Reliance Industries and BP, have confirmed the commencement of production from the MJ field in the KG-D6 block off the east coast. The field represents the last of three major new deepwater wells from where gas is being produced. Together, the three fields are expected to produce around 30 million standard cubic meters of gas a day at peak. This will be around one-third of India’s gas production and meet about 15 percent of India’s demand. Meanwhile, rivalry between two of the country’s best-known retailers – Reliance Retail and Nykaa – is beginning to play out in multiple categories. After Reliance Retail stepped into the beauty retail space in April with Tira, an online-and-offline beauty destination, to counter Nykaa, the country’s largest organised retailer has set its sights on the women’s innerwear market. Around 60-70% of the $6-billion innerwear market in India is unorganised. In Another news relating to RIL, Sebi has held Reliance Strategic Investments Ltd, a subsidiary of Reliance Industries, guilty of manipulation while trading in long dated Nifty options in 2017, and has imposed a fine of Rs 7 lakh. The penalty has to be paid in 45 days.
Byju’s to raise funds by paring Aakash stake
After announcing that it will launch the initial public offering of its subsidiary Aakash by mid-next year, media reports are suggesting that edtech giant Byju’s is now looking to raise funds by selling part stake in Aakash. According to media reports, Byju’s parent firm Think & Learn is planning to sell almost 20 per cent stake in the company. The edtech giant holds 70 per cent stake in the company. The news comes in the midst of buzz that Byju’s is close to raising $1 billion from investors. A per reports, “This can happen in a week or 10 days or even take a month.”
To know more about markets and corporate updates, watch Corporate Central
