Who would cancel all those contracts of natural resources to India incs and MNCs, Mr Kejriwal?Whatever may be the growth rate or fiscal deficit, the growth rate of corporate India is amazing!As the political power lies within right there.

Who would cancel all those contracts of natural resources to India incs and MNCs, Mr Kejriwal?Whatever may be the growth rate or fiscal deficit, the growth rate of corporate India is amazing!As the political power lies within right there.

Indian Holocaust My Father`s Life and Time, Chapter: Nine Hundred nineteen

Palash Biswas

Mobile: 919903717833

Skype ID: palash.biswas44

Email: palashbiswaskl@gmail.com


Who would cancel all those contracts of natural resources to India incs and MNCs, Mr Kejriwal?

"The time has come for the people of this country to reclaim their resources. This kind of crony capitalism cannot be allowed in this country. It has eaten into the country's resources like a Frankenstein monster." Kejriwal said. We do agree with you Mr. Kejriwal. Then just tell us, what is the way out? The constitution and Parliamnetary system made standstill, masses have no information rather they are misinformed.Production system destroyed and the class of producers is subjected to genocide without any resistance. What do we gain from the exposure of known truth unless we consolidate  rock solid unity of Indian people divided in caste, religion, ethnicities, languages, regions, fighting against one another and allowing the continuity of corrupt corporate governance. Elections would not change the situation as the alternative most possible is equally corrupt and governed by corporate India and MNCs.Just see, Arvind Kejriwal today came under attack from both the BJP and the Congress with the Opposition party charging his NGO with having dubious foreign funding while the ruling party dubbed the activist and his team as "frontmen" of anti-Congress forces.

"Mukesh Ambani is running the country it seems... Jaipal Reddy was removed as he refused to hike the charges being levied by Reliance Industries to supply gas to NTPC," Kejriwal said at a press conference.

Kejriwal accused Reliance Industries chief Mukesh Ambani of influencing Congress party's decisions.

The activist played out what he claimed were portions of tapes of lobbyist Niira Radia's conversations. The conversation makes it clear that Ambani had powerful influence over the Congress and the BJP, he claimed. "In the Nira Radia tapes, Ranjan Bhattacharya (former prime minister A B Vajpayee's son-in-law) is heard telling Niira that Mukesh Ambani told him 'Congress to ab apni dukaan hai."

"BJP signed a sweet deal with RIL in 2000. Congress faithfully implemented it."

A press release from IAC alleged Prime Minister Manmohan Singh had succumbed before corporate interests. "The PM was very sympathetic to RIL. PM requested Ministry of Petroleum to seek AG's opinion on whether gas prices could be increased midway as demanded by Reliance. It is strange why did the PM not show similar concern when NTPC was forced to accept higher gas price from RIL? Why is the PM not pulling up Reliance for not producing 80 mmscmd gas as per their commitment? Why did the PM not seek legal opinion when country¡¦s interests were at stake? Why is PM showing so much interest when RIL interests are at stake?"

It also says: "This episode explains the real reasons for price rise in the country. The government seems to be succumbing to illegitimate demands of some powerful corporates in the country (like RIL in this case). Benefits provided to RIL in this case contributed to price rise in power and fertilizer sectors. Similarly, on one hand, government says that they do not have Rs. 35,000 crores to provide LPG subsidy to the people, on the other hand, the government bends backwards to provide benefits to these corporate."

Kejriwal demands the cancellation of all the contracts on natural resources to Reliance.India Against Corruption on Wednesday brought Reliance Industries chairman Mukesh Ambani in its line of fire alleging that the UPA and the previous NDA governments had favoured his company by giving contract on gas exploration in KG Basin and concessions at a huge cost to the exchequer. The nexus between politicians and industrialists was the main reason behind rising prices in India, India Against Corruption activist Arivind Kejriwal said on Wednesday.What is new in an exposure so hyped? It is the ultimate truth of Indian Economy and Polity based on exclusion and excommunication. So what if  in their latest exposé, Arvind Kejriwal and Prashant Bhushan of IAC targetted both BJP's Atal Behari Vajpayee-led NDA as well as the Congress-led UPA for 'selling out the interests of the common man to corporates'. ONGC is a public sector company which explored oilfields in India with its resources and manpower. In return the government of India gifted away those oil blocks to private companies and trying hard to sell out ONGC. Indian media , civil society and media overlooked these developments right from the beginning. The magical rise of India incorporation is not a latest phenomenon at all. Neither it just happened after neoliberal turnaround. It is a continuous phenomenon since transfer of power.Neoliberal policies rather helped other minor parties to gain and shape up the India Incs to hijack governance, policy making and legislation to multiply the profit and expansion thousand times at the cost of Indian people and Indian nation.Open market economy set the ground of monopolistic aggression against Indian People just to plunder natural resources abundant.

The oil ministry postponed Wednesday's scheduled meeting for India's official auditor to begin audit of Reliance Industries' (RIL) KG-D6 oil and gas producing block.

The Comptroller and Auditor General (CAG) had called an Entry Conference for Wednesday with RIL and the oil ministry to begin its second round of audit that is to cover RIL's spending on KG-D6 gas fields during 2008-09 to 2011-12.

Official sources told IANS that the meeting was called off by the ministry earlier this week.



The IAC played out an audio tape purportedly of talks between lobbyist Niira Radia and former PM A B Vajpayee's foster son-in-law Ranjan Bhattacharya.

In the tapes, Radia and Bhattacharya were heard talking about the composition of the Union ministry.

Kejriawal said that both Congress and BJP were helpless against Reliance Industries chairman Mukesh Ambani. In 2000, the NDA had favoured Mukesh Ambani's Reliance in gas pricing, Kejriwal said.

Calling it a "classic case of crony capitalism", activists Arvind Kejriwal and Prashant Bhushan alleged that Reliance was "blackmailing" the government to increase the price of gas by "almost stopping" the production and indulging in "hoarding like petty traders".

Attacking the decision to shift S Jaipal Reddy from petroleum ministry, they alleged it was now "absolutely crystal clear" that he was eased out of the crucial ministry only on account of "pressure" from Reliance Industries.They said Reddy was "honest" and his "ouster" was only because he "actively resisted" Reliance' demand for an increase in the price of gas and wanted to penalise the company for "wilful reduction" of production of gas.

He asked why did Prime Minister Manmohan Singh not seek the opinion of the Attorney General when the then petroleum minister Manishankar Aiyar "refused to give in" to Reliance' demand for increasing the price of gas from $2.34 per unit to $4.2 per unit in 2006.

"In 2006, Aiyar was removed and Murli Deora was brought in and he cleared the files within one and half months. Why does he seek the opinion of Attorney General now? Why does his heart beats only for Reliance?" Kejriwal said.

New petroleum minister M Veerappa Moily refused to react to the allegations.

Kejriwal said it is always said that the Prime Minister is not involved in corruption but he comes under the purview of Prevention of Corruption Act for certain decisions taken by his government in various matters like 2G and coal block allocations.

After "exposing" Congress chief Sonia Gandhi's son-in-law Robert Vadra and BJP president Nitin Gadkari, speculation was rife throughout the day on Wednesday over the anti-graft body's next target.

Kejriwal and Bhushan had hit a high with their attack on the Haryana government for allegedly winking at DLF offering sweetheart deals to Vadra.

Reliance industries on Wednesday hit back at India Against Corruption Activist Arvind Kejriwal for his claims that Mukesh Ambani was controlling the government,. In its statement issued, Reliance said that statements made by IAC were devoid of any truth.

Reliance said that the KG D6 basin has best technology and that the project has added great economic value to the country.

"Allegations made by IAC are at the behest of vested interests," it said.

Indian finance minister and the corporate set of policy makers seem to be too stressed to enhance the growth rate and RBI is under tremendous pressure to formulate monetary policies to boost market. Whatever may be the growth rate or fiscal deficit, the growth rate of corporate Indian is amazing!As the poiltical powerlies within right there.It is quite an unfamiliar development that  the Reserve Bank of India left interest rates on hold on Tuesday but cut the cash reserve ratio for banks, defying pressure from the government to lower rates for the first time since April but also indicating it may soon ease policy further. While the decision to leave the policy repo rate unchanged at 8.00 percent was in line with forecasts, expectations for a rate cut had grown after India's finance minister on Monday outlined a plan to trim the country's hefty fiscal deficit. RBI stood by its tough anti-inflation rhetoric by opting not to lower the key policy rate though preferred to trim the CRR as a step to lower funding costs and possible compromise. A rate cut in the face of jump in September WPI, sharp upward revision to historical numbers and recent rebound in the proxy core inflation measure, might have put the bank's inflation-fighting credibility at risk.  Apparently not enthused by the RBI's cautious stance, Finance Minister P Chidambaram today said that growth is as much a challenge as containing inflation and government would "walk alone" to face the challenge if it comes to that.

Reliance Industries, the country's largest listed company, and its chairman Mukesh Ambani came under the attack of India Against Corruption (IAC) activists Arvind Kejriwal and Prashant Bhushan today for allegedly "threatening the democratic structure of the country" by influencing appointment of ministers at will. Even the prime minister is powerless in front of the explorer's might, the activists said in a crowded press conference at the Constitution Club here.Kejriwal, who started the proceedings in Hindi,  alleged that Jaipal Reddy, who was the Union minister for Petroleum and Natural Gas till last week, was removed because he opposed a Reliance proposal to rise the price of the gas by over three times to $14.2 per mmBTU (million metric British thermal unit).

People should prevent this Government from granting a $14.25 per unit price to RIL by sending RTI applications to the new Petroleium Minister Veerappa Moily, the activist said.

"RIL has the contract to extract oil from KG (Krishna-Godavari) basin. Under an agreement of 2009 with the government, they are supposed to sell gas at $4.2 per mmBTU up to 31st March 2014. Midway now, RIL is demanding that the price be increased to $14.2 per mmBTU. Jaipal Reddy resisted that and he was thrown out," Kejriwal said.

They added that Reddy was not the first to lose his job for taking on Reliance citing the instance of Murli Deora replacing Mani Shankar Aiyer in 2006. Aiyer, according to them, had resisted a RIL move to increase capital expenditure in the basin, which the activists said, reduced the government's profits and enriched Reliance's coffers.

Bhushan called for cancellation of all contracts awarded to Reliance be cancelled. "Consequences otherwise are horrendous. These crony capitalists are threat to our democracy itself," he said.

According to IAC, if the hike in gas prices was allowed, it would result in a substantial increase in the cost of power for end consumers.  "Today, power from gas based power plant costs around Rs 3 per KWH (kilowatt hour). If gas price is increased as demanded by Reliance power prices would go up to Rs 7 per KWH," the activists said in a statement. Such escalation in prices could make most of these gas based plant unviable and would have to be shut down, the statement added.

Another key allegation was "goldplating" of capital expenditure of which the comptroller and auditor general said that there is strong evidence. The Initial Development Plan submitted by RIL in 2004 said it would produce 40 mmscmd for an investment of $ 2.39 billion. In two years RIL submitted another plan saying it would produce double gas for an investment of $ 8.8 billion. "Doesn't that sound strange? To double production, you increase your investment by four times? Having put the initial infrastructure in place, it should have cost lesser to create additional production capacity.'' Kejriwal asked.

In response, Reliance Industries said, "The statements made by IAC in the press conference today are devoid of any truth or substance whatsoever and are denied."

The statement added that the deep water exploration project in the KG-D6 basin "has deployed the best technical  resources and has been recognized by the oil and gas industry as one of the very best in its class. This project has added great economic value to the country and by all accounts is a project of which India can be justly proud."


The apple of Ratan Tata's eyes, Tata Motors may be struggling under extreme competition from the likes of Anand Mahindra-led Mahindra & Mahindra, but today its he (probably), along with shareholders were pleasantly surprised by some good news from a global investment banking and securities firm.

* Goldman Sachs says the auto maker's market capitalisation has potential to reach $30 billion by fiscal 2017, from current value of $13.8 billion, and to nearly double its cash flow during these four years.

* To get there, Goldman says Tata's Jaguar Land Rover unit would need to move to a new platform for its existing models such as Range Rover and Discovery with a light weight aluminium architecture, thus improving key factors such as fuel efficiency or pricing.

* JLR would also need to make inroads into smaller engine and lower priced vehicles, as well as enter more premium segments, Goldman argues.

* However, challenges include getting consumers to buy into the brand, tightening regulations in key markets such as Europe, and overcoming macro economic uncertainties such as FX volatility.

* Goldman Sachs maintains Tata Motors at 'buy', with a target price at 334 rupees.

Tata Motors shares gain 1.4 percent after this news hit the markets.

"Growth is as much a challenge as inflation. If government has to walk alone to face the challenge of growth, then we will walk alone," the finance minister of India, P Chidambaram said in his reaction to the RBI's second quarter policy review.

Mind you,Arvind Kejriwal's press conference today, in which he targeted Mukesh Ambani of Reliance Industries, is one more signal that politics and business cannot continue on the old assumptions: that it is something that should be done behind closed doors. Or that the public need no concern itself with these details.First post reports.

Thanks to a procession of scams – from 2G to CWG to Coalgate, Vadragate and Nitin Gadkari's Purti capers – the credibility of politicians has never been lower. What Kejriwal did today was to link politicians to businessmen – you cannot have political corruption without a corporate side to it. And who better to tell this story with than India's biggest businessman – Mukesh Ambani.

The businessman-politician linkage has been the elephant in the bedroom, and Kejriwal brought this out clearly, even though it is difficult to prove the nexus except through circumstantial evidence.

While it served Kejriwal's purpose to paint both the Congress and the BJP with the same brush – which creates the space for his own political ambitions – the critical point is this: business cannot henceforth be done non-transparently.

Arvind Kejriwal's press conference today saw him target Mukesh Ambani of Reliance Industries. Naresh Sharma/Firstpost

However, Kejriwal pushed the envelope too far when he tried to link broader ideological and macroeconomic issues with corruption and profiteering. He also took a giant leap from Reliance's gas pricing lobbying to increases in power tariffs – another battle he is waging in Delhi.

Some of the ideological positions he staked out are also problematic. For example he and Prashant Bhushan are on record to say that natural resources should be auctioned. This was the entire basis for calling Coalgate a scam – even though favourtism to some of those allocated coal blocks for free is another angle that could be truly scandalous.

But the purpose of giving blocks for free was to keep power tariffs low. If coal blocks are given at market prices, power prices would rise. This does square with Kejriwal's argument that power prices should be cut when coal blocks should be given out at market prices to mine developers.

He also missed out on economic points. It makes no sense to import gas at $14 and then deny the same price to domestic producers. This is exactly what is happening with ONGC. We import at $110, and give ONGC less than half that price. The net result is ONGC does not have enough resources to take up exploration and bring down our import dependence.

Kejriwal deserves kudos for bringing out the issue of a cosy relationship between politicians and businessmen, but the need is for transparency on government and corporate processes. The economics of selling coal or gas at less than market prices has its own costs.
http://www.firstpost.com/politics/kejriwal-breaks-the-silence-on-business-politics-links-510031.html



"Who is being exposed today is the question that IAC has been asked repeatedly since morning," said Prashant Bhushan.

Bhushan said no one individual but the 'entire rotten system' would be exposed by India Against Corruption (IAC).

"The working of the Indian political and business system has been entirely subverted and corrupted. The tentacles of this crony capitalist system has entered every facet of Indian society at the top of which Reliance is the leading representative," Bhushan said.

Loot from such corruption has given corporates like these overarching power over the Indian government, he said.

Kejriwal went on to add that the target of today's press meet was Mukesh Ambani's Reliance Industries.

Hurt by Kejriwal's allegations against party chief Nitin Gadkari, the BJP said they were at the behest of those who are funding him from abroad, a charge rejected by the social activist.

The editorial of the latest edition of Congress mouthpiece Congress Sandesh, as also BJP journal Kamal Sandesh, projected Kejriwal in poor light.

Kamal Sandesh said he has taken a "supari (contract)" from foreign sources and demanded that the Manmohan Singh government investigate the matter.

"After ruining the Anna Andolan and in pursuit of its naked ambition, Team Kejriwal is involved in a conspiracy to create suspicion about 'democracy' and by doing so it is definitely playing into the hands of those who have no attachment either to India or Bharat Mata," the article said.

Kejriwal had recently alleged that Gadkari's Purti Group has bought farmers' land at cheap rates from the government and also got irrigation water from the dam in Gosikhurd area of Vidarbha diverted to his sugar factory.

"The main game of Kejriwal may be related to funding. The thing to be known is whether the funds belong to India or to the forces which want to weaken the country," the publication said.

"One who could not remain loyal to Anna, how can he be loyal to the nation? He is engaged in digging holes in democracy with the help of foreign funds," it said.

Kejriwal has refuted these allegations and asked the BJP to come clean on its funding in the last ten years.

Arvind Kejriwal's press conference on Wednesday saw a minor interruption when a man from the audience alleged that the anti-corruption activist and his India Against Corruption group were "fooling the country".

As Kejriwal was addressing the media, alleging a nexus between politicians and industrialists, a man from the audience got up and loudly demanded to know why Kejriwal and his wife, an Indian Revenue Service (IRS) officer, never got transferred for 30 years. Kejriwal is a former IRS officer.

"I want to ask why you and your wife were never transferred out of Delhi," he asked.

The man, who did not identify himself but kept insisting that he was "alone" and not backed by anyone, was immediately surrounded by Kejriwal's supporters.

The man then shouted out loudly that "Kejriwal and company are fooling the country".

Some of his supporters started shouting anti-Kejriwal slogans. They were promptly evicted by IAC supporters.

Kejriwal, resuming his speech, said the interruption was "deliberate and planned".

Here are the highlights/quotes of the meet, including the scuffle:

* IAC targets 'scam' behind price hike: Kejriwal says, "Industrialist-politician nexus behind inflation, which has impoverished India."

* On tapes: AB Vajpayee kin Ranjan Bhattacharaya talks to Niira Radia on DMK-Bhattacharya asks Radia whom in DMK does she want in Cabinet.

* Vajpayee gave KG Basin contract to Mukesh Ambani

* Reliance got 45,000cr windfall gains

*Present government not being run by Manmohan Singh but by Mukesh Ambani

* Reliance held govt to ransom demanding higher gas price and when Jaipal Reddy demurred he was unceremoniously removed from ministership.

* Reliance started hoarding gas like 'Tuchcha dalals' creating artificial scarcity in India.

* Reliance wanted to set the price of gas and not govt - UPA fell in line.

* Mulri Deora favoured Reliance too

* Pranab Mukherjee gave Rs 10,000 cr windfall gains to Reliance

* Why did government favour Reliance?

* Reliance 'dadagiri' hit gas production in India.

* Mani Shanker Iyer was removed to serve the vested interests of the politicians.

*Chaos at Kejriwal presser as IAC men rough-up bystander for asking anti-Arvind question.

* Why transfer of Kejriwal and wife did not happen for 20 years asks bystander.

Kejriwal restores orders says, will answer that question but digresses.

*Man thrown out for asking Kejriwal personal question.

* Bhushan says people of the country must reclaim their rights and ensure that their interests are not subverted.

Arvind Kejriwal says, he does not expect govt to do any thing about IAC exposé.

The people of India must ensure they throw out both Congress BJP from power and reclaim their Constitutional rights.

Read full IAC report:

Kya Congress Mukesh Ambani ki dukaan hai?

* In 2006, Mani Shankar Iyer was removed and Murli Deora brought in to increase RIL capex from $ 2.39 billion to $ 8.8 billion and to increase gas price from $2.34 per mmBTU to $ 4.2 per mmBTU.

*In 2012, Jaipal Reddy has been removed and Moily brought in to increase gas prices from $ 4.2 per mmBTU to $ 14.2 mmBTU and to condone RIL's blackmailing of reducing gas production.

* Huge benefits given to RIL in last one decade despite flagrant violations of various agreements by RIL. Benefits to RIL causing serious price rise in the country.

* Both BJP and Congress involved. BJP signed a sweet deal with RIL in 2000. Congress faithfully implemented it.

* If RIL demand of increasing the gas price to $ 14.2 is accepted, it would lead to shut down of several gas based power plants and increase in power and fertilizer prices. It would result in Rs 43,000 crores of additional benefits to RIL.

In the Nira Radia tapes, Ranjan Bhattacharya (Vajpayee's son in law) is heard telling Nira that Mukesh Ambani told him –"Congress to ab apni dukaan hai." Facts below show that both Congress and BJP are in his pocket.

Reliance Industries Ltd (RIL) has the contract to extract oil from KG Basin. Under an agreement of 2009 with the government, they are supposed to sell gas at $ 4.2 per mmBTU upto 31st March 2014. Midway now, RIL is demanding that the price be increased to $ 14.2 per mmBTU. Jaipal Reddy resisted that and he was thrown out.

Jaipal Reddy had prepared a note for EGOM, in which he mentioned that acceptance of RIL's demand would mean an additional profit of Rs43,000 crores ($8.5 billion) to RIL(in 2 years) at current levels of low production. Most of this gas is used in fertilizer and power production. Increasing gas price would mean an additional financial burden of Rs 53,000Crores ($ 10.5 billion) on central and state government (copy of relevant page of EGOM note is attached as annexure 1). This would in turn mean higher electricity and fertilizer prices in the country or a higher subsidy burden.

In order to pressurize the government, RIL substantially reduced its production of natural gas. Total consumption of natural gas in the country is 156 mmscmd. According to agreement, RIL was supposed to produce 80mmscmd (more than 50% of the total demand) from 2009. However, they are producing just 27 mmscmd, almost a third of their commitment. Production has been artificially kept low to blackmail the government. They are not just hoarding the gas, but also forcing various consumers to buy gas from abroad. Gas from abroad costs around $ 13 per mmBTU.

RIL's stand is simple – "hum to gas $14.2 par hi denge, lena hai to lo, nahin to jao." Who does this gas belong to? According to Supreme Court of India and the Indian Constitution, this gas belongs to thepeople of India. Complete surrender of UPA before RIL indicates UPA's inability to run governance in accordance with the Constitution.

Drastic reduction in production has forced many gas based power plants in the country to shut down or run at much lower capacity. According to media reports, almost 9000 MW of gas based power plants are lying idle

. Today, power from gas based power plant costs around Rs 3 per KWH. If gas price is increased from $ 4.2 to $ 14.2 as demanded by Reliance, power rates would go upto Rs 7 per KWH. That's too expensive. At that cost, most of these plants would have to permanently shut down.

This is not the first time that a union minister has been eased out at Mukesh Ambani's insistence. In 2006, when RIL had to get its capex increased from $ 2.39 billion dollars to $ 8.8 billion dollars, Mani Shankar Iyer was removed and a more Reliance friendly MurliDeora was brought in.

Brief history:

RIL got this contract during NDA regime in the year 2000. The contract was meant to favor RIL right from the beginning. In any business, increase in costs means decrease in profits. However, the NDA government , signed a contract dictated by RIL wherein an increase in cost by one rupee meant additional profits of RIL by almost Rs 2.2. Isn't it strange? A parameter called Investment Multiple has been defined in the contract as under:

Investment Multiple (IM) = Total Revenue / Total Investment

According to the contract, till IM is below 1.5, RIL takes away more than 80% of profits and government gets less than 20% of profits. It is only when IM becomes more than 2.5 that government gets 85%. This means, RIL has a huge incentive to keep IM below 1.5 by increasing the expenditure artificially. Thus if Reliance were to increase expenditure from 1 Billion to 2 Billion on a revenue of 5 billion, their own net income would go up from 1.6 Billion to 3.5 Billion. This is what the CAG has stated in para 8.1 of its performance Audit of Hydrocarbon PSCs. (extract from executive summary of CAG as annexure 2)

In 2004, RIL submitted an Initial Development Plan (IDP) saying they would produce 40 mmscmd for an investment of $ 2.39 billion. All this happened when Ram Naik was the petroleum minister in Vajpayee regime.

Within 2 years, RIL submitted another plan saying they would produce 80 mmscmd for an increased investment of $ 8.8 billion. Doesn't that sound strange? To double production, you increase your investment by four times? Having put the initial infrastructure in place, it should have cost lesser to create additional production capacity.

Mani Shankar Iyer, who was the then Petroleum minister, would not have allowed this. So, Mani was shunted out of petroleum ministry and Murli Deora, famous to be Reliance man, was brought in January 2006. Despite strong protests by some MPs like Tapan Sen, Deora approved $ 8.8 billion expenditure. By allowing $ 8.8 billion expenditure, in effect, Deora allowed a future revenue of over Rs 1 lakh crores ($ 20 billion dollars) for RIL.

CAG has remarked that there is strong evidence that RIL is gold plating its capital expenditure. Expenditure has been artificially increased (for reasons mentioned above). For instance, RIL is required to place orders for its plant, machinery and other requirements through international competitive bids. CAG alleges that bids were arbitrarily rejected to favor some parties. Just one company namely Aker group got many contracts (see annexure 3, which is an extract from CAG report). Is this group related to RIL? Is RIL siphoning off money through this method?

RIL's pressure tactics:

RIL signed a contract with NTPC in 2004 to supply gas for its power plants at $ 2.34 per mmBTU for 17 years. It signed a similar contract with RNRL to supply gas at $ 2.34 per mmBTU. However, RIL went back on its word. Under RIL's pressure, EGOM headed by Sh Pranab Mukherjee, revised gas price in September 2007 to $ 4.2 per mmBTU. NTPC and RNRL were forced to accept gas from RIL at revised price. By doing this, Pranab Mukherjee headed EGOM gave an undue benefit of Rs8000 crores to RIL.

What is RIL's actual cost of production?

Cost of production is much less than $ 2.34 per mmBTU. (Copy of extracts from an SC order Annexure 4).RIL had actually signed long term agreements with NTPC and RNRL for supplying gas at that rate for 17 years. This means that at $2.34 per mmBTU also, RIL was making adequate profits. India is getting gas at $ 0.9 per mmBTU from Oman. Gas rates in Canada are at $ 1.74 per mmBTU. This means that at $ 2.34 per mmBTU also, RIL was making huge profits.

RIL sold out nation's resources:

Ownership rights of this gas belong to the people of India. RIL is just a contractor hired by GOI to extract gas. Strangely, RIL sold 30% stake in 21 of 29 oil blocks to British Petroleum in July 2011 at $ 7.2 billion. Government gave approval to RIL to do that. How can they do that? It is almost like – I hire a driver to drive my car and that driver sells off my car after a few days.

Performance of RIL so far has been much worse than perhaps the worst performing government department.

1. 4 times cost escalation within 2 years from $ 2.39 billion in 2004 to $ 8.8 billion in 2006.

2. Increase in gas price from $ 2.34 per mmBTU in 2004 to $ 4.2 per mmBTU in 2007 to the present demand of $ 14.2 per mmBTU.

3. Capacity created for producing 80 mmscmd after incurring such a huge cost ends up producing just 27 mmscmd after 12 years.

4. 31 oil wells should have been in production till now. Out of them, just 13 are functional.

Has any government department fared as badly? If this had happened in any government department, it would have been ripped apart by all government agencies and media.

RIL scam akin to coal scam:

This scam is on similar lines as Coal block allocation scam. Coal blocks were given away saying that coal production was less in the country and private sector participation would increase coal production. Rather than produce coal, the private parties hoarded coal blocks to sell them at appropriate time in future.

In this case also, oil blocks were given away to RIL on the excuse that oil and gas production in the country was less and private sector participation would bring "efficiency". Rather than the production going up, RIL is hoarding the gas.

Role of PM:

RIL's request for increase in gas prices was turned down by Ministry of Petroleum under Jaipal Reddy and EGOM several times in the last 2 years. EGOM had fixed $ 4.2 per mmBTU price for RIL upto 31.3.2014. When Jaipal Reddy did not budge, RIL approached the PM. PM was very sympathetic to RIL. PM requested Ministry of Petroleum to seek AG's opinion on whether gas prices could be increased midway as demanded by Reliance. It is strange why did the PM not show similar concern when NTPC was forced to accept higher gas price from RIL? Why is the PM not pulling up Reliance for not producing 80 mmscmd gas as per their commitment? Why did the PM not seek legal opinion when country's interests were at stake? Why is PM showing so much interest when RIL interests are at stake?

Notice to RIL by Jaipal Reddy:

When RIL failed to meet its production targets, Jaipal Reddy decided to disallow their capital expenditure. In the first instance, a notice for disallowance of $ 1 billion expenditure was sent to RIL (Annex 5). This would mean a loss of $2.2 (11,000 Crores) billion to RIL, if we consider IM ratio. Next year, this disallowance could be $ 1.5 billion, which would mean a loss of $ 3.3 billion (16,500 Crores) for RIL.

That is the reason why Mukesh Ambani got restless. And that is the reason why Jaipal Reddy was transferred out.

Real reasons for price rise in the country:

This episode explains the real reasons for price rise in the country. The government seems to be succumbing to illegitimate demands of some powerful corporates in the country (like RIL in this case). Benefits provided to RIL in this case contributed to price rise in power and fertilizer sectors. Similarly, on one hand, government says that they do not have Rs 35,000 crores to provide LPG subsidy to the people, on the other hand, the government bends backwards to provide benefits to these corporate.

Questions:

1. Who is running the government? It appears that telecom companies select their own nominee as Telecom minister and RIL selects its own person as Petroleum minister.

2. So, is this government being run by powerful corporates?

3. Is Dr Manmohan Singh succumbing to corporates under some compulsions or out of ignorance? What are the compulsions, if any?

We demand:

RIL blackmailing should be immediately stopped. Their KG Basin contract should be cancelled. Government should immediately put in place adequate systems to get full production from KG Basin at cheapest prices for the country.

Chidambaram was apparently upset over RBI's decision to leave interest rates unchanged on inflation concerns despite the government unveiling a five-year fiscal consolidation road map ahead of the policy.

Although the RBI has lowered the Cash Reserve Ratio (CRR), the portion of deposit banks have to park with the apex bank, by 0.25 per cent, it did not cut interest rates in view on persistent inflationary pressures.

WPI inflation stood at 7.81 per cent in September, much above the RBI's comfort level of 4-4.5 per cent.

"Government is doing its best to send the clear message that we are on the path of fiscal consolidation. It is my hope that everyone will read and understand the government commitment to path of fiscal consolidation," Chidambaram said.

On the policy statement, he quipped: "I have not read the last few paragraphs of the statement but if it holds out hope for the future I look forward to that future".

He was apparently referring to the RBI's policy guidance of a likelihood of policy easing in the January-March quarter of the current fiscal.

Chidambaram further said: "Sometimes it is best to speak, sometimes it is best to remain silent. This is the time for silence".

After FM, Montek rains brickbats on RBI

Terming the decision of RBI to cut CRR a step in the right direction, Planning Commission Deputy Chairman Montek Singh Ahluwalia today said the need to push growth should take precedence over combating inflation.

"I can see that the RBI remains concerned about inflation. I think we need to watch what happens in inflation but probably the need to push the growth at this moment is little higher on agenda than the concern about inflation," Ahluwalia told reporters here.

Showing concerns over hardening inflation, the Reserve Bank today left the key interest rate unchanged but reduced cash reserve ratio by 0.25 per cent to inject Rs 17,500 crore liquidity into the financial system.

CRR or the portion of deposits banks have to park with the RBI now stands at 4.25 per cent while the repo rate, at which RBI lends to the system, has been retained at 8 per cent.

Ahluwalia said, "It was expected that they (RBI) would move in the direction that would be supportive of revival of growth. I do think that the reduction in the CRR is a step in that direction. Hopefully it would moderate pressure on the interest rates."

About RBI not doing enough to push growth, he said, "We have to push for growth anyway. Monetary policy is very important aspect of the growth push, but most of what need to be done for growth, has to be done by the government and weare going to do it."

He is of the view that CRR cut would have stronger impact on interest rate than simply adjusting the repo rate because bank does not lend freely at the repo rate and it does not play the role which FED fund rate do in the US.

On fiscal consolidation road map chalked out by the Finance Minister P Chidambaram, he said, "We are determined to bring the fiscal deficit down."

On whether monetary policy is in sync with fiscal policy, he said, "...enough has been done to indicate a start in other policies like fiscal consolidation, reforms and moving big projects... the direction that monetary should move is quite clearly to be supportive of that."

About the lowering of growth projection for this fiscal to 5.8 per cent this fiscal from earlier estimates of 6.5 per cent, he said, "If we do 5.8 per cent GDP growth this fiscal that would actually imply very significant improvement over the results that we have got for the first quarter."

"I think that the growth in the second quarter would be similar to first quarter. If we do 5.5 in the first six months, can we do better in next half. I think we can.

Therefore 5.8 per cent is not broadly off the mark," he added.

As inflation eases further, there will be an opportunity for monetary policy to act in conjunction with fiscal and other measures to mitigate the growth risks and take the economy to a sustained higher growth trajectory, RBI Governor D Subbarao wrote in his quarterly policy review.

Headline wholesale price index inflation rose to 7.8 per cent in September, a 10-month peak, and the RBI said it expects inflation to rise before easing in the final quarter of the fiscal year, which ends in March.

While risks to this trajectory remain, the baseline scenario suggests a reasonable likelihood of further policy easing in the fourth quarter of 2012-13, Subbarao wrote.

The market had been positioned for a rate cut, said A Prasanna, economist at ICICI Securities Primary Dealership.

There's a positive that RBI has said there's a likelihood of easing in the Jan-March quarter. Looks like RBI wants inflation to peak out before cutting rates so we shouldn't expect anything in December. We expect a 50 basis points cut during Jan-March, he said.

India's 10-year bond yield rose around 4 basis points, while the rupee and stocks weakened.

Investors, companies and the government have been clamouring for a cut to interest rates that have been on hold since April and remain some of the highest among major economies.

A rate cut in the face of jump in September WPI, sharp upward revision to historical numbers and recent rebound in the proxy core inflation measure, might have put the bank's inflation-fighting credibility at risk, said Radhika Rao, an economist at Forecast Pte in Singapore.

While economic growth in India has been slowing, inflation has not, and the central bank has been calling on the government to follow through quickly on recent steps to cut its deficit and encourage investment, and to take further such measures.

Recent policy announcements by the government, which have positively impacted sentiment, need to be translated into effective action to convert sentiment into concrete investment decisions, Subbarao wrote.

Finance Minister P Chidambaram on Monday outlined a plan to nearly halve the deficit in just over four years. While he gave few specifics, his announcement at a hastily called news conference was seen as adding pressure on the RBI to cut rates.

New Delhi has unveiled a spate of reforms to bolster investment and rein in its fiscal deficit, including raising the price of subsidised diesel and lifting caps on foreign investment in several industries.

The RBI cut its GDP growth forecast for Asia's third-largest economy to 5.8 per cent for the current fiscal year, from 6.5 per cent previously, and increased its projection for headline inflation in March to 7.5 percent, from 7 percent earlier.

The central bank lowered the cash reserve ratio, the amount of deposits that banks must keep with the central bank, by 25 basis points to 4.25 per cent, a move it said would inject about 175 billion rupees into the banking system in order to preempt potentially tightening liquidity.

In a poll earlier this month, economists had been nearly evenly split on whether or not the RBI would lower CRR.

India Inc's business confidence has improved since August: Survey

PTI Oct 7, 2012,

NEW DELHI: India Inc's business confidence has shown a marked improvement since August, mainly buoyed by several decisions taken by the government recently, including allowing FDI in multi-brand retail, aviation and approving hike in foreign investment in insurance, Assocham has said.

However, "it will take another three months before the feel-good gets converted into a sharp recovery in the economic growth", the survey by the trade body added.

About 70 per cent of the 245 CEOs who participated in the survey said the GDP growth in 2012-13 will not be below six per cent, it added.
Majority said they do not see any political threat to the government and expect it to complete its full term.
Rather, the pace of reforms as witnessed in the last two months will continue for at least next six months, it said.
The vast majority of the respondents said that "Prime Minister Manmohan Singh is expected to hold his ground and not yield to the pressure to roll back reforms".
It also said one or two big ticket multi-billion infrastructure projects should now take off and demand should return to the consumer durables.
Among other reform decisions, the government has approved foreign investment in pension funds and power exchanges.
"The areas still showing concern are exports, especially in the merchandise segments. The demand slowdown and recession in some European economies are impacting the shipments," it said, adding that exports for the year would fall below the target of $360 billion.

Indian stocks cheap for a trillion-dollar economy

October 16, 2012 10:29 IST
Share
this
Ask
Users
Write a
Comment
Print this
articleEven as the BSE Sensex has risen about eight per cent since September 6, a day before the current rally began, or about 21 per cent year-to-date, all is not lost.

If one considers the market capitalisation to gross domestic product (GDP) ratio, which is frequently used by many large investors to gauge the valuation of a market and understand its possible direction, India's current capitalisation is about 64 per cent of the country's estimated GDP for 2012-13.

This is a little more than its 13-year average of 62 per cent, but about 40 per cent lower than its peak in 2008. This indicates valuations are still low.
During the market rally in 2008, the ratio rose to about 103 per cent. Experts suggest whenever the ratio crosses 100 per cent, once should be cautious.

After Indian markets crashed following the 2008 peak, the ratio dropped to about 55 per cent in 2008-09. Since 2009, though the economy has grown and global uncertainties have partially eased, markets are still trading near long-period averages.

In fact, after the 2008-09 global economic crisis, though India Inc's earnings have improved, valuations remain low.
   
The combined earnings per share of the 30 Sensex companies has risen from Rs 833 for 2007-08 to Rs 1,125 for 2011-12, a rise of 35 per cent. But the valuations are near the historical average, and this is the reason experts suggest the valuations are comfortable and despite the recent run-up in the markets, investors shouldn't panic.

The valuations are not only comfortable on the basis of market capitalisation to GDP, the price to earnings (PE) ratio, too, paints a similar picture.
According to the PE ratio, an equally important measure widely used to gauge valuations, Indian equity markets are cheaper. Based on FY14 estimated earnings, the price to earnings ratio of the Sensex (at the current levels of 18,713) is about 13 times.

From a historical perspective, this is low. In fact, on this matrix, the market is trading at a discount to the long-term average valuation (10-year average one-year forward price to earnings ratio is 14.8 times; during the 2008 peak, the Sensex price to earnings ratio was 24.6 times the 2008-09 estimated earnings).
One difference is in 2008, markets were hopeful of sustaining strong growth in earnings. However, now, growth expectations have mellowed (10-15 per cent growth in earnings per share), due to slow economic growth.

While the Reserve Bank of India [ Get Quote ] has begun cutting rates and more action is expected on this front, if the government is able to curb the fiscal deficit and raise the country's GDP growth, these should reflect in stronger earnings growth for India Inc.

And, if earnings growth can be sustained at 15-20 per cent, it could lead to a re-rating of the country's stock markets.
Jitendra Kumar Gupta in Mumbai        
Source:
http://www.rediff.com/business/report/stocks-cheap-for-a-trillion-dollar-economy/20121016.htm

1. News for The rise of India Incs

1. India Inc unhappy with RBI decision not to reduce policy rate

2. Economic Times‎ - 1 day ago
3. India Inc expressed disappointment over RBI's decision to keep interest ... The focus continues to be on managing inflation with the growth ...
4. India Inc unhappy with RBI on rates
5. Financial Express‎ - 1 day ago

2. Rising India, Inc. | Omaha, NE 68114

3. www.risingindiainc.com/
4. Rising India, Inc. has on-going business relationships with North American, European and Asian companies that are on the fore-front of some of the largest ...

5. RISING INDIA INC (RSII:OTC US): Stock Quote & Company Profile ...

6. investing.businessweek.com/research/stocks/snapshot/snapshot.asp?...
7. RISING INDIA INC (RSII) stock price & investing information. Find RISING INDIA INC historical stock quotes, key competitors, stock data, executives and ...

8. India Inc's most powerful CEOs 2012: Lessons from the rise of first ...

9. economictimes.indiatimes.com › Features
10. 25 May 2012 – The East India Company's ability to access financial markets, think on a world scale,and access information made it the world's most powerful ...

11. India Inc expects 6% or more GDP rise

12. www.business-standard.com › Home › Economy & Policy
13. 13 Aug 2012 – A majority of India Inc pegs growth in the range of 6-6.5 per cent for 2012-13, shows a survey of the Confederation of Indian Industry (CII).

    Video: The Rise of India Could Spell Trouble for the U.S. - India Real ...
    * ►►	blogs.wsj.com/indiarealtime/.../video-the-ris... 29 May 2012 The authors of "Chinese and Indian Strategic Behavior" say the rise of both ... India Inc. Shuts Offices Due to ...

14. More videos for The rise of India Incs »

15. The Rising Sun Inc.

16. www.therisingsuninc.com/
17. We are one of the most innovative, dynamic and progressive sales and marketing company in India. Established in August 2011, The Rising Sun Inc. is a ...

18. Quick view : India Inc's FY13 net likely to rise 30%, says study

19. www.financialexpress.com/news/quick...india-incs...rise.../940276/
20. 23 Apr 2012 – India Inc's FY13 net likely to rise 30%, says study. The net profit of India Inc is expected to rise 30.6% this fiscal, according to economic ...

21. India Inc. Reflects on the Rise and Fall of Rajat Gupta | TIME.com

22. world.time.com/.../india-inc-reflects-on-the-rise-and-fall-of-rajat-gup...
23. 18 Jun 2012 – He may not belong to India Inc. — a term used frequently to describe the country's business community — but Indian-born Rajat Gupta's ...

24. India Inc should capitalise on China's rising mfg cost: Kaushik Basu ...

25. www.indianexpress.com/news/india-inc-should...rising.../971213
26. 6 Jul 2012 – India Inc should take advantage of the rising manufacturing cost in China and push their products in the international market, Chief Economic ...

27. RSII Rising India Inc.: Reporting Status, Officers, Directors for Rising ...

28. syndicate.pinksheets.com/stock/RSII/company-info
29. Research Compan Disclosure Information On Rising India Inc. RSII Including OTC Market Tier, Reporting Status, Address, Officers and Directors.

1. India Inc. - Wikipedia, the free encyclopedia

2. en.wikipedia.org/wiki/India_Inc.
3. India Inc. is a common term used by the Indian media to refer to the formal (comprising government and corporate) sector of the nation. It employed 7 per cent of ...
4. You've visited this page 2 times. Last visit: 18/8/11

5. News for India Incs

1. India Inc's thumbs up to MP
2. Times of India‎ - 1 day ago
3. At a time when economies across the globe are struggling to maintain growth and attract investments, industry leaders have thumps up to the ...

6. India Inc's business confidence slips - Rediff.com Business

7. www.rediff.com › Business
8. 19 Oct 2012 – According to the Regus business confidence survey, Indian businesses' confidence index decreased 2 points (from 143 to 141) since April ...

9. India Inc's hiring outlook improves in Oct-Dec quarter - Rediff.com ...

10. www.rediff.com › Business
11. 17 Sep 2012 – Indian employers are optimistic about their hiring prospects in the October-December quarter led by retail and healthcare sectors which are the ...

12. GMR, GVK, DLF: Who will survive India Inc's Great Infra Firesale ...

13. www.firstpost.com › Business
14. 13 Sep 2012 – Even before the government launches its own disinvestment plans, India Inc has launched its own mother-of-all disinvestments. From airports ...

15. India Inc's biz confidence shows signs of turnaround: Report

16. zeenews.india.com/.../india-incs-biz-confidence-shows-signs-of-turna...
17. 9 Oct 2012 – However, on a year-on-year basis, the optimism for the coming three months still represent a decline of 2.1 percent compared to corresponding ...

18. 'India Inc's biz confidence has improved'

19. www.financialexpress.com/news/india-incs-biz...has.../1013233/
20. 7 Oct 2012 – Financial express latest business and finance news: 'India Inc's biz confidence has improved'

21. India Inc's capex plans still in the freezer: Bankers

22. www.business-standard.com › Home › Banking & Finance
23. 1 Oct 2012 – The corridors of power may have already started talking about green shoots of recovery following the recent mini-reforms but the country's top ...

24. India Inc's margin woes might be over: CRISIL

25. www.business-standard.com › Home › Companies & Industry
26. 28 Sep 2012 – CRISIL Research on Thursday said as far as India Inc's operating margins were concerned, the worst might be over, adding earnings before ...

27. India Inc's GenNext club – NDTV.com Photo Gallery

28. www.ndtv.com/photos/business/india-inc-s-gennext-club-11327
29. Family businesses constitute most businesses in India, as anywhere else in the world. The flurry of activity, involving succession plans in India Inc., should be ...

Searches related to India Incs
govt to ease india inc's fccb woes
india inc's most powerful ceos
slowing sales add to india inc's woes
india inc's sales growth rate at 10-qtr low
et-corporate dossier ranking of india inc's most powerful ceos
india inc's most powerful ceos list
india inc's deposits lose out amid better liquidity
india inc's design deficit

1. Reliance Communications | Online Recharge | Reliance Mobile ...

2. www.rcom.co.in/
3. Reliance Mobile is one of the leading CDMA & GSM Service providers in India. Reliance now provides facility to recharge services online. Visit Reliance ...
4. Google+ page - Write a review

   544, Diamond Harbour Road, Thakurpukur  Kolkata, West Bengal 700063 033 32971194

5. Plans & Packs Take a look at our widest range of prepaid plans and packs ...	Careers An exciting future at Reliance Communications. Our service is ...
   More results from rcom.co.in »

6. RIL :: Reliance Industries Limited :: Reliance Group

7. www.ril.com/
8. Reliance Industries Limited (RIL) is the flagship company of Reliance Group, India's largest private sector enterprise, with businesses in the energy and ...

9. Reliance Industries - Wikipedia, the free encyclopedia

19. en.wikipedia.org/wiki/Reliance_Industries
20. Reliance Industries Limited (RIL) (BSE: 500325, NSE: RELIANCE, LSE: RIGD) is an Indian conglomerate company headquartered in Mumbai, Maharashtra, ...

21. Reliance Digital Service - India's best digital TV service

22. www.reliancedigitaltv.com/
23. Reliance Digital TV provides you with a crystal clear digital picture quality and superior sound quality with exciting features. Get to know about Reliance Digital ...

24. Welcome to Reliance Communications

25. myservices.relianceada.com/launchAMSS.do
26. Wide choice of bandwidth options from 500 Kbps to 20 Mbps, at unbeatable rates! 1 2 3 4. 1. BIG TV is now Reliance Digital TV. Get ready for the next revolution ...

27. Reliance Group

28. www.relianceadagroup.com/
29. The Reliance Group is among India's top three private sector business houses on all major financial parameters, with assets in excess of Rs.180,000 crore, and ...

30. Reliance Life Insurance - Virtual Office

31. www.reliancelife.co.in/
32. Reliance Life Insurance Company Limited, Regd Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai, Maharashtra - 400710, India ...

Searches related to Reliance
reliance industries
reliance mobile
reliance broadband
reliance money
reliance energy
airtel
reliance mutual fund
reliance netconnect
Reliance Communications

1. ONGC ::Bilingual-Home

2. www.ongcindia.com/
3. ONGC Videsh signs definitive agreements to acquire an interest in the Azeri, Chirag and the Deep Water Portion of the Guneshli Fields in the Azerbaijan sector ...
4. Recruitment Notices - Results - Contact Us :: ONGC Offices - Investor Center

5. ONGC :: Careers With Us :: Recruitment Notices

6. www.ongcindia.com/recruit.asp
7. Recruitment of candidates for Class-III posts at ONGC, MBA Basin, Kolkata · WALK-IN- ... Recruitment for the post of Director General ONGC Energy Center ...

8. ONGC - Graduate Trainee

9. www.eonlineapply.com/ongc/
10. ONGC, OIL AND NATURAL GAS CORPORATION LIMITED RECRUITMENT OF GRADUATE TRAINEES-2012. Advertisement No. 03/2012(R&P) ...

11. Oil and Natural Gas Corporation - Wikipedia, the free encyclopedia

12. en.wikipedia.org/wiki/Oil_and_Natural_Gas_Corporation
13. Oil and Natural Gas Corporation Limited (ONGC) (NSE: ONGC, BSE: 500312) is an Indian multinational oil and gas company headquartered in Dehradun, India.

14. Oil and Natural Gas Corporation Stock Price, Share Price, Live BSE ...

15. www.moneycontrol.com/india/stockpricequote/.../ONG
16. Oil and Natural Gas Corporation Stock/Share prices, Oil and Natural Gas Corporation Live BSE/NSE, F&O Quote of Oil and Natural Gas Corporation with Historic ...

17. ONGC Tender :: Home Page

18. tenders.ongc.co.in/
19. Expression of Interest (EOI) for Empanelment of External Agency/Specialist/Consultant for Evaluation of Sustainable Development Projects/Activities of ONGC ...

20. ONGC Videsh Limited ::. The International Petroleum Company of ...

21. www.ongcvidesh.com/
22. We are pleased to inform you that ONGC VIDESH features in 14th Position in the "FASTEST GROWING COMPANIES" companies within the industry - ...

23. Oil And Natural Gas Corporation Stock Price and Quotes - Oil And ...

24. economictimes.indiatimes.com › Markets › Stocks › Stock Quotes
25. Oil And Natural Gas Corporation Stock prices, Stock quote of Oil And Natural Gas Corporation Ltd, Oil And Natural Gas Corporation stock news, Live Quote, ...

26. ONGC to start drilling in Bihar from August - Hindustan Times

27. www.hindustantimes.com/...news/.../ONGC.../Article1-893118.aspx
28. 21 Jul 2012 – State-owned ONGC will start drilling from August at two locations in Bihar's Kishanganj district to look for oil and natural gas, officials said on ...

29. ONGC GT recruitment applications open till August 26: apply here ...

30. ibnlive.in.com/news/ongc-gt-recruitment.../279439-7-223.html
31. 7 Aug 2012 – Oil and Natural Gas Corporation (ONGC) has started inviting online applications for 889 positions for its Graduate Trainee (GT) Recruitment ...

32. News for ONGC

1. Tata, ONGC join with Tripura govt for fertiliser manufacturing
2. Hindu Business Line‎ - 2 hours ago
3. The Tripura government in a joint venture with ONGC and Tata Chemicals would set up a Rs 5,000 crore fertiliser manufacturing unit in north Tripura district by ...
4. PK Borthakur takes over as ONGC Director (Offshore)
5. Moneycontrol.com‎ - 15 minutes ago
6. ONGC, AI to play in All India Public Sector football tourney
7. Times of India‎ - 2 hours ago

Searches related to ONGC

1. Krishna Godavari Basin - Wikipedia, the free encyclopedia

2. en.wikipedia.org/wiki/Krishna_Godavari_Basin
3. Krishna-Godavari Basin is a peri-cratonic passive margin basin in India. It is spread across more than 50,000 square kilometers in the Krishna River and ...
4. Discoveries - Ecology - Corruption by Reliance Industries - Projects

5. Images for kg basin

6. - Report images

7. KG basin - The Economic Times

8. economictimes.indiatimes.com › Topics
9. KG basin Latest Breaking News, Pictures, Videos, and Special Reports from The ... KG basin Blogs, Comments and Archive News on Economictimes.com.

10. Seven years on, KG basin gas story runs out of steam - Times Of India

11. articles.timesofindia.indiatimes.com › Collections › Ril
12. 10 Sep 2012 – MUMBAI: In 2005, while addressing students at IIM-Ahmedabad, Reliance Industries (RIL) chairman Mukesh Ambani compared India's east ...

13. Articles about Krishna Godavari Basin - Economic Times

14. articles.economictimes.indiatimes.com › Collections
15. Krishna Godavari Basin News. Find breaking news, commentary, and archival information about Krishna Godavari Basin From The Economic Times.

16. News for kg basin

17. Economic Times

1. Cancel KG basin allotment to Reliance: Kejriwal
2. Deccan Herald‎ - 3 hours ago
3. According to Kejriwal, the KG basin was awarded to Reliance in 2000 by the NDA government when the corporate agreed to supply gas to the ...
4. ONGC close to capping well to check gas leak in KG basin
5. Moneycontrol.com‎ - 1 day ago
6. ONGC well in KG block leaking gas, environment damage feared
7. Hindu Business Line‎ - 2 days ago

18. KGBasin

19. www.kgbasin.in/
20. About 16 km from Naraspur, Matsyapuri is a part of the Krishna-Godavari basin (KG basin), one of the first sites explored by the Oil and Natural Gas Commission ...

21. Krishna Godavari - Basin - Directorate General of Hydrocarbons

22. www.dghindia.org/16.aspx
23. The Krishna Godavari Basin is a proven petroliferous basin of continental margin located on the east coast of India .Its onland part covers an area of 15000 sq.

24. Cancel KG basin allotment to Reliance: Arvind Kejriwal - India - DNA

25. www.dnaindia.com › INDIA
26. 3 hours ago – Jaipal Reddy was removed as petroleum minister for refusing a proposal of Mukesh Ambani-led Reliance Industries to hike the charges of the ...

27. Cancel KG basin allotment to Reliance, says Kejriwal - Yahoo! News ...

28. in.news.yahoo.com/cancel-kg-basin-allotment-reliance-says-ke...
29. 43 minutes ago – 'Cancel KG basin allotment to Reliance, says Kejriwal' on Yahoo! News India. New Delhi, Oct 31 (IANS) S. Jaipal Reddy was axed as ...

30. ONGC to cap leak at KG basin well soon: Vasudeva | Firstpost

31. www.firstpost.com › Business
32. 1 day ago – G-1-9 well was drilled about a decade back and had not been put in production till now.

33. Special: All about the Reliance-KG Basin controversy - Rediff.com ...

34. www.rediff.com › Business
35. 20 Sep 2011 – CPI(M) Rajya Sabha Tapan Sen, in an interview to Rediff.com, explains what he believes are the irregularities committed by Reliance ...

Searches related to kg basin
kg basin controversy
kg basin gas dispute
reliance kg basin
kg basin map
kg basin gas wiki
kg basin scam
kg basin geology
kg basin project

1

2

3

4

5

6

7

8

9

10

Address: 544, Diamond Harbour Road, Thakurpukur, Kolkata, West Bengal 700063 Phone: 033 32971194

Feedback

Krishna Godavari Basin

From Wikipedia, the free encyclopedia

Jump to: navigation, search

Krishna-Godavari Basin (also known as KG Basin) is a peri-cratonic passive margin basin in India. It is spread across more than 50,000 square kilometers^[1] in the Krishna River and Godavari River basins in Andhra Pradesh. The site is known for the D-6 block where Reliance Industries discovered the biggest natural gas reserves in India in 2002. It was also the world's largest gas discovery of 2002.^[2]

Contents 1 Discoveries 2 Ecology 3 Corruption by Reliance Industries 4 Projects 5 References

Discoveries

It was in 1983 that Gas was first struck in Rajole Well No.1 when ONGC had a small office in Rajahmundry and Narsapur that was headed by Iqbal Farooqi. Since that discovery there had been no looking back. Reliance and others are late players in that area.

• 14 trillion cubic feet of gas by Reliance Industries in KG-DWN-98/l (KG-D6) in 2002.^[3] 6000 feet below the sea floor. ^[4]
• 20 trillion cubic feet (5.7×10¹¹ m³)cubic feet of gas by Gujarat State Petroleum Corporation in June 2005.^[5]
• 20 trillion cubic feet (5.7×10¹¹ m³) of gas at D-3 and D-9 blocks by Reliance Industries in May 2009. ^[6]
• 10 trillion cubic feet (2.8×10¹¹ m³) of gas by ONGC in June 2009. ^[7]

Ecology

The basin is home to Olive Ridley turtles, an endangered species ^[8]

Corruption by Reliance Industries

CAG report on Krishna Godavari Basin clearly concludes the following irregularities by Reliance Industries:

• Eliminated competition in contracts.
• Awarded contracts at unreasonable rates.
• Directly notified oil and gas discoveries without informing government
• Profit sharing mechanism with Government was designed in late 1990s
• RIL and GAIL Made profits by purchasing gas at a price of USD 4.2 per million British thermal units where the price of imported LNG ranges between USD 12 and USD 17 per mmBtu resulting net loss to exchequer.

^{[9][10][11][12]}

Projects

KG-DWN-98/1 (KG-D6) - 8100sq km. The total project is expected to cost $100 billion. ^[13] 50km off the coast of Kakinada. ^[14]

References

1. ^ "A unique and lucrative basin". January 18 - 31, 2003. Retrieved 3 August 2009.
2. ^ Reliance gas-find 40 times bigger than Bombay High
3. ^ "KG-DWN-98/1 (KG-D6), Bay of Bengal". Offshore Technology. Retrieved 2010-08-14.
4. ^ "Reliance gas-find 40 times bigger than Bombay High". rediff.com. 2002-10-31. Retrieved 2010-08-14.
5. ^ Record gas discovery in India could hit projects
6. ^ RIL strikes 2 more gas reserves in KG basin
7. ^ ONGC scores hat-trick on gas discoveries
8. ^ Oil cos stumble on Olive Ridley ground
9. ^ http://indiatoday.intoday.in/story/cag-report-on-kg-basin-puts-ril-in-the-dock%E2%80%8E/1/150531.html
10. ^ "GAIL making illegal profits by diverting its share of KG gas: Ramsinh Rathwa, BJP MP". The Times Of India. 2011-11-21.
11. ^ http://www.moneycontrol.com/news/business/rils-new-gas-finds-not-viable-at-usd-42mmbtu-price-dgh_590546.html
12. ^ http://www.financialexpress.com/news/Reliance-violated-contract-terms-in-KG-Basin--finds-CAG-report/843940/
13. ^ "Specifications: KG-DWN-98/1 (KG-D6), Bay of Bengal". Offshore Technology. Retrieved 2010-08-14.
14. ^ "Reliance completes one year of gas production in KG Basin". Chillx.info. 2010-04-02. Retrieved 2010-08-14.

India Inc.

From Wikipedia, the free encyclopedia

Jump to: navigation, search

India Inc. is a common term used by the Indian media to refer to the formal (comprising government and corporate) sector of the nation. It employed 7 per cent of the workforce in 2000^[1] and contributed 60 per cent of the nominal GDP of the nation. The informal sector consists of 44 million non-farm enterprises as per recent labour survey.

The Companies Act 1956 allows a variety of formations in the mixed economy of India.. The Ministry of Company Affairs estimates that as of 31 October 2005, there were 712,800 companies registered in India (excluding foreign companies) as detailed below:

Category	Non-government	Government	Total
Private companies limited by shares	628,957	612	629,569
Public companies limited by shares	78,473	724	79,197
Companies limited by guarantee	3,530	7	3,537
Companies with unlimited liability			497

There were 821,212 companies by the end of 2009. Almost one-fifth of these companies were head quartered in Maharashtra, another one-fifth in Delhi, one-fifth in West Bengal and one-eighth in Andhra Pradesh.

See also

• Bombay Stock Exchange
• National Stock Exchange
• List of Indian companies

References

1. ^ 28m workers employed by 400k companies in 2000

External links

• India Inc. The official RuneScape clan for India recognised by Jagex Ltd.
• India Inc.: Aiming Higher by Susan Kitchens (forbes.com)
• India Inc., Still Going Strong by Jaikumar Vijayan (computerworld.com)
• India Inc. arrives overseas by Vipul Mudgal for HT Research (HindustanTimes.com)

This article related or pertaining to the economy of India is a stub. You can help Wikipedia by expanding it.

Reliance Industries

From Wikipedia, the free encyclopedia

Jump to: navigation, search

Reliance Industries Limited

Type	Public
Traded as	BSE: 500325, NSE: RELIANCE, LSE: RIGD BSE SENSEX Constituent
Industry	Conglomerate
Predecessor(s)	Reliance Commercial Corporation
Founded	1966
Founder(s)	Dhirubhai Ambani
Headquarters	Mumbai, Maharashtra, India
Key people	Mukesh Ambani (Chairman and MD)
Products	Crude oil, natural gas, petrochemicals, petroleum, polyester, textiles, retail, telecom
Revenue	US$ 76.119 billion (2012)[1]
Net income	US$ 4.116 billion (2012)[1]
Total assets	US$ 64.230 billion (2012)[1]
Total equity	US$ 33.263 billion (2012)[1]
Employees	23,166 (2012)[1]
Subsidiaries	Reliance Life Sciences Reliance Industrial Infrastructure Limited Reliance Logistics Reliance Clinical Research Services Reliance Solar Relicord IndiaWin Sports Pvt. Ltd. Infotel Broadband Ltd.
Website	RIL.com

This article appears to be written like an advertisement. Please help improve it by rewriting promotional content from a neutral point of view and removing any inappropriate external links. (October 2012)

Reliance Industries Limited (RIL) (BSE: 500325, NSE: RELIANCE, LSE: RIGD) is an Indian conglomerate company headquartered in Mumbai, Maharashtra, India. The company operates through three business segments: petrochemicals, refining, and oil and gas; other divisions of the company include textiles, retail business, special economic zone (SEZ) development and telecom/broadband business. RIL is one of the largest publicly traded company in India by market capitalisation and is the second largest company in India by revenue after Indian Oil Corporation.^[2] It is also India's largest private sector company by revenue and profit. The company is ranked 99th on Fortune Global 500 list of the world's biggest corporations for the year 2012.^[3]

Contents 1 History 1.1 Products 2 Businesses divisions 2.1 Major subsidiaries and associates 2.2 Reliance Industrial Infrastructure Limited 2.3 Reliance Retail 3 Environmental record 4 Awards and recognition 5 References 6 External links

History

Products

Though the company's petrochemicals, refining, and oil and gas-related operations form the incore of its business, other dividors of the company include cloth, retail business and special economic zone (SEZ) development. Reliance Retail has entered into the fresh foods market as Reliance Fresh.

RIL is to invest $10 billion over the next few years in its new aerospace division which will design, develop, manufacture, equipment and components, including airframe, engine, radars, avionics and accessories for military and civilian aircraft, helicopters, unmanned airborne vehicles and aerostats. It had applied for industrial licence in early July 2012. This decision comes after the creation of Reliance Aerospace Technologies Pvt Ltd and Reliance Security Solutions Ltd. ^[4]

Businesses divisions

Major subsidiaries and associates

• Reliance Life Sciences participates in medical, plant and industrial biotechnology opportunities. Specifically, these relate to biopharmaceuticals, pharmaceuticals, clinical research services, regenerative medicine, molecular medicine, novel therapeutics, biofuels, plant biotechnology, and industrial biotechnology.^[5]
• Reliance Institute of Life Sciences (Rils), established by Dhirubhai Ambani Foundation, is an institution of higher education in various fields of life sciences and related technologies.^[6]
• Reliance Logistics (P) Limited is a single-window solutions provider for transportation, distribution, warehousing, logistics, and supply chain needs, supported by in-house state of the art telematics and telemetry solutions.^[7]
• Reliance Clinical Research Services (RCRS), a contract research organisation (CRO) and wholly owned subsidiary of Reliance Life Sciences, has been set up to provide clinical research services to pharmaceutical, biotechnology, and medical device companies.^[8]
• Reliance Solar, the solar energy initiative of Reliance, aims to bring solar energy systems and solutions primarily to remote and rural areas and bring about a transformation in the quality of life.^[9]
• Relicord is a stem-cell banking service controlled by Reliance Industries.^[10]
• Infotel Broadband is a broadband service provider which gained 4G licensees for operating across India, now it is wholly owned by RIL for 4,800 crore (US$907.2 million).^[11][12]

Reliance Industrial Infrastructure Limited

Reliance Industrial Infrastructure Limited (RIIL)^[13] was incorporated in September 1988 as Chembur Patalganga Pipelines Limited, with the main objective being to build and operate cross-country pipelines for transporting petroleum products. The company's name was subsequently changed to CPPL Limited in September 1992, and thereafter to its present name, Reliance Industrial Infrastructure Limited, in March 1994. It has been promoted by Mr. Satyapal Jain and his associates. The company set up a 200-millimetre diameter twin pipeline system that connects the Bharat Petroleum refinery at Mahul, Maharashtra, to Reliance's petrochemical complex at Patalaganga, Maharashtra. The pipeline carries petroleum products including naphtha and kerosene. It has commissioned facilities like the supervisory control and data acquisition system and the cathodic protection system, a jackwell at River Tapi, and a raw water pipeline system at Hazira. The infrastructure company constructed a 70,000 kilolitre petrochemical product storage and distribution terminal at the Jawaharlal Nehru Port Trust (JNPT) Area in Maharashtra.ambani RIIL is mainly engaged in the business of setting up and operating industrial infrastructure. The company is also engaged in related activities involving leasing and providing services connected with computer software and data processing.

Reliance Retail

See Reliance Retail

Reliance Retail is the retail business wing of the Reliance business. Many brands like Reliance Fresh, Reliance Footprint, Reliance Time Out, Reliance Digital, Reliance Wellness, Reliance Trendz, Reliance Autozone, Reliance Super, Reliance Mart, Reliance iStore, Reliance Home Kitchens, Reliance Market (Cash n Carry) and Reliance Jewel come under the Reliance Retail brand.

TGB

Environmental record

Reliance Industry is the world's largest polyester producer and as a result one of the largest producers of polyester waste in the world. In order to deal with this large amount of waste, they had to create a way to recycle the waste. They operate the largest polyester recycling centre that uses the polyester waste as a filling and stuffing. They developed an innovative recycling process resulting in an award in 'Team Excellence'.^[14]

Awards and recognition

• International Refiner of the Year in 2005 at the 23rd Annual Hart's World Refining and Fuels Conference^[15]
• According to survey conducted by Brand Finance and The Economic Times in 2010, Reliance is the second most valuable brand in India.^[16]
• The Brand Trust Report, 2011 has ranked Reliance industries as the 6th most trusted brand in India.^[17]
• 'Responsible Care Company' awarded by the American Chemistry Council, India in March, 2012^[18]
• RIL has been ranked at 20th position across the world, on the basis of sales, in the ICIS^[19] Top 100 Chemicals Companies list.
• RIL has been ranked No. 1 in India on the basis of average market capitalization, No. 1 in total assets and No. 2 on the basis of total income in 2012, by Business World magazine. In the same report, RIL ranked 2nd among the top 100 gainers in India.^[20]

References

1. ^ ^{a b c d e} "Financial Highlights". RIL Financial Highlights.
2. ^ "RIL one of the most valuable company in India". CNBC-TV18. 14 October 2011.
3. ^ "Fortune Global 500". CNN Money. Retrieved 9 July 2012Fortune 2012 latest rankings.
4. ^ The Times Of India. 28 July 2012. http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/ril-lines-up-close-to-1-billion-plan-in-aerospace-sector-may-hire-around-1500-people/articleshow/15214083.cms.
5. ^ "About us, Reliance Life Sciences". Retrieved 3 March 2010.
6. ^ "Welcome to Reliance Institute of Life Sciences". Retrieved 5 November 2011.
7. ^ "About us, Reliance Logistics". Retrieved 3 March 2010.
8. ^ "Reliance Clinical Research Services — About". Retrieved 5 November 2011.
9. ^ "About us, Reliance Solar". Retrieved 3 March 2010.
10. ^ "About us, Relicord". Retrieved 3 March 2010.
11. ^ "Reliance Industries buys 95% stake in Infotel Broadband for Rs 4,800 cr". The Times Of India. 12 June 2010. Retrieved 11 June 2010.
12. ^ "RIL Subsidiaries & Associates".
13. ^ Shah, Manan. "Company History". money control.
14. ^ Bhatt, Hari (2006). "Reliance Industries award". Findarticles.com. Retrieved 20 August 2010.^{[dead link]}
15. ^ http://www.ril.com/rportal/jsp/eportal/media/PressRelease.jsp?id=332
16. ^ "India's top 10 brands". business.rediff.com. Retrieved 26 October 2010.
17. ^ ": Videos". Moneycontrol.com. Retrieved 29 April 2012.
18. ^ "RIL gets certified as 'Responsible Care Company'". 04/03/2012. Retrieved 9 April 2012.
19. ^ "RIL among world's largest chemical firms". The Hindu. 29 November 2010. Retrieved 9 April 2012.
20. ^ "India's 50 Biggest Non- Financial Companies". Business World. 29/10/2012.

External links

• Official website

[show] v t e Reliance Group

[show] v t e Major Indian companies

[show] v t e BSE SENSEX companies of India

[show] v t e S&P CNX Nifty companies of India

Help improve this page

What's this?

Did you find what you were looking for?

Yes

No

Categories:

• Reliance Industries
• BSE SENSEX
• Companies based in Maharashtra
• Companies based in Mumbai
• Companies established in 1966
• Companies listed on the Chennai Stock Exchange
• Companies listed on the National Stock Exchange of India
• Conglomerate companies of India
• Economy of Maharashtra
• Economy of Mumbai
• Oil and gas companies of India
• S&P CNX Nifty