Anil questions oilmin's late entry in gas row...
Claiming that government would lose over Rs 40,000 crore due to Mukesh Ambani-led RIL's oil and gas venture, Anil Ambani on Tuesday questioned oil ministry's 11th hour intervention in the court to help a private player. "It is anyone's guess what prompted the ministry's belated intervention," Anil Ambani said at the AGM of group company Reliance Natural Resources Limited.
Stating that the petroleum ministry did not think it fit to intervene in the two years since the litigation between his company and RIL began in Mumbai High Court, he expressed surprise over ministry's intervention now, which he felt was to help a private player while "scrupulously keeps away when it comes to protecting the rights of a Navratna such as NTPC." Debunking the perception that higher gas prices would benefit the government in the form of increased profit share, he said, "...based on capex numbers, as reported, it is estimated that government may not get more than Rs 1,000 crore in first five years,while RIL gets more than Rs 20,000 crore during the same period..."
Also, Anil Ambani-controlled Reliance Natural Resources (RNRL) plans to enter cement manufacturing and shipping activities with an investment of Rs 12,000 crore.
"We will invest Rs 10,000 crore in cement business and Rs 2,000 crore in shipping," RNRL vice-chairman Anil Singhvi said on the sidelines of the company's annual general meeting on Tuesday. "Our foray into cement and shipping will take 3-4 years period," Singhvi said. RNRL chairman Anil Ambani had said that "we are actively considering entering into cement manufacturing with 20-million tonnes capacity". However Anil Ambani owned Reliance Power Ltd will complete funding for two so-called ultra-mega power projects this year. Reliance is "likely to achieve'' financial closure for the Sasan thermal power project "by the end of this year,'' chairman Anil Ambani said.
Funding for the Krishnapatnam project is expected later this year, he said. The company has qualified to bid for a third ultra-mega power project at Tilaiya in the eastern state of Jharkhand, Ambani said. Each of these 4,000 megawatt, coal-fired projects requires an investment of as much as Rs 20,000 crore ($4.4 billion), he said.
Source: The Times of India
Stating that the petroleum ministry did not think it fit to intervene in the two years since the litigation between his company and RIL began in Mumbai High Court, he expressed surprise over ministry's intervention now, which he felt was to help a private player while "scrupulously keeps away when it comes to protecting the rights of a Navratna such as NTPC." Debunking the perception that higher gas prices would benefit the government in the form of increased profit share, he said, "...based on capex numbers, as reported, it is estimated that government may not get more than Rs 1,000 crore in first five years,while RIL gets more than Rs 20,000 crore during the same period..."
Also, Anil Ambani-controlled Reliance Natural Resources (RNRL) plans to enter cement manufacturing and shipping activities with an investment of Rs 12,000 crore.
"We will invest Rs 10,000 crore in cement business and Rs 2,000 crore in shipping," RNRL vice-chairman Anil Singhvi said on the sidelines of the company's annual general meeting on Tuesday. "Our foray into cement and shipping will take 3-4 years period," Singhvi said. RNRL chairman Anil Ambani had said that "we are actively considering entering into cement manufacturing with 20-million tonnes capacity". However Anil Ambani owned Reliance Power Ltd will complete funding for two so-called ultra-mega power projects this year. Reliance is "likely to achieve'' financial closure for the Sasan thermal power project "by the end of this year,'' chairman Anil Ambani said.
Funding for the Krishnapatnam project is expected later this year, he said. The company has qualified to bid for a third ultra-mega power project at Tilaiya in the eastern state of Jharkhand, Ambani said. Each of these 4,000 megawatt, coal-fired projects requires an investment of as much as Rs 20,000 crore ($4.4 billion), he said.
Source: The Times of India
Labels: Business
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