Reliance News

Reliance Industries(RIL) has said it's being punished twice; first by levy of a $1.78-billion penalty for the crime of not meeting stated targets which is a breach of contract, and then by being denied a gas-price revision, until this matter is resolved. There is no provision under the Production Sharing Contract(PSC) that allows penalty for output due to geoligical-complexities.

Telecom operator Reliance Communications has increased 3G mobile internet rates by 26%. The company has increased the cost of 1GB pack to Rs156 from Rs123 and the Rs123 mobile internet pack will now offer only 400MB. Also, for the internet pack of Rs 246, the company has reduced usage limit from 2GB to 1.5GB.

Following the requests from consumers, shareholders and investors that the meat segment is hurting their religious sentiments, Reliance has planned to exit the non-vegetarian food business. The segment is estimated to comprise 10% of the company's total retail business and is also a profit-making venture. Notably, Ambani himself is also a strict vegetarian.