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<keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="153" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> has got <keyword id="20556884" type="General" weightage="20" keywordseo="government-approval" source="keywords">government approval</keyword> for making additional investments in developing gas reserves in its <keyword id="21402331" type="General" weightage="20" keywordseo="KG-D6" source="keywords">KG-D6</keyword> block in the <keyword id="19929177" type="General" weightage="20" keywordseo="Bay-of-Bengal" source="keywords">Bay of Bengal</keyword> that can add 4 to 5 million standard cubic meters per day to the production, a company official said. Reliance and its partner bp Plc currently produce around 30 mmscmd or about 30 per cent of India's gas production, from the KG-D6 block. At an investors' call announcing the fourth quarter earnings, Sanjay Roy, senior vice-president for exploration and production at <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords">Reliance Industries</keyword> Ltd, said the development plan for incremental production has been approved by the government. "One good aspect of this quarter gone by was that we had an incremental development plan approved by the government, which has the potential to deliver incremental production of 4 to 5 million standard cubic meters (per day) in the coming few years, which would augment the production that we have," he said. He, however, did not give details of the investment approved. Reliance-bp produces some 30 mmscmd of gas from three sets of discoveries in the deep-sea KG-DWN-98/3 or KG-D6 block, the last - MJ oil and gas field - being put into production in May 2023. All three sets of discoveries, with MJ being the deepest, were made more than a decade back and have been progressively put into production. Prior to that, they had brought the R-Cluster field to production in December 2020 and the Satellite Cluster in April 2021. KG-D6 has helped domestic production of natural gas, which is used to generate electricity, make fertilizer or turned into CNG for running automobiles or piped to kitchens for cooking, touching a multi-year high of 99 mmscmd. Total gas demand in the country is around 188 mmscmd, with the difference being met through imports. "When we look at the (domestic) production, we can see clearly there's been a sharp increase in production since FY21. And although the overall domestic production, besides KG-D6, has been flat, KG-D6 production is almost 90 per cent of the incremental domestic gas production," Roy said. Reliance is the operator of the KG-D6 block with a 66.67 per cent stake and bp holds the remaining 33.33 per cent. Reliance has so far made 19 gas discoveries in the KG-D6 block. Of these, D-1 and D-3 -- the largest among the lot -- were brought into production in April 2009, and MA, the only oilfield in the block, was put into production in September 2008. While the MA field stopped producing in September 2018, output from D-1 and D-3 ceased in February 2020. Since then, Reliance-bp invested USD 5 billion in bringing to production three deepwater gas projects in block KG-D6 -- R-Cluster, Satellites Cluster, and MJ. The MJ field is located about 2,000 metres directly below the Dhirubhai-1 and 3 (D1 and D3) fields. It is a high-pressure and high-temperature (HPHT), gas and condensate field. Besides gas, it is to produce 25,000 barrels of condensate per day at peak. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank">Best smartphones under ₹25,000 in India</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

Reliance Industries wins govt nod for additional investment to raise KG-D6 gas output

<ul><li><keyword id="195740" type="General" weightage="100" keywordseo="hero-electric" source="Orion">Hero Electric</keyword> has announced a partnership with <keyword id="9546503" type="General" weightage="20" keywordseo="jio-bp" source="Orion">Jio-bp</keyword> to boost two-wheeler charging and battery swapping infrastructure.</li><li>Jio-bp currently offers battery charging and swapping stations under the Jio-bp <keyword id="72069" type="General" weightage="50" keywordseo="pulse" source="Orion">Pulse</keyword> brand.</li><li>Hero Electric customers will get access to Jio-bp’s charging infrastructure.</li></ul>Indian electric scooter maker Hero Electric announced a partnership with Jio-bp to provide EV charging and battery swapping solutions. Jio-bp is a joint venture between Mukesh Ambani-led <keyword id="6355199" type="General" weightage="50" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> and British oil giant BP that was announced in 2020. The partnership between Hero Electric and Jio-bp will allow the automaker’s customers access to the latter’s charging and battery swapping infrastructure. “In addition to creating solutions for seamless customer journey on Hero Electric and Jio-bp apps, both companies will bring the best of their global learnings in electrification and apply them to the Indian market to create a differentiated customer experience that delights the consumer,” Hero Electric said in a statement. Jio-bp currently has battery charging and swapping stations across the country under the Jio-bp pulse brand. Customers can find nearby stations using the Jio-bp pulse app. Hero Electric currently has over 750 sales and service outlets across the country and has sold over 4.5 lakh electric two-wheelers. “Hero is committed to delivering the best electric mobility solutions to its consumers and this association will fasten the EV growth in the country while strengthening Hero Electric’s vision to transform the e-mobility sector in India,” Hero added. Jio-bp has partnered with other companies in the ecosystem like <a href="https://www.businessinsider.in/business/auto/news/reliance-mg-motor-and-castrol-team-up-to-build-electric-charging-infrastructure-across-india/articleshow/91966297.cms">MG Motor</a> and oil giant Castrol. It also partnered with TVS Motors, another domestic electric scooter maker to provide electric charging facilities for the latter’s two and three wheelers. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/mercedes-benz-says-25-of-its-sales-in-india-will-be-electric-by-2027/articleshow/93771806.cms">Mercedes-Benz says 25% of its sales in India will be electric by 2027, plans to launch three new electric cars this year</a> <a href="https://www.businessinsider.in/business/auto/news/government-is-reportedly-reworking-the-fame-ii-scheme-to-ensure-companies-use-domestic-components/articleshow/93752352.cms">Government is reportedly reworking the FAME-II scheme to ensure companies use domestic components</a> <a href="https://www.businessinsider.in/business/auto/news/ather-450x-gen-3-vs-ola-s1-vs-tvs-iqube-s-electric-scooters-comparison-of-price-and-features/articleshow/93594152.cms">Ather 450X Gen 3 vs Ola S1 vs TVS iQube S – price, specs and features compared</a>

Hero Electric partners with Jio-bp for EV charging and battery swapping solutions

<ul><li><keyword id="10926" type="General" weightage="20" keywordseo="reliance" source="Orion">Reliance</keyword> is expanding its partnerships with automakers to utilise its <keyword id="6434384" type="General" weightage="20" keywordseo="electric-charging-infrastructure" source="Orion">electric charging infrastructure</keyword>. </li><li>After TVS Motor, Reliance’s Jio-bp has now teamed up with <keyword id="5287148" type="General" weightage="20" keywordseo="mg-motor" source="Orion">MG Motor</keyword> to allow MG car owners to charge their vehicles across <keyword id="6447142" type="General" weightage="20" keywordseo="castrol" source="Orion">Castrol</keyword>’s auto service network. </li><li>Jio-bp has also set up two large EV charging facilities – in Mumbai and Delhi. </li></ul>Mukesh Ambani’s Reliance Industries has announced a partnership with British carmaker MG Motor and Castrol, a British oil company, to expand electric charging infrastructure across India. The partnership will see the three companies leverage Castrol’s existing auto service network, thereby giving Reliance a presence across the electric charging network, Castrol another revenue stream and allow MG Motor car owners to charge their cars. Jio-bp and Castrol will also work together to expand the oil company’s auto service network to charge four-wheeler EVs, which will likely require facility upgrades. This will also allow Castrol an opportunity to service electric cars. “The partnership is in line with Jio-bp and MG Motor's commitment to provide vast and reliable charging infrastructure to electric car customers and accelerating EV adoption in India,” the joint statement issued by Jio-bp and MG Motor said. Consumers with EVs can make use of Jio-bp’s charging network using the Jio-bp pulse app. <cmsannotation type="cmsannotation" annotationid="Not the first time Jio-bp has partnered with an automaker" comment="subhead" text="Not the first time Jio-bp has partnered with an automaker">Not the first time Jio-bp has partnered with an automaker</cmsannotation> Earlier in April, Jio-bp announced a partnership with TVS Motor to provide electric charging facilities for TVS’ two and three wheelers. The <a href="https://www.businessinsider.in/business/auto/news/tvs-new-iqube-electric-scooter-comparison-with-ather-450x-and-ola-s1-pro/articleshow/91657740.cms">TVS iQube is the company’s latest electric scooter</a>. Jio-bp, a joint venture between Reliance Industries and BP, was <a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/reliance-and-bp-launch-jio-bp-partnership.html">announced</a> back in 2020, at a time when the Reliance-Aramco deal was still a work in progress. Since the Reliance-Aramco deal went on the backburner, the Mukesh Ambani led company has launched two large EV charging hubs – in Mumbai and Delhi, respectively. It has also set up free EV charging facilities for its employees in a bid to boost EV adoption. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-indian-government-may-soon-have-more-control-over-how-social-media-companies-moderate-content-and-block-users/articleshow/91959142.cms">The Indian government may soon have more control over how social media companies moderate content and block users</a> <a href="https://www.businessinsider.in/business/corporates/news/rakesh-jhunjhunwalas-delta-corp-stock-lost-more-than-a-third-of-its-value-in-two-months/articleshow/91957129.cms">Rakesh Jhunjhunwala’s gamble on this stock is proving to be a bust after it slips 20% in a month</a> <a href="https://www.businessinsider.in/tech/news/new-vpn-rules-expressvpn-removes-its-servers-from-india-other-companies-may-pull-out-too/articleshow/91959389.cms">New VPN rules: ExpressVPN removes its servers from India, other companies may pull out too</a>

Reliance, MG Motor and Castrol team up to build electric charging infrastructure across India

Jio-bp, the fuel retailing joint venture of Reliance Industries Ltd and UK's bp Plc, on Tuesday launched an additive-laced premium <keyword id="6356109" type="General" weightage="100" keywordseo="diesel" source="Orion">diesel</keyword> that the company said gives improved mileage and gives a saving of up to Rs 1.1 lakh per truck. The premium diesel is priced at rates lower than normal or additive-free diesel sold by public sector (PSU) competition. "Jio-bp today announced the launch of its diesel with ACTIVE technology, set to elevate diesel standards for Indian consumers. "The newly launched additivised diesel, available across the company's network will yield annual savings of up to Rs 1.1 lakh per vehicle to truckers owing to (up to) 4.3 per cent improved fuel economy," it said in a statement. The new diesel is being sold at the Jio-bp outlet in Navi Mumbai for Rs 91.30 per litre, while the normal diesel at PSU petrol pumps in the area cost Rs 92.28 a litre. This new high performance diesel offering will be available at all Jio-bp outlets and "will be offered at regular prices with no additional cost for the first time ever in the Indian market," it said. Diesel with ACTIVE technology helps reduce the risk of unscheduled maintenance caused by dirt build up and removes existing dirt from critical engine parts and protects against its build up with ongoing use. It is designed to work across a range of commercial vehicles, and with ongoing use it offers a variety of benefits to drivers and fleet owners. It helps restore and maintain the power of the engine with ongoing use while also reducing the risk of unscheduled vehicle maintenance, it added. Reliance BP Mobility Ltd (RBML) operates under the name 'Jio-bp'. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/the-changing-contours-of-cinema-goers-underperforming-hindi-movies-weigh-down-pvr-inox/articleshow/100271622.cms">The changing contours of cinema-goers &amp; underperforming Hindi movies weigh down PVR Inox</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-in-top-gear-jlr-to-drive-growth-in-fy24/articleshow/100252339.cms">Tata Motors in top gear, JLR to drive growth in FY24</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a>

Jio-bp joint venture launches additive-laced premium diesel

New Delhi, Jul 9 () Global energy supermajor BP plc and Reliance Industries Ltd on Thursday announced the start of their fuel retailing joint venture under the brand 'Jio-bp'. BP had last year bought 49 per cent stake in the 1,400-odd petrol pumps and 31 aviation turbine fuel (ATF) stations owned by Reliance Industries Ltd (RIL) for USD 1 billion. The joint venture, where RIL holds the remaining 51 per cent, has now commenced operations. "Following initial agreements in 2019, bp and RIL teams have worked closely over the past few months in a challenging environment to complete the transaction as planned," the companies said in a joint statement, adding the new fuels and mobility joint venture, Reliance BP Mobility Ltd (RBML), has started operations. Operating under the 'Jio-bp' brand, the joint venture aims to become a leading player in India's fuels and mobility markets. RBML has received the marketing authorisation for transportation fuels, amongst other necessary regulatory and statutory approvals. The joint venture will begin selling fuels and Castrol lubricants with immediate effect from its existing retail outlets, which will be rebranded to 'Jio-bp' in due course. "It will leverage Reliance's presence across 21 states and its millions of consumers through the Jio digital platform. bp will bring its extensive global experience in high-quality differentiated fuels, lubricants, retail, and advanced low carbon mobility solutions," the statement said. India's auto fuel retailing is dominated by public sector oil companies that own the majority of 69,392 petrol pumps in the country. State-owned IOC, BPCL and HPCL own 62,072 petrol pumps and 224 out of the 256 aviation fuel stations in the country. BP and RIL said they expect the venture to grow rapidly to help meet India's fast-growing demands for energy and mobility. "India is expected to be the fastest-growing fuel market in the world over the next 20 years, with the number of passenger cars in the country estimated to grow almost six-fold over the period. RBML aims to expand from its current fuel retailing network of over 1,400 retail sites to up to 5,500 over the next five years," the statement said. This rapid growth will require a four-fold increase in staff employed in service stations -- growing from 20,000 to 80,000 in this period. The joint venture also aims to increase its presence from 30 to 45 airports in the coming years. RIL Chairman and Managing Director Mukesh Ambani said: "Reliance is expanding on its strong and valued partnership with bp, to establish a pan-Indian presence in retail and aviation fuels. RBML will aim to be a leader in mobility and low carbon solutions, bringing cleaner and affordable options for Indian consumers with digital and technology being our key enablers." Bernard Looney, BP chief executive officer, said India has been leading the way with innovations in digital technology, value engineering and new energy solutions. "It is a country that will require more energy for its economic growth and, as it prospers, its needs for mobility and convenience will accelerate. bp has a proud history in India spanning over a century. We are honoured to be a strategic partner with Reliance - India's most valuable company - and pleased that our partnership has grown in both substance and spirit over this past decade," he said. The new joint venture aspires to provide Indian consumers with advanced fuels with lower emissions, electric vehicle charging and other low carbon solutions over time. RBML is also committed to the decarbonisation of its own operations as well as that of its wider ecosystem, the statement said. With its many investments in India and employing around 7,500 people in the oil, gas, lubricants, and petrochemical businesses, BP is one of the largest international energy companies in India. In addition to its gas value chain, retail, aviation fuels, and mobility alliance with RIL, BP's activities include Castrol lubricants, oil and gas trading, clean energy projects through investment in Lightsource bp, IT back-office activities and a new global business services centre. BP owns 33.3 per cent stake in RIL-operated gas blocks in eastern offshore including the flagging KG-D6 block. ANZ ANZ ABM ABM

BP, Reliance to retail fuel under 'Jio-bp' brand

<ul><li><keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> Industries and <keyword id="32848" type="ORGANIZATION" weightage="20" keywordseo="BP">BP</keyword> have started the production from the R Cluster, ultra-deep-water gas field in block KG D6 off the east coast of India.</li><li>KG D6, which is the Krishna Godavari Dhirubhai 6, was Reliance’s first offshore gas field development. </li><li>Located at a water depth of over 2000 meters, it is the deepest offshore gas field in Asia, according to the company. </li></ul>Reliance Industries and BP have started the production from the R Cluster, ultra-deep-water gas field in block KG D6 off the east coast of India. The oil fields in the Krishna-Godavari basin, popularly known as KG-D6, was Reliance’s first offshore gas field development. Discovered in 2002, the KG D6 is also India’s largest deposit of natural gas. Through the three clusters of Reliance in KG D6 – R Cluster, Satellites Cluster and MJ, Located at a water depth of greater than 2000 meters, it is the deepest offshore gas field in Asia, the company said in a statement. . The Mukesh Ambani-led company hopes to produce 15% of India’s total gas consumption. According to <a href="https://www.businesstoday.in/current/corporate/ril-bp-set-start-gas-production-r-series-invest-rs-40000-crore/story/423436.html">reports</a>, production from Satellites Cluster and MJ is expected to begin in FY22. “This is a significant milestone in India's energy landscape, for a cleaner and greener gas-based economy. Through our deep-water infrastructure in the Krishna Godavari basin we expect to produce gas and meet the growing clean energy requirements of the nation,” said <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, Chairman and Managing Director of Reliance Industries Limited in a statement. Reliance and bp are together investing ₹40,000 crore into KG-D6. Earlier, BP had invested $1 billion for a 49% stake in the joint venture called “Jio-bp”, with <keyword id="6484187" type="COMPANY" weightage="20" keywordseo="ril">RIL</keyword> holding 51%. SEE ALSO: <a href="https://www.businessinsider.in/business/news/ikea-india-cfo-says-she-still-has-3500-crore-to-be-spent-in-india-the-pandemic-has-changed-targets-but-not-the-investment-plan/articleshow/79790938.cms">INTERVIEW: Ikea CFO says she still has ₹3,500 crore to be spent in India⁠— the pandemic has changed targets but not the investment plan</a> <a href="https://www.businessinsider.in/science/health/news/india-will-produce-300-million-doses-of-the-russian-sputnik-v-covid-19-vaccine-next-year/articleshow/79795341.cms">India will produce 300 million doses of the Russian Sputnik V COVID-19 vaccine next year</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-shares-new-data-how-the-indian-heartland-is-turning-into-a-business-for-the-e-commerce-giant/articleshow/79792821.cms">Flipkart shares new data on how the Indian heartland is turning into a big business for the e-commerce giant</a>

Reliance and BP start production from KG-D6 oil field – off the coast of Kakinada

New Delhi, Apr 30 () Fair trade regulator CCI on Thursday said it has given nod to a proposed combination between BP Global Investments Ltd and Reliance BP Mobility Ltd (RBPML). The transaction involves transfer of Reliance Industries' and its group entities' entire undertaking related to owning, operating and conducting petroleum retail marketing and related activities in India to RBPML, a combination notice filed with the regulator said. It also involved transfer of certain specified mobile aviation business assets at certain airport locations, which are currently owned and used by Reliance Industries, to RBPML, the notice added. Subsequently, the proposed transaction would involve acquisition of an aggregate 49 per cent of the fully diluted paid-up equity share capital and voting rights in and of RBPML by BP Global, it added. Acquisition of shares would be by way of acquisition of existing equity shares of RBPML from RIL and subscription by BP Global to fresh equity shares of RBPML. BP Global is an investment holding company and holds shares in subsidiaries and associated companies. The regulator in a tweet said it "approves proposed combination between BP Global Investments Limited (BP Global) and Reliance BP Mobility Limited (RBPML)". In another tweet, the Competition Commission of India (CCI) said it "approves proposed acquisition of 100 per cent shares and control of Tech Data Corporation by Tiger Midco LLC". Tiger Midco will acquire the entire stake and control of Tech Data through a merger of Tech Data with Tiger Merger Sub Co, a wholly owned subsidiary of Tiger Midco, a combination notice noted. Tech Data will continue as the surviving corporation after the merger as a direct wholly owned subsidiary of Tiger Midco. Tech Data, a Florida-based corporation listed on NASDAQ, is active globally in the wholesale distribution of technology products and solutions to re-sellers and other customers, while Tiger Midco is a special purpose vehicle set up and managed by investments funds managed by affiliates of Apollo Management, L.P. Separately, CCI said it "approves acquisition of less than 5 per cent shareholding in Intas Pharmaceuticals Limited by Canary Investments Limited and Link Investment Trust II". As per the combination notice, Intas is a vertically integrated global pharmaceutical formulation development, manufacturing, and marketing company. Canary is a Mauritius-based investment company, while Link II is an Indian private trust, the notice noted. SRS HRS

CCI approves combination between BP Global Investments, Reliance BP Mobility

<ul><li>Under the terms of the agreement, INEOS will pay BP a deposit of $400 million and will pay a further $3.6 billion on completion.</li><li>BP staff is expected to transfer to INEOS on completion of the sale.</li><li>In India, BP works in partnership with <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>.BP has exploration and production rights in more than 20 offshore oil and gas blocks and operates fuel retail pumps.</li></ul><keyword id="154952" type="COMPANY" weightage="20" keywordseo="British-energy-group">British energy group</keyword> <a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-agrees-to-sell-its-petrochemicals-business-to-ineos.html">BP sold its petrochemicals business to rival INEOS</a> for $5 billion due to the subdued demand for oil amidst <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword>. The company said this move will further strengthen BP’s balance sheet and will deliver its target for agreed divestments a year earlier than originally scheduled. <div type="Article" hostid="261" msid="76686318" title="The price of petrol and diesel in some of the big cities in India" mstype="2" mssubtype="0"></div> “With today’s announcement we have met our $15 billion targets for agreed divestments a full year ahead of schedule, demonstrating the range and quality of options available to us,” said Brian Gilvary, BP’s chief financial officer. Under the terms of the agreement, INEOS will pay BP a deposit of $400 million and will pay a further $3.6 billion on completion. An additional $1 billion will be deferred and paid in three separate instalments of $100 million in March, April and May 2021 with the remaining $700 million payable by the end of June 2021. BP currently employs over 1,700 staff worldwide. The staff is expected to transfer to INEOS on completion of the sale, the company said in a statement. In India, BP works in partnership with Reliance Industries. BP has exploration and production rights in more than 20 offshore oil and gas blocks and operates fuel retail pumps. Early signs of cash crunch This came after BP earlier this month announced its plans to axe “close to 10,000” jobs, or almost 15% of its workforce globally. The company in an email to employees said that oil prices had plunged <a href="https://energy.economictimes.indiatimes.com/news/oil-and-gas/british-oil-giant-bp-to-cut-10000-jobs/76273722">“well below the level” the group</a> needed “to turn a profit”. BP also raised around <a href="https://energy.economictimes.indiatimes.com/news/oil-and-gas/british-oil-major-bp-raises-nearly-12-billion-in-hybrid-bonds-issue/76444023">$11.9 billion in debt through an issue of hybrid bonds</a> in multiple currencies earlier this month. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/foreign-investment-seems-to-be-trickling-back-but-still-has-some-catching-up-to-do/articleshow/76686162.cms" data-type="tilCustomLink">Foreign investors bring ₹9,400 crore to Indian markets in June so far, but there's still some catching up to do</a> <a href="https://www.businessinsider.in/business/news/fossil-latest-solar-powered-watch-with-straps-made-out-of-plastic-waste-is-now-available-in-india/articleshow/76685912.cms" data-type="tilCustomLink">Fossil’s latest is a solar powered watch with straps made out of plastic waste – but there are only few pieces available</a>

BP sells its petrochemicals business to rival INEOS for $5 billion — meets its divestments target ahead of schedule

<ul><li>Natural gas output from <keyword id="937512" type="COMPANY" weightage="20" keywordseo="Dhirubhai-1">Dhirubhai-1</keyword> and 3 gas fields in the KG-D6 block in the Bay of Bengal started to lag <keyword id="9280858" type="UNKNOWN" weightage="20" keywordseo="company-projections">company projections</keyword> from the second year of production itself in 2010 and the field ceased to produce in February this year much ahead of its projected life. </li><li>The government blamed the phenomenon to the company not sticking to the approved development plan and disallowed over USD 3 billion costs. The company disputed this and dragged the government to arbitration. </li><li>While the two sides have filed their respective pleadings before the three-member arbitration tribunal, final hearings are tentatively scheduled from September to December 2021. </li></ul> <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> has estimated a maximum liability of USD 400 million (₹3,000 crore) in its nine-year old dispute with the government over alleged under-utilisation of capacity at the KG-D6 field due to failure to comply with an approved investment plan. Natural gas output from Dhirubhai-1 and 3 gas fields in the KG-D6 block in the Bay of Bengal started to lag company projections from the second year of production itself in 2010 and the field ceased to produce in February this year much ahead of its projected life. The government blamed the phenomenon to the company not sticking to the approved development plan and disallowed over USD 3 billion costs. The company disputed this and dragged the government to arbitration. In its mega rights issue offer document, Reliance said the central government sent notices to the firm and its partners in the KG-D6 block "disallowing cost recovery for alleged under-utilisation of capacity due to failure to comply with the approved development plan and demanded an additional share of profit petroleum." "The company contended that there are no provisions in the KG-D6 contract which entitle the Central Government to disallow cost recovery on this basis," it said. <keyword id="9280859" type="COMPANY" weightage="20" keywordseo="the-production-sharing-contract">The Production Sharing Contract</keyword> or PSC allows contractors to recovery all their capital and operating cost from the sale of oil and gas discovered and produced from a block before sharing profits with the government. Disallowing certain costs for recovery leads to the government claiming higher profit share. "On November 23, 2011, our company served an arbitration notice on the Central Government seeking to resolve a dispute relating to the cost recovery provisions of the KG-D6 PSC," the firm said. While the two sides have filed their respective pleadings before the three-member arbitration tribunal, final hearings are tentatively scheduled from September to December 2021. "Our potential liability in respect of, or the financial impact of this proceeding on our company, if any, pertains to the additional profit petroleum alleged to be payable to the Central Government, and is estimated to be in the range between USD 200 million and USD 400 million," it said, adding the matter is currently pending. Gas output from D1 and D3 fields in KG-D6 block was supposed to be 80 million standard cubic metres per day but actual production was only 35.33 mmscmd in 2011-12, 20.88 mmscmd in 2012-13 and 9.77 mmscmd in 2013-14. The output continued to drop in the subsequent years and the fields ceased to produce in February this year. "The Government of India (GOI), by its letters dated May 2, 2012, November 14, 2013, July 10, 2014, and June 3, 2016, has disallowed certain costs which the Production Sharing Contract (PSC), relating to Block KGDWN-98/3 (KG-D6) entitles the company to recover. "The company continues to maintain that a contractor is entitled to recover all of its costs under the terms of the PSC and there are no provisions that entitle the GOI to disallow the recovery of any contract cost as defined in the PSC," it said. In these four notices, the government sought USD 247 million (Rs 1,869 crore) of additional profit petroleum after cost recovery was disallowed. The total penalty slapped till 2016, which was in the form of disallowing recovery of cost incurred for missing the target during six years beginning April 1, 2010, was USD 3.02 billion. The PSC allows Reliance and its partners <keyword id="111764" type="COMPANY" weightage="20" keywordseo="BP-Plc">BP Plc</keyword> of the UK and Canada's Niko Resources to deduct all capital and operating expenses from the sale of gas before sharing profit with the government. <keyword id="579522" type="COMPANY" weightage="20" keywordseo="Reliance-BP">Reliance-BP</keyword> had blamed unanticipated sand and water ingress for shutting down of one well after the other, leading to a drop in production. Reliance held 60 per cent interest in block KG-DWN-98/3 or KG-D6 in the Bay of Bengal. BP had 30 per cent and Niko the remaining 10 per cent. Facing cash problems, Niko exited the blocks, leaving Reliance with 66.66 per cent stake and the balance with BP. ANZ ABM

Reliance estimates $400 million liability in KG-D6 cost recovery dispute

<ul><li><keyword id="9349591" type="General" weightage="100" keywordseo="blusmart" source="Orion">BluSmart</keyword> is poised to double its fleet by the end of the year and aims to have over 1,00,000 EVs on its platform by 2025.</li><li>Back in 20221, <keyword id="15125737" type="General" weightage="20" keywordseo="Jio-BP-and-BluSmart" source="Orion">Jio-BP and BluSmart</keyword> joined hands to set up EV charging stations in India.</li><li>BluSmart has the largest fleet of electric cabs and the largest network of EV fast charging stations across Delhi NCR, according to the company.</li></ul>As India rides on the EV bandwagon with the government promoting several use cases, BluSmart is poised to double its fleet by the end of the year and aims to have over 1,00,000 EVs on its platform by 2025. Rishabh Sood, CTO, BluSmart, told IANS that from a charging infrastructure perspective, both state and central government responses have been great and have floated many projects on a PPP basis. With the ever-growing customer base, Sood added, it is imperative to have BluSmart's services up and running with zero downtime and for this, the startup relies on various AWS services to build a strong foundation. Here are the excerpts from an interview: Q: What is BluSmart's USP? How do you differentiate yourself from other players in the <keyword id="6744459" type="General" weightage="20" keywordseo="EV-fleet" source="Orion">EV fleet</keyword> landscape? A: BluSmart is the only ride hailing service in the country that ensures zero emission, zero surge and zero ride denials to its customers and zero financial investment from its driver partners. We believe the source of our sustainable competitive advantage is that we have built multiple small MOATs around various parts of the business, which are collectively keeping us ahead of the curve. On the customer end, by solving for the core issue of hassles of ride booking, cancellations, surge and unclean cars we have been able to build a very loyal customer base. This hassle free experience of zero surge, zero cancellation and clean cars with courteous drivers being achieved every day repeatedly is starting to become a habit. On the driver end, by solving for the core issue of driver partners' inability to buy, own and maintain assets, we have been able to build loyalties on the drier partner side, which is immensely important since they are the brand custodians on the roads and are the ones who uphold the brand promise every time. On the technology side, by solving for the core issue of "fuel being a constraint" with EVs as against ICE powered vehicles where the ride-hails tech historically has not been required to worry about the fuel inside the car. Building a technology backend which is born electric and takes a full stack approach towards solving for ride matching at scale where no human is required to take decisions and the technology optimally guides the drivers right from picking up customers to reaching the nearest EV charging stations when running out of charge. On the partner ecosystem side, by solving for the core issue of having partners who have a purpose and a vision that feeds into each other's ambitions. Having partners like BP Ventures who come with the right global experience around energy and team building. Having partners like JioBP, which is a JV between Reliance and BP in India and having the backing of the largest enterprise in India in building more EV charging infra. Having partners like Tata Motors, who have decades of experience in automobiles and have taken the right stand when it comes to EVs and is able to support the growth ambitions of BluSmart. Q: For India to achieve its vision of reducing emission intensity by 45 per cent by 2030 and reach the net-zero target by 2070, EV would have to go mainstream. What are some of the biggest roadblocks you see today in India, be it in the manufacturing, EV financing, regulatory and policy landscape? A: The country has faced supply and delivery challenges in the past in getting EVs from leading OEMs around the country due to the semiconductor chip crisis in the past 3 years. Since, the supply chain and semiconductor issues have now started to relax, we are seeing an accelerated movement towards vehicle production and delivery. We believe that the manufacturing of EVs needs to be scaled up massively to support the increased adoption of EVs which in turn will lead to economies of scale. Also entry of established players into the EV industry will provide a variety of options to the common man. From a charging infrastructure perspective, both state and central government response have been great and have floated many projects on a PPP basis. We have also partnered up with giants such as Jio BP to help our expansion plans and create more charging infrastructure. Ramping up of charging infrastructure will play a key role in achieving net zero emission. Q: Tell us about the scale of your operations/size of EV fleet in India and your projected growth trajectory over the next 5 years? A: BluSmart currently operates an electric fleet of 2,200+ EVs on its platform. BluSmart Mobility is the most preferred mode of public transportation across Delhi NCR having completed 2.5 million+ all electric trips, covering over 86 million+ clean kms with over 900,000+ app downloads with an app rating of 4.9 out of 5.0 in the last year. It has the largest fleet of electric cabs and the largest network of EV fast charging stations across Delhi NCR. On September 26, 2022, BluSmart expanded geographically and started its operations in Bengaluru as its second city. BluSmart is poised to double its fleet by the end of the year and aims to have over 1,00,000 EVs on our platform by 2025. Q: What has AWS and cloud technology enabled you to do better? A: AWS is our trusted cloud partner for its feature rich and highly performant ecosystem of diversified services. With the ever growing customer base, it is imperative to have BluSmart's services up and running with zero downtime and this is where Amazon CloudWatch helps to preemptively learn metrics breach and remediate the same automatically. BluSmart uses Amazon Aurora, which is designed for exceptionally high performance and availability at a global scale with full MySQL and PostgreSQL compatibility. We adopted Aurora because it gives us the ability to manage our data at a large scale without having to deal with maintenance and optimizations at our end. At BluSmart every decision we make is driven by data hence we wanted a petabyte-scale data warehouse service that makes it simple and cost-effective to efficiently analyze data using existing business intelligence tools therefore we decided to go with Amazon Redshift as it provides constant monitoring of operations, logs, auditing, and traceability. We discovered key improvements in cost and performance for improving speed to market and operational efficiency. During our peak demand periods, we rely on AWS Autoscaling to handle high surge in requests by scaling containers and Database read replicas to provide seamless and elated customer experience. We at BluSmart are focused on the security of our data, infrastructure and resources and we rely on various AWS security services to build a strong foundation. We will continue to explore further on AWS in the future, adding new features and capabilities along the way. Q. In terms of business outcomes, what benefits have you experienced because of running on AWS? Please provide metrics where applicable: A: We have been able to bring efficiency in handling the demand and process performance by reducing the effort of self managing and monitoring the infrastructure. Without having to spend time on infrastructure engineering, developers are able to focus on the core product development which helps us reach the market faster. Usage of autoscaling to handle the load of peak and non peak demands efficiently by dynamic scaling up and scaling down of cloud infra on an intraday basis provided a significant cost advantage over maintaining a dedicated infra for peak loads. Further, periodic snapshots, data replication and disaster recovery strategy helps us mitigate data and infrastructure risks. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/no-hirings-more-layoffs-soon-mark-zuckerberg-to-employees/articleshow/94548917.cms">No hirings, more layoffs soon: Mark Zuckerberg to employees</a> <a href="https://www.businessinsider.in/tech/news/best-amazon-sale-deals-on-laptops-from-lenovo-asus-dell-hp-msi-and-more/articleshow/94359105.cms">Amazon Great Indian Festival Sale: Best deals on laptops from Lenovo, Asus, Dell, HP, MSI and more</a>

You Searched For "reliance bp" and got 10 results

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Reliance estimates $400 million liability in KG-D6 cost recovery dispute

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