The company had a gross debt of Rs 1,96,601 crore as on March 31, most of which was taken to fund its fourth-generation telecom venture, Reliance Jio.
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Currently, crude oil, petrol, diesel, jet fuel or aviation turbine fuel (ATF) and natural gas are not included in the new indirect tax structure, which is set to kick in from July 1.
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These investments will give India 15.18 mt of oil equivalent. These compare to USD 28.48 billion investment by Indian companies overseas in the past 50 years, leading to about 10 million tonnes of oil equivalent.
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Overall, the cumulative crude oil production during April-May, 2017 was 6038.33 TMT which is 1.16 percent lower than target for the period but 0.07 per cent higher than production during corresponding period of last year.
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A fuel glut in China, a hangover from demonetisation in India, and an ageing, declining population in Japan are holding back crude oil demand growth in three of the world's top four oil buyers.
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With this Rs 86,000 crore transaction, which makes it the largest FDI inflow for the country, the company hopes to close the deal by early next month, Essar group sources said.
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Norway offered a record number of blocks for oil and gas exploration in the Arctic Barents Sea on Wednesday, brushing off concerns about the risks of drilling in the remote, icy environment
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India's Bharat Petroleum Corp is seeking gasoline in a rare move, due to a scheduled, month-long shutdown of a crude unit and a continuous catalytic reformer
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