Russian crude oil flows to India this month are on track to hit the lowest level in three years, though volumes may rise early next year after Reliance Industries Ltd. resumed purchases.
India’s Reliance Industries Ltd. resumed purchases of discounted Russian crude, sourcing barrels from non-sanctioned suppliers and routing them to its refinery in Gujarat, according to people with knowledge of the matter.
Four out of India’s seven largest refiners are now in the market for Russian crude as deep discounts push buyers to seek out non-sanctioned barrels, even as heavyweight Reliance Industries Ltd. stays away.
A Bharat Petroleum Corp. oil refinery in Mumbai. Photographer: Abeer Khan/Bloomberg
Reliance Industries Ltd. has started work on an initial draft prospectus for a listing of Jio Platforms Ltd., people familiar with the matter said, in what is expected to be India’s biggest-ever initial public offering.
Mobile sim card packets for Jio Platforms Ltd., the mobile network of Reliance Industries Ltd., are displayed at a store in Mumbai, India, on Tuesday, July 14, 2020. Google is in advanced talks to buy a $4 billion stake in Jio, the digital arm of Indian billionaire Mukesh Ambani's conglomerate, people familiar with the matter said, seeking to join rival Facebook Inc. in chasing growth in a promising internet and e-commerce market.
Digital Connexion, a joint venture between Mukesh Ambani’s Reliance Industries Ltd., Brookfield Asset Management Ltd. and Digital Realty Trust Inc. has signed a pact to invest $11 billion by 2030 for developing a data center in southern India, marking the latest investment in one of technology’s fastest-growing arenas.
A data center. Photographer: Sebastian Gollnow/Getty Images
The Coastal Road Garden is the latest billionaire-led redevelopment project in the megacity.
Pedestrians walk along Mumbai’s Coastal Road Promenade, in November. Reliance Foundation is set to make over the area currently known as the Coastal Road Promenade into the Coastal Road Garden.
India’s Reliance Industries Ltd. said it would stop processing Russian oil at part of its giant Jamnagar oil refinery as US sanctions force the company to shy away from dealings with Moscow.
Storage tanks at the Reliance Industries Ltd. oil refinery in Jamnagar, Gujarat, India.
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