Apple) - is expected to net $10 billion for Reliance. </li><li>The deal will allow Reliance to finance the expansion of its refinery in <keyword id="6361405" type="LOCATION" weightage="20" keywordseo="jamnagar">Jamnagar</keyword>, Gujarat. </li></ul>Mukesh Ambani’s Reliance Industries is reportedly in talks to sell a 25% stake in its refinery and petrochemicals unit to Saudi Aramco, the state-owned <keyword id="6359072" type="UNKNOWN" weightage="20" keywordseo="oil">oil</keyword> company of <keyword id="50996" type="LOCATION" weightage="20" keywordseo="Saudi-Arabia">Saudi Arabia</keyword>, according to a <a href="https://www.bloomberg.com/news/articles/2019-04-17/reliance-said-to-weigh-refinery-unit-stake-sale-to-aramco-adnoc">Bloomberg </a>report citing sources. The deal with Aramco - dubbed <a href="https://www.nytimes.com/2019/04/01/business/saudi-aramco-profit.html">the world’s most profitable company</a> after it reported a net income of $111 billion last year (twice as much as Apple) - is expected to net $10 billion for Reliance. Markets responded positively to the news, with Reliance's share price up by more than 2% at the close of trading yesterday. In fact, Hemang Jani, the Senior VP of Sharekhan, told ET that he expected a 12-14% upside for Reliance's shares, given the benefit of securing a deep-pocketed investor for one of it's core operations. However, discussions are still at an early stage, They follow <a href="https://www.theweek.in/news/biz-tech/2018/12/18/saudi-arabia-reliance-refinery-petrochem.html">a round of talks </a>in December between Ambani and Khalid al Falih, Saudi Arabia’s oil minister, over potential petrochemical and refinery investments in India. Interestingly, the latter also made it to the wedding of Ambani’s son Akash <a href="https://www.telegraphindia.com/business/saudi-oil-minister-on-second-india-visit/cid/1686508">last month</a>. The refinery and petrochemicals business is extremely important to Reliance’s bottom line, contributing <a href="https://www.livemint.com/companies/news/reliance-eyes-higher-valuation-for-refining-arm-in-likely-aramco-deal-1555500439610.html">three-quarters of its operating profit</a>. The deal makes sense for Reliance. “It is eyeing the expansion of its refinery in Jamnagar and wants to get another investor on board” says Deven Choksey, MD of K R Choksey Securities. “Reliance wants to increase the capacity of the refinery to 100 million tonnes” adds Choksey. “Hence, the investment from Aramco will strengthen its balance sheet, divide the risk and fund the addition of a new plant at the refinery”. Furthermore, the conglomerate will likely use the proceeds from the deal to pay down its increasing debt obligations, which have ballooned <a href="https://www.bloomberg.com/news/articles/2019-04-17/reliance-said-to-weigh-refinery-unit-stake-sale-to-aramco-adnoc">to $32 billion</a> by the end of 2018, following investments in its telecommunications business, Jio. Aramco has also been eyeing the Indian market for a while now and the deal with Reliance will give it a stronger presence in the country’s downstream energy sector. However, that isn’t the only investment it is weighing. Last July, Saudi Aramco and ADNOC, Abu Dhabi’s state oil firm, decided to join hands <a href="https://www.businessinsider.in/saudi-arabia-has-big-plans-for-indias-energy-sector/articleshow/66236777.cms">on a $44 billion refinery project </a>in <keyword id="94802" type="LOCATION" weightage="20" keywordseo="Ratnagiri">Ratnagiri</keyword>, which is in the Indian state of Maharashtra. The two state-backed oil producers are taking a 50% stake in the Ratnagiri project, which is expected to produce 1.2 million barrels per day, while the other half will be owned by a consortium of Indian refiners such as IOC and BPCL. Sources say that Aramco <a href="https://www.thehindubusinessline.com/companies/aramco-will-stay-committed-to-ratnagiri-project/article26866612.ece">is still committed to the Ratnagiri project,</a> regardless of the outcome of deal talks with Reliance. SEE ALSO: <a href="https://www.businessinsider.in/aramco-heres-everything-you-need-to-know-about-the-worlds-most-profitable-companys-debut-bond/articleshow/68814827.cms">Aramco: Here's everything you need to know about the world's most profitable company's debut bond</a> <a href="https://www.businessinsider.in/mukesh-ambani-versus-amazon-walmart-in-india/articleshow/68918092.cms">Mukesh Ambani is clearing the way for the launch of his e-commerce business</a>

Mukesh Ambani might net billions by selling a stake in his refinery business to the ‘world’s most profitable company’

<ul><li><keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> is said to be mulling a plan to increase the capacity of his <keyword id="6361405" type="LOCATION" weightage="20" keywordseo="jamnagar">Jamnagar</keyword> <keyword id="84980" type="ORGANIZATION" weightage="20" keywordseo="petroleum">petroleum</keyword> refinery by around 50%. </li><li>The proposed expansion to the facility, which is the world’s largest refining complex, is expected to cost around $10 billion and will boost the facility’s annual refining capacity to 30 million tonnes of crude oil. </li><li>The move is a direct play at cementing Reliance’s dominance in a market that is positioned to be the world’s fastest growing consumer of fuel within the next two decades. </li></ul>Mukesh <keyword id="10924" type="PERSON" weightage="20" keywordseo="Ambani">Ambani</keyword>’s Reliance Industries Ltd - India’s <a href="https://www.google.co.in/search?q=reliance+market+cap&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=reliance+market+cap&amp;aqs=chrome..69i57j0l5.5080j0j7&amp;sourceid=chrome&amp;ie=UTF-8">most valuable company</a> by market cap, is said to be mulling a plan to increase the capacity of his Jamnagar petroleum refinery by around 50%, anonymous sources told <a href="https://www.bloombergquint.com/business/reliance-said-to-plan-expanding-world-s-largest-refinery-complex#gs.4rgVSFE">Bloomberg</a>. The proposed expansion to the facility, which is the world’s largest refining complex, is expected to cost around $10 billion and will boost the facility’s annual refining capacity to 30 million tonnes of crude oil. It will involve the addition of a new refining train and is part of a plan to increase Reliance’s supply of raw crude for industrial processes as well as diesel for commercial vehicles. The move is a direct play at cementing Reliance’s dominance in a market that is positioned to be the world’s<a href="https://energy.economictimes.indiatimes.com/news/oil-and-gas/india-will-register-highest-gdp-energy-demand-among-all-nations-through-2040-opec-world-oil-outlook-2040/65924579"> fastest growing consumer of fuel</a> within the next two decades, despite the government’s desire to embrace the electrification of vehicles. Having traditionally focused on exports of petrochemicals to markets across Asia, Europe and Africa, the Mukesh Ambani-owned conglomerate is preparing to tap into domestic demand. A number of global oil companies, including the likes of Saudi Aramco, Royal Dutch Shell and Rosneft are looking to make inroads into India’s downstream energy sector. Last month, Khalid A Al-Falih, the chairman of Saudi Aramco, said that the world’s largest oil producing company was assessing <a href="https://www.businessinsider.in/saudi-arabia-has-big-plans-for-indias-energy-sector/articleshow/66236777.cms">a range of investment opportunities</a> in India’s downstream sector. In July, Saudi Aramco and Abu Dhabi National Oil Company (ADNOC), decided to join hands on a $44 billion refinery project in Ratnagiri, in the Indian state of Maharashtra. In addition to expanding its refining capacity, Reliance is also taking big steps in the fuel retailing sector. It was reported last month that the company was <a href="https://www.businessinsider.in/indias-reliance-is-teaming-up-with-bp-in-a-move-that-could-send-the-countrys-state-owned-fuel-giants-into-a-tailspin/articleshow/66331991.cms">tying up with British Petroleum</a> to launch 2,000 fuel retail outlets across India by 2022. The current expansion plan is still in early stages and is expected to be finalised keeping a start date of 2020 in mind. In September 2017, Reliance was reported to be deliberating on a plan to increase the refining capacity of its Jamnagar plant by as much <a href="https://www.livemint.com/Industry/5TB0GQSisKsj1KRumETYhN/Reliance-Industries-plans-major-expansion-at-its-Jamnagar-oi.html">as 40% by 2030.</a> The move was envisioned to follow the completion of a <a href="https://www.livemint.com/Industry/RPXW920S8N2UlP5CPecR0N/RIL-commissions-worlds-largest-ROGC-complex-at-Jamnagar.html">$16 billion expansion initiative </a>that started in 2014. However, the plan was temporarily put on hold while the conglomerate doubled down on its telecom investments. SEE ALSO: <a href="https://www.businessinsider.in/indias-reliance-is-teaming-up-with-bp-in-a-move-that-could-send-the-countrys-state-owned-fuel-giants-into-a-tailspin/articleshow/66331991.cms">India's Reliance is teaming up with BP in a move that could send the country's state-owned fuel giants into a tailspin</a> <a href="https://www.businessinsider.in/reliance-industries-just-beat-tata-consultancy-services-to-become-indias-highest-valued-company/articleshow/65212268.cms">Reliance Industries just beat Tata Consultancy Services to become India’s highest-valued company</a> <a href="https://www.businessinsider.in/saudi-arabia-has-big-plans-for-indias-energy-sector/articleshow/66236777.cms">Saudi Arabia has big plans for India's energy sector</a>

India’s Reliance Industries is reportedly planning to boost the capacity of the world’s largest petroleum refinery by 50%

<keyword id="6487" type="CITY" weightage="80" keywordseo="Reliance-Industries-Ltd">Reliance Industries Ltd</keyword> plans to shut a crude distillation unit (CDU) at its <keyword id="154691" type="COMPANY" weightage="80" keywordseo="Jamnagar-refinery">Jamnagar refinery</keyword> in Gujarat for 10 days in the first half of July for maintenance and <keyword id="6378857" type="ORGANIZATION" weightage="80" keywordseo="repair">repair</keyword>. 

	The other three distillation units, including major secondary processing units will operate normally during this period and the planned maintenance activity will not have any impact on commercial commitments, ET reported on Monday, citing a release by the company. 
 

	According to the company, the routine shut down will also help it carry out necessary modifications to improve the reliability and performance of the unit.
 

	Reliance, owner of the world's biggest refining complex, has two mega-sized refineries in India. The older 660,000-bpd refinery at the complex also has two crude units and mainly caters to domestic demand. 
	 
	(Image: Reuters)

Reliance Industries to shut Jamnagar CDU for 10 days

<keyword id="9450522" type="UNKNOWN" weightage="20" keywordseo="indian-oil-refineries">Indian oil refineries</keyword> improved operating run rate to an average of 77 per cent of capacity in May as easing of <keyword id="8976170" type="UNKNOWN" weightage="20" keywordseo="lockdown-restrictions">lockdown restrictions</keyword> helped bring back some of the lost fuel demand, according to oil ministry data. Refineries, which had in April cut down operating rate to as low as 30-40 per cent as lockdown took most vehicles off road, processed 16.34 million tonnes of crude oil in May, 11 per cent more than April but 24 per cent less than a year earlier. <keyword id="6487" type="COMPANY" weightage="20" keywordseo="Reliance-Industries-Ltd">Reliance Industries Ltd</keyword>, which operates the world's biggest oil refining complex at Jamnagar in Gujarat, cut crude processing for a third straight month in May. Its twin refineries operated at an average capacity of 91.72 per cent in May, down from 94.8 per cent in April and 95.4 per cent in March. RIL refineries processed 5.312 million tonnes of crude oil in May, down 12.5 per cent over the previous year. The units had processed 5.314 million tonnes in April. The units produced 6.53 million tonnes of petroleum products in May, down from 7.13 million tonnes a year ago and 6.76 million tonnes in April 2020. Indian Oil Corp (IOC), the nation's biggest oil firm, operated its nine refineries at an average rate of 72.8 per cent in May, up from 53.2 per cent in April. Rosneft-backed Nayara Energy's 20 million tonnes a year Vadinar refinery in Gujarat ran at 91.9 per cent of capacity in May, up from 85.3 per cent capacity in April. India's crude oil production fell 7 per cent to 2.6 million tonnes in May but was higher than April's 2.54 million tonnes. ONGC output was down 2.3 per cent at 1.72 million tonnes mainly due to lower offtake by industries that had been shut due to lockdown. Fields operated by private firms produced over 18 per cent less crude oil, mostly due to lower output from Cairn-operated Rajasthan block. Natural gas production in May dropped 16 per cent to 2.3 billion cubic metres as shutting down of user industries forced companies such as ONGC to cut production. Oil and Natural Gas Corp's (ONGC) output was down 13.2 per cent at 1.8 bcm. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-airtel-share-price-may-gain-as-broadband-plan-rates-fall/articleshow/76525187.cms" data-type="tilCustomLink">Home broadband bills could come down if government cuts its share⁠ — big boost for Reliance Jio and Airtel</a> <a href="https://www.businessinsider.in/india/news/checkout-jagannath-rath-yatra-2020-images-pictures-without-the-lakhs-of-devotees/slidelist/76528249.cms" data-type="tilCustomLink">Contrasting images of the iconic Puri Jagannath Rath Yatra from 2020 and 2019 – without the lakhs of devotees</a>

Oil refineries improve run rate; Reliance cuts crude processing for 3rd straight month

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters</div></div></div><ul><li>Saudi Aramco has agreed to acquire a 20% stake in Reliance Industries' refining and petrochemicals business, which is valued at $75 billion.</li><li>The $15 billion deal between the world's largest oil producer and Asia's richest man, Reliance chairman and largest shareholder Mukesh Ambani, gives the Saudi Arabian company a stake in the world's biggest refinery.</li><li>Reliance will purchase 500,000 barrels of crude oil a day from Saudi Aramco as part of the deal.</li><li><a href="https://markets.businessinsider.com/">View Markets Insider for more stories. </a></li></ul>Saudi Aramco has <a href="https://ril.com/getattachment/7e396e65-30eb-41a0-9763-c59e1675cd3e/Saudi-Aramco-and-Reliance-Industries-Sign-a-Non-Bi.aspx">agreed to acquire</a> a 20% stake in Reliance Industries' refining and petrochemicals business, which is valued at $75 billion.The $15 billion deal between the world's largest oil producer and Mukesh Ambani - Asia's richest man as well as Reliance's chairman and largest shareholder - gives it a stake in the Jamnagar Refinery in India, which can process an unmatched 1.2 million barrels of crude oil per day.The Saudi Arabian oil titan has been investing heavily in refineries as it looks to double its daily processing capacity to as much as 10 million barrels of crude oil by 2030, according to <a href="https://www.bloomberg.com/news/articles/2019-08-12/reliance-to-sell-20-of-refining-to-saudis-at-75-billion-value?srnd=premium-europe">Bloomberg</a>. Meanwhile, Reliance has been seeking to sell off large parts of its assets, which include cell-phone towers and gas fields, to lower its debt - estimated at $32 billion by Bloomberg.Saudi Aramco's profits slumped 12% to just under $47 billion in the first half of this year, <a href="https://www.saudiaramco.com/-/media/publications/corporate-reports/saudi-aramco-h1-2019-half-yearly-report-english.pdf?la=en&amp;hash=1C305066A4A712137399DC1B2A395E71D14FB807">according to its earnings release</a>."I am truly delighted to welcome Saudi Aramco, one of the largest business enterprises in the world, as a potential investor in our Oil to Chemicals division," Ambani said in a statement. "We have a long-standing crude oil relationship with Saudi Aramco and we would be happy to see this further strengthened with this investment."Reliance has agreed to purchase 500,000 barrels of crude oil a day from Saudi Aramco as part of the deal, Ambani said."Saudi Aramco's interest is a strong endorsement of the quality of our assets and operations as well as of the potential of India," he added. <a href="https://www.businessinsider.com/intelligence/future-of-fintech?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=future-of-fintech-2"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/animated-map-shows-cats-spread-across-world-2017-9">Animated map shows how cats spread across the world</a></h3> <div> </div> </div>

Saudi Aramco has struck a $15 billion deal with Asia's richest man for a stake in the world's biggest refinery

Jamnagar (Gujarat) [India], March 1 (ANI): Founder and chairperson of Reliance Foundation Nita Ambspoke on the pre-wedding function of her son <keyword id="20178842" type="General" weightage="20" keywordseo="anant-ambani" source="keywords">Anant Ambani</keyword> with <keyword id="20150572" type="General" weightage="20" keywordseo="radhika" source="keywords">Radhika</keyword> Merchant. She shared the relevance of art and culture and how she is "passionate" about them, saying, "Throughout my life, I have been inspired by arts and culture. It has deeply moved me and I am very passionate about it." While talking about her son's wedding, she mentioned, "When it came to my youngest son <keyword id="20472163" type="General" weightage="20" keywordseo="anant" source="keywords">Anant</keyword>'s wedding with Radhika, I had two important wishes - first, I wanted to celebrate our roots. Jamnagar holds a special place in our hearts and has profound significance. Gujarat is where we come from, it's where Mukesh and his father built the refinery, and I started my career by converting this arid and desert-like area into a lush green township and a vibrant community." "Second, I wanted the celebration to be a tribute to our arts and culture and a reflection of our heritage and culture created by the hands, hearts and hard work of our talented creative minds. Sanskriti aur parampara ye neev hai Bhartiye sabhyata ki aur is prachin aur pavitra Bharat bhumi ko main dil se naman karti hu." Reliance Chairman Mukesh Ambani's youngest son, Anant, is set to tie the knot with industrialist Viren Merchant's daughter, Radhika Merchant. Several celebrities have started arriving for the grand pre-wedding festivities. Earlier, Ranveer Singh and Deepika Padukone arrived in Jamnagar on Thursday. Filmmaker Ayan Mukerji has also reached the city. Meta CEO Mark Zuckerberg also reached the city. Zuckerberg arrived with his wife, Priscilla Chan and the couple received a warm welcome at the airport with white garlands and a traditional dance performance. Pop sensation Rihanna, superstar Shah Rukh Khan, and American singer and songwriter J Brown also arrived in Jamnagar for the three-day pre-wedding celebrations. Apart from J Brown, multi-instrumentalist, songwriter, producer, and bassist Adam Blackstonehas also reached Jamnagar. On Wednesday, the Ambani family organised 'anna seva' to seek the blessings of the local community for the pre-wedding celebrations of Anant Ambani and Radhika Merchant. After the meal, the attendees enjoyed traditional folk music. Famous Gujarati singer Kirtidan Gadhvi stole the show with his singing. At Jogwad village near Reliance Township in Jamnagar, Mukesh Ambani, Anant Ambani and other members of the Ambani family, including Radhika Merchant, served traditional Gujarati food to the villagers. Radhika's maternal grandmother and parents--Viren and Shaila Merchant-- also took part in the 'anna seva'. (ANI)

Nita Ambani speaks on pre-wedding celebration of her son Anant Ambani

New Delhi, India's top billionaires, including Gautam Adani and Sunil Bharti Mittal, mega stars from film industry such as Amitabh Bachchan and Shahrukh Khan and cricketing icons from Sachin Tendulkar to M S Dhoni are among those invited for pre-wedding celebrations of Mukesh Ambani's youngest son, Anant early next month. Ahead of the wedding ceremony in July, guests from around the world have been invited to three-day pre-wedding festivities beginning March 1, at Gujarat's Jamnagar, which houses Ambani's mega oil refineries. Anant Ambani, the youngest of the three children Mukesh Ambani and Nita Ambani have, is set to marry Radhika Merchant - the younger daughter of <keyword id="20720133" type="General" weightage="20" keywordseo="viren-merchant" source="keywords">Viren Merchant</keyword>, CEO of Encore Healthcare, and entrepreneur Shaila Merchant. With Jamnagar not having five-star hotels, ultra-luxury tents housing best of facilities, including tiled bathrooms are being erected for the guests. The guest list includes international business leaders like Meta CEO Mark Zuckerberg, Microsoft founder Bill Gates, Alphabet CEO Sundar Pichai, Adobe CEO Shantanu Narayen, Walt Disney CEO Bob Iger, BlackRock CEO Larry Fink, Adnoc CEO Sultan Ahmed Al Jaber, and EL Rothschild chair Lynn Forester de Rothschild, sources said. Indian business magnates invited include Gautam Adani and family, Tata Sons chairman Natarajan Chandrasekaran , Aditya Birla Group Chairperson Kumar Mangalam Birla, and his family, Godrej family, Infosys chairman Nandan Nilekani, RPSG Group head Sanjiv Goenka, Wipro's Rishad Premji, banker <keyword id="19998917" type="General" weightage="20" keywordseo="uday-kotak" source="keywords">Uday Kotak</keyword>, vaccine maker Serum Institute of India CEO Adar Poonawalla, Airtel chairman Sunil Mittal, Hero's Pawan Munjal, Roshni Nadar of HCL, Zerodha co-founder Nikhil Kamath, entrepreneur Ronnie Screwvala and Sun Pharma's Dilip Sanghi. Top cricketers, including Sachin Tendulkar and family, MS Dhoni and family, Rohit Sharma, K L Rahul, Hardik and Krunal Pandya and Ishan Kishan too are on the invitee list. <keyword id="19897820" type="General" weightage="20" keywordseo="bollywood" source="keywords">Bollywood</keyword> will be represented by mega stars Amitabh Bachchan and family, Abhishek and Aishwarya Rai Bachchan, Shahrukh Khan and family, Amir Khan, Salman Khan, Akshay Kumar and Twinkle Khanna, Ajay Devgn and Kajol, Saif Ali Khan and family, Chunky Pandey, Ranveer Singh and Deepika Padukone, Ranbir Kapoor and Alia Bhatt and <keyword id="19895145" type="General" weightage="20" keywordseo="vicky-kaushal" source="keywords">Vicky Kaushal</keyword> and Katrina Kaif. Madhuri Dikshit and Sriram Nene, Aditya and Rani Chopra, Karan Johar, Boney Kapoor and family, Anil Kapoor and family, <keyword id="19946417" type="General" weightage="20" keywordseo="varun-dhawan" source="keywords">Varun Dhawan</keyword>, Sidharth Malhotra, Shraddha Kapoor and Karisma Kapoor, Rajnikanth and family are are on the invitee list. The three-day-long event will be themed, according to 'Event Guide' sent to the invitees. Chartered flights have been arranged to ferry guests from Delhi and Mumbai to Jamnagar and back. Guests are expected to arrive by mid-day on March 1. Hollywood pop-icon Rihanna, along with Diljit Dosanjh and others, will enthrall the guests with their performances. Day 1 celebrations are called 'An Evening in Everland' where guests are expected to wear elegant cocktail attire. Day 2 will host 'A Walk on the Wildside' with 'jungle fever' being the suggested dress code. It is set to be held outdoors in the Ambanis' animal rescue centre in Jamnagar. The guests will then proceed to 'Mela Rouge' which will be a potpourri of desi activities and the guests will wear their favourite south Asian attires. For Day 3, two events - 'Tusker Trails' and 'Hashtakshar' are planned. The first event will be an outdoor affair where the guests will enjoy the natural beauty of Jamnagar and for the last and final event, they'll be dressed in 'heritage Indian Wear'. All the guests will be provided with personal laundry services, saree drapers and other custom assistance, the nine-page event guide said.

Billionaires to Bollywood: All invited to Anant Ambani's pre-wedding festivities

New Delhi, The government on Tuesday increased the <keyword id="14716344" type="General" weightage="20" keywordseo="windfall-profit-tax" source="Orion">windfall profit tax</keyword> on <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on <keyword id="19342328" type="General" weightage="20" keywordseo="jet-fuel-or-ATF" source="Orion">jet fuel or ATF</keyword> to nil from Rs 1, the notification said. SAED on export of petrol will continue to be zero. The new tax rates will come into effect from Wednesday. India first imposed <keyword id="2378386" type="General" weightage="20" keywordseo="windfall-profit" source="Orion">windfall profit</keyword> taxes on July 1 last year, joining a growing number of nations that tax supernormal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel. A Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) was also levied. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. A windfall tax is levied on domestic crude oil if rates of the global benchmark rise above USD 75 per barrel. Export of diesel, ATF and petrol attract the levy if product cracks (or margins) rise above USD 20 per barrel. Product cracks or margins are the difference between crude oil (raw material) and finished petroleum products. International crude oil prices averaged USD 90.17 per barrel in October. The levy on domestic crude oil dropped to nil in the first half of April as international crude oil prices fell but was back in the second half in step with a rise in rates. Levy on diesel became nil in April but the levy was brought back in August. Levy on ATF became nil in March and was brought back in second half of August. The export tax on petrol was scrapped in the very first review. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). Reliance Industries Ltd, which operates the world's largest single-location oil refinery complex at Jamnagar in Gujarat, and Rosneft-backed Nayara Energy are primary exporters of fuel in the country.

Govt hikes windfall profit tax on crude oil, cuts levy on diesel exports

<ul><li>On March 31, businesswoman <keyword id="7024" type="General" weightage="100" keywordseo="nita-ambani" source="Orion">Nita Ambani</keyword> inaugurated her latest project, the Nita <keyword id="3820" type="General" weightage="80" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> Cultural Centre (NMACC), a first-of-its-kind space for promoting art and culture in India. </li><li>Over the years, Nita Ambani has helmed several noteworthy projects that had an indelible impact on Indian society, starting with the Jamnagar Township Project in 1997. </li><li>She was the first South Asian to be honoured by the Metropolitan Museum of Art in New York for Reliance Foundations’ philanthropic efforts.</li></ul>On March 31, 2023, the Nita Mukesh Ambani Cultural Centre (NMACC) was inaugurated in the presence of some of the world’s biggest stars, fashion icons and the who’s who of Bollywood. Touted as a first-of-its-kind, multi-disciplinary cultural space in the sphere of arts, NMACC is the brainchild of Nita Ambani, the <keyword id="17023665" type="General" weightage="20" keywordseo="first-lady-of-Indian-business" source="Orion">first lady of Indian business</keyword>. An alumnus of the Narsee Monjee College of Commerce and Economics, Nita Ambani is a professional Bharatnatyam dancer, philanthropist, and businesswoman. Over the years, she’s helmed several projects, carving an identity for herself that goes beyond being the wife of India’s richest man, Mukesh Ambani. <cmsannotation type="cmsannotation" annotationid="A woman of many firsts" comment="subhead2" text="A woman of many firsts">A woman of many firsts</cmsannotation> The elder of two sisters, Nita Ambani graduated with a bachelor’s degree in commerce before pursuing a career as a school teacher. It was during this time that she met Mukesh Ambani, the eldest son of Indian businessman Dhirubhai Ambani. They were married in 1985, and have three children — twins Isha and Akash Ambani, and Anant Ambani. Through the years, Nita Ambani has founded various organisations and currently serves as a director of <keyword id="6355199" type="General" weightage="50" keywordseo="Reliance-industries" source="Orion">Reliance Industries</keyword>. She’s also won several accolades for her philanthropic efforts, including the 'Rashtriya Khel Protsahan Award 2017' from the President of India. In 2017, Nita Ambani was also <a href="https://www.firstpost.com/living/nita-ambani-honoured-by-the-met-new-york-for-reliance-foundations-philanthropic-initiatives-3221380.html">honoured </a>by the Metropolitan Museum of Art in New York for Reliance Foundations’ philanthropic efforts. She was the first South Asian to be honoured by the Met in this regard. Prior to this, in 2016, Nita Ambani became the first Indian woman to be elected as a member of the International Olympic Committee. In 2022, she was also <a href="https://gulfnews.com/business/nita-ambani-named-most-powerful-businesswoman-in-asia-1.1706046">named </a>the most powerful businesswoman in Asia by Forbes magazine. <cmsannotation type="cmsannotation" annotationid="Where it all began - the 1997 Jamnagar Township Project" comment="subhead2" text="Where it all began - the 1997 Jamnagar Township Project">Where it all began - the 1997 Jamnagar Township Project</cmsannotation> Nita Ambani’s philanthropic and entrepreneurial journey started with the Jamnagar Township Project in 1997, which she refers to as the turning point in her career. In 1997, a company township for the employees of Reliance’s refinery was constructed at Jamnagar. At the time, Ambani’s twins were only 5, and her youngest, Anant, was just 2, but she still took over the project. 25 years later, in 2022, Nita Ambani topped the list of Fortune India's Most Powerful Women and talked about being the only woman working alongside 75,000 men at Jamnagar. "We worked out of tin sheds in the scorching heat and dust, with temperatures as high as 42 Celsius and no trees to provide relief. The region received less than 400 cm of rain and groundwater was scarce. So, I was literally in charge of creating an oasis in an arid land…I was mistakenly referred to as 'sir' many times," shared Ambani with <a href="https://www.fortuneindia.com/people/i-was-mistakenly-referred-to-as-sir-while-working-among-men-in-jamnagar-nita-ambani/109308">Fortune India</a>. <cmsannotation type="cmsannotation" annotationid="Notable projects founded by Nita Ambani" comment="subhead2" text="Notable projects founded by Nita Ambani">Notable projects founded by Nita Ambani</cmsannotation> Jamnagar was just the start. In 2003 she established the Dhirubhai Ambani International School. She’s currently the chairperson of the school. The school was <a href="https://www.dais.edu.in/">ranked </a>as the best international school in India for ten consecutive years, from 2013 to 2021, by Education World. In 2019, it also <a href="https://digitallearning.eletsonline.com/2019/09/dhirubhai-ambani-international-school-secures-10-th-rank-on-global-ib-list/">ranked 10th </a>on the Global Top 50 IB Schools list by UK’s Education Advisers. In 2010, along with her husband, Nita Ambani started the Reliance Foundation, a non-profit organisation that aims to promote sustainable growth in India. Today, it’s one of the country’s largest non-profit foundations working across multiple sectors — rural transformation, education, health, arts, culture and heritage, and others. In the last two decades, the Reliance Foundation has been awarded several honours, including the internationally acclaimed “Golden Peacock Award” and the Porter Prize in 2015. In 2010, she also launched the Education and Sports for All (ESA) initiative to provide quality education and sporting opportunities to children across India. ESA <a href="https://www.mumbaiindians.com/esa">runs </a>various solo and associated programmes, provides full-time residential football scholarships, and aids school-based basketball programmes all over India, among other ventures. She’s the co-owner of the Indian Premier League (IPL) team, Mumbai Indians which won the title in 2013, 2015, 2017, 2019 and 2020. And she launched Her Circle, a digital platform for women complete with its own discussion panels and social networking app, on International Women’s Day in 2022. She’s also the co-chair of the Mumbai Academy of the Moving Image (MAMI), along with chairperson, actor Priyanka Chopra. MAMI is the public trust responsible for organising the annual international film festival in Mumbai, the Jio MAMI Mumbai Film Festival. Her latest project, NMACC, includes a 2,000 seating capacity grand theatre, a four-storey art house and a Pavilion – a museum-like convertible area of 52,627 sq. ft for art shows and exhibitions, and a studio theatre. <div type="QUIZ" hostid="261" msid="99233151" title="Quiz on Nita Ambani" mstype="1" mssubtype="2"><payload><![CDATA[Quiz on Nita Ambani]]></payload></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/metastable-materials-secures-seed-funding-from-sequoia-indias-surge-others/articleshow/99207020.cms">Recycling startup Metastable Materials secures seed funding from Sequoia India's Surge &amp; others</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/passenger-vehicle-sales-steady-commercial-vehicles-drive-growth-in-march/articleshow/99206199.cms">Passenger vehicle sales steady, commercial vehicles drive growth in March</a>

The many shades of Nita Ambani, the first lady of Indian business

The government has hiked the windfall profit tax on the export of diesel to ₹1 per litre while the levy on domestically produced crude oil has been cut by a fifth, according to an official order. The levy on crude oil produced by companies such as <keyword id="64243" type="General" weightage="80" keywordseo="oil-and-natural-gas-corporation" source="Orion">Oil and Natural Gas Corporation</keyword> (ONGC) has been reduced to Rs 3,500 per tonne from Rs 4,400 per tonne, the order dated March 20 said. The government raised the tax on export of diesel to Re 1 per litre from Rs 0.50, and the same on overseas shipments of ATF remains at nil. The new tax rates come into effect from March 21, the order said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. India first imposed windfall profit taxes on July 1 last year, joining a growing number of nations that tax super normal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel. A Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was also levied. The export tax on petrol was scrapped in the very first review and that on ATF was done away with at the last review on March 4. <keyword id="6487" type="General" weightage="80" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword>, which operates the world's largest single-location oil refinery complex at Jamnagar in Gujarat, and Rosneft-backed <keyword id="6594278" type="General" weightage="80" keywordseo="nayara-energy" source="Orion">Nayara Energy</keyword> are primary exporters of fuel in the country. The government levies tax on windfall profits made by oil producers on any price they get above a threshold of USD 75 per barrel. The levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments. These margins are primarily a difference between the international oil price realised and the cost. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/amazon-deepens-tech-gloom-as-503-firms-lay-off-1-5-lakh-employees-this-year/articleshow/98855180.cms">Amazon deepens tech gloom as 503 firms lay off 1.5 lakh employees this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/three-out-of-four-premium-smartphones-sold-in-2022-were-an-iphone/articleshow/98855033.cms">Three out of four premium smartphones sold in 2022 were an iPhone</a>

Windfall tax on diesel export hiked to ₹1 per litre

Concerns are growing that <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> is being used as a potential back door into <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword> for Russian oil supplies, given the surge in imports, media reports said. The huge blue and red hull of the SCF Primorye came into port at Vadinar in western Gujarat earlier this month. The 84,000-tonne oil tanker, built in 2009 and sailing under the Liberian flag, had arrived from the port at Ust-Luga, a settlement in <keyword id="6358826" type="General" weightage="50" keywordseo="russia" source="Orion">Russia</keyword> near the border with Estonia, The Guardian reported. Until 2017, the Vadinar oil refinery was controlled by Essar � the Indian owner of the Stanlow refinery in Ellesmere Port. Since then a consortium including the sanctioned Russian state-owned oil firm Rosneft and the commodities trader Trafigura, which holds a 24.5 per cent stake, have owned Nayara Energy, which runs the refinery, it said. The tanker's arrival came as India ramped up imports of Russian oil. The nation's willingness to snap up Russian crude at discounts of up to 30 per cent has undermined efforts from the US, Europe, and the UK to deplete Russian President <keyword id="43440" type="General" weightage="50" keywordseo="vladimir-putin" source="Orion">Vladimir Putin</keyword>'s war coffers by curtailing imports. Russia raked in $20bn from oil exports in May, bouncing back to pre-invasion levels. Now, concerns are growing that India is being used as a potential back door into Europe for Russian oil supplies,given the surge in imports, The Guardian said. Before the invasion of Ukraine, India's imports of Russian oil were negligible due to high freight costs. But recently, imports of Russian oil to India have increased. The volumes that India has been buying and exporting, however, suggest that some of the refined Russian crude may ultimately be used in Europe's filling stations. It is not clear where the Russian crude brought into Vadinar on the SCF Primorye will be used. Vadinar's owner declined to comment on the shipment or whether it was shipping Russian oil to Europe, The Guardian reported. In May, India imported about 800,000 barrels of oil per day from Russia in Mayand the rating agency Fitch predicts that imports could soon increase further to 1m barrels per day, or 20 per cent of India's total imports. India, <keyword id="1334" type="General" weightage="50" keywordseo="china" source="Orion">China</keyword> and the United Arab Emirates have picked up the slack as Russian crude oil imports into the EU fell by 18 per cent in May. Putin told the Brics (Brazil, Russia, India, China and South Africa) business summit this week that "Russian oil supplies to China and India are growing noticeably". India's 1.4 billion-strong population gives it reason to seek cheap supplies. But it's a dangerous political game. "India is walking a tightrope," said Alan Gelder, the Vice President of Refining, Chemicals, and Oil Markets at Wood Mackenzie. "If you take too much, you do not want the west to sanction the rest of your economy," The Guardian reported. The Centre for Research on Energy and Clean Air said Jamnagar refinery in Gujarat received 27 per cent of its oil from Russia in May, up from 5 per cent in April. It said about 20 per cent of exported cargoes from Jamnagar left for the Suez Canal, indicating that they were heading to Europe or the US. Shipments were made to France, Italy, and the UK. However, there is no evidence that these shipments included Russian oil, The Guardian reported. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/netflix-confirms-an-ad-supported-tier-is-coming-to-its-streaming-service-by-year-end/articleshow/92438291.cms">Netflix confirms an ad supported tier is coming to its streaming service by year end</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/accenture-cognizant-could-see-revenue-growth-but-a-strong-us-dollar-could-spoil-the-party/articleshow/92437466.cms">Accenture, Cognizant could see revenue growth but a strong US dollar could spoil the party</a>

India might be used as a 'back door' for Russian oil, say media reports

<ul><li><keyword id="6484187" type="General" weightage="80" keywordseo="ril" source="Orion">RIL</keyword> is now entering its fourth capex cycle, says <keyword id="48670" type="General" weightage="50" keywordseo="morgan-stanley" source="Orion">Morgan Stanley</keyword>. </li><li>It has pledged a massive ₹75,000 crore (approx. $9.4 billion) investment into the new energy ecosystem. </li><li>RIL’s investment cycles provided 2-3x value creation for shareholders in the last two decades, says Morgan Stanley. </li><li>“We see up to $60 billion value creation in the new energy business by 2025,” the report says. </li><li>However, if refining margins are hit, <keyword id="10926" type="General" weightage="50" keywordseo="reliance" source="Orion">Reliance</keyword>’s annual debt will go up by $3 billion per annum and impact cash flows. </li></ul>Reliance has always gone big – and every capex cycle it undertakes is bigger and ‘newer’ than the last. The oil to telecom to retail major is now entering into the fourth capex cycle, according to Morgan Stanley, after the company pledged a massive ₹75,000 crore (approx. $9.4 billion) investment into a new energy ecosystem. In his own words, RIL’s chairman <keyword id="3820" type="General" weightage="50" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> called it the most ambitious ever, at the 45th annual general meeting. In its latest report, Morgan Stanley says that every time RIL re-imagined its business, it has executed above investor expectations. “Investment cycles have unwound with around two to three times value creation for shareholders in the last two decades with every decade seeing around $60 billion in market cap creation,” the report says. This fourth cycle will also produce higher value quickly as its new energy pivot is integrated with its chemicals business and its own large captive use. “RIL’s integrated approach on solar panels and mobility/storage batteries, and focus on providing an alternative to China does stand out and we see up to $60 billion value creation in the new energy business by 2025. We raise our base case new energy valuation to $32 billion to account for quicker monetization,” the report says. RIL, which is a net energy consumer at Jamnagar, will make the green choice by putting more solar and green hydrogen projects that can help reduce its own energy costs. Moreso, it will also focus on producing high value added chemicals from its petcoke gasifiers. It will also enter the engineering, procurement and construction business for selling panels and sell panels with solutions on the back of multiple investments in technology to global customers. “We estimate the business to contribute to around $1 billion in EBITDA by 2027,” the report said. How did the past RIL capex cycles work? Starting in 1997 with Jamnagar refinery commissioning, RIL has gone through three important capex cycles so far. These pertain to gas fields at KGD6, the Jamnagar expansion in 2012 and the great re-entry into telecom. While they did create value, it did not come at no cost to the organization in the form of write-offs, impairments and ‘challenged capex’. “In every capex cycle, RIL also had its share of challenges, such as the write off of investments for petcoke gasifiers, telecom spectrum and upstream shale investments,” the report said. RIL had invested in three shale gas assets in 2010 and 2013 but exited them in 2017. In addition to investing in KGD6 block in the Krishna Godavari which is producing over 25 mmscmd of gas, RIL had also invested in Cauvery and Mahanadi basins over the years. RIL also had to rejig its investments in retail between 2006-2010 and emerged stronger in 2015-16, the report said. RIL capex that was challenged <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Challenged capex </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY03-FY10 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$12.5 billion upstream exploration and production -Includes $2.7 billion impairment taken on shale investments </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY12-FY16 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$8 billion capex into petcoke gasifier </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY18 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2 billion spectrum writeoff </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4 billion impact on petcoke gasifier value during hiveoff </td></tr></tbody></table>Source: Morgan Stanley Telecom and retail businesses are ‘settling’ Morgan Stanley believes that the timing for new energy investments is ripe. Its other businesses are unwinding and expected to unwind faster in the future. After kick starting the business with ‘free data’ and still retaining the tag of providing the cheapest data offerings, <keyword id="2003276" type="General" weightage="50" keywordseo="jio" source="Orion">Jio</keyword> is on the verge of reaping benefits. Telecom business has become a three-player market and the report expects the average revenue per user to grow by over 50% over the next four to five 5 years. That means Jio’s revenues can expand to 1.6 times its FY22 levels. It also expects its 5G investments to yield quicker monetization than 4G did. The biggest advantage that new energy investments bring is the global and national support as India pledges to move towards Net Zero emissions by 2070. However, green hydrogen, solar panels and battery technology is a fast evolving sector with new changes afoot. “Policy support in this cycle is also increasing for the new energy vertical and the government recently approved a bill in parliament to raise the use of alternative fuels, provide incentives for investments in new energy and start carbon trading also points to rising total addressable market for RIL – something we saw less of in previous cycles,” the report said. But there is a catch. For its new energy business to run smoothly, RIL needs its refining business to hold steady. Refining margins fund nearly a third of RIL's investment plans and if margins were to decline to cycle low as the business is cyclical — it will reduce operating cash flows by 20% and annual debt would rise by $3 billion, as per Morgan Stanley’s calculations. “While cycle low gross refining margins are not sustainable as there would be a supply response, we do see a net impact of 15% hit to our net asset value as RIL would see its multiple de-rate as well,” the report said. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/jamnagar-is-going-green-but-on-the-back-of-its-oil-and-chemicals-business/articleshow/93859168.cms">Jamnagar is going green but on the back of its oil and chemicals business</a> <a href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms">Gautam Adani’s overly ambitious growth plans can spiral into a massive debt trap: CreditSights report</a> <a href="https://www.businessinsider.in/finance/news/worst-of-times-can-also-be-the-best-of-times-says-anand-mahindra/articleshow/93376032.cms">Worst of times can also be the best of times, says Anand Mahindra</a>

You Searched For "Jamnagar refinery" and got 13 results

Reliance cuts crude processing at Jamnagar SEZ refinery by 24 pc

PTI

Mukesh Ambani might net billions by selling a stake in his refinery business to the ‘world’s most profitable company’

Dilsher Dhillon

India’s Reliance Industries is reportedly planning to boost the capacity of the world’s largest petroleum refinery by 50%

Dilsher Dhillon

Reliance Industries to shut Jamnagar CDU for 10 days

BI India Bureau

Oil refineries improve run rate; Reliance cuts crude processing for 3rd straight month

PTI

Saudi Aramco has struck a $15 billion deal with Asia's richest man for a stake in the world's biggest refinery

Yusuf Khan

Nita Ambani speaks on pre-wedding celebration of her son Anant Ambani

ANI

Billionaires to Bollywood: All invited to Anant Ambani's pre-wedding festivities

PTI

Govt hikes windfall profit tax on crude oil, cuts levy on diesel exports

PTI

The many shades of Nita Ambani, the first lady of Indian business

Srishti Magan

Windfall tax on diesel export hiked to ₹1 per litre

PTI

India might be used as a 'back door' for Russian oil, say media reports

IANS

RIL’s fourth capex cycle will unwind with $60 billion value creation, says Morgan Stanley

Katya Naidu

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