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Tag: reliance industries limited

  • List of Companies supplying Oxygen in India

    The rise of the second wave of Covid 19 in India has led to a lot of infections and an increased demand for oxygen across the country. Many states have reported that there is a lack of oxygen in the hospitals and there are a lot of patients in requirement of oxygen.

    The shortage of oxygen has led to the death of several patients in the hospitals. Amidst the chaos, several private and public sector companies have changed their manufacturing plants and converted those into manufacturing of oxygen. Heres a list of companies that have started manufacturing oxygen cylinders in India.

    Reliance Industries
    JSW Steel
    TATA Group
    Vedanta
    SAIL
    IOL and Bharat Petroleum
    Rashtriya Ispat Nigam Limited
    IFFCO
    FAQ

    Reliance Industries

    Reliance Industries Ltd is a multinational company which has its headquarters in Mumbai, India. Reliance Industries is owned by Mukesh Ambani. The Jamnagar Oil Refineries of reliance Industries have been changed to manufacture medical-grade oxygen cylinders.

    The company has said that it would manufacture around 700 tones of medical-grade oxygen cylinders per day and has plans to distribute it freely to the states that are affected by Covid-19. The Jamnagar Oil Refineries is located in Gujarat, India.

    The plant had started the manufacturing of 100 tones of medical-grade oxygen cylinders in the beginning and later it was increased to 700 tones because of the requirement. The company has plans to increase the manufacturing output of medical-grade oxygen cylinders to up to 1000 tones in a short span of time.

    JSW Steel

    JSW steel is an Indian company which is involved in the manufacturing of steel. The company has its headquarters located in Mumbai, India. The company had recently revealed that its Dolvi Plant in the state of Maharashtra was manufacturing around 185 tones of medical oxygen and supplying it according to the requirement from last week.

    JSW Steel also has plans to increase the manufacturing of medical oxygen their other 3 plants which are Ballari plant in the state of Karnataka, Dolvi Plant in the state of Maharashtra and Salem plant in the state of Tamil Nadu.

    The company is working towards manufacturing and providing around 600 tones of oxygen on a daily basis. The company is also planning a strategy to increase its manufacturing and supply of oxygen in its Tamil Nadu factory.

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    Tata Group

    Tata Group is a multinational company which has its headquarters located in Mumbai, India. Tata group is one of the oldest and the biggest companies in India.

    The subsidiaries of the Tata group such as Tata Steel are in the process of transferring oxygen to the states which have an increased demand for medical oxygen.

    To bring a solution to the shortage of oxygen supply, the company has taken a decision and declared that in order to carry liquid oxygen, they would import around 24 cryogenic containers.

    The cryogenic containers are known for storing gases that are liquified at very low temperatures because of their design which contains dual walls. There are also multilayer insulation vessels.

    How is liquid oxygen transported
    How is liquid oxygen transported

    Vedanta

    Vedanta Company is an Indian-based company which is involved in the mining. They have mined in different states such as Goa, Rajasthan, Karnataka and Odisha. Their main operations include mining of iron ore, aluminum and gold. The company has its headquarters located in Mumbai, India.

    Vedanta has offered to provide oxygen from its Plant in Tamil Nadu which is located in Thoothukudi and is a decommissioned Sterlite Copper Plant. According to Vedanta, their factory has around 2 oxygen plants and is expecting to manufacture around 1,050 tones combined from both the plants on a daily basis.

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    SAIL

    Steel Authority of India Limited (SAIL) is a steel manufacturing company. It is an enterprise which is owned by the Government of India. The company has its headquarters located in New Delhi, India.

    According to a report from SAIL, the company has supplied around 35,000 tones of liquid oxygen from its manufacturing plants. The oxygen is said to have a purity of around 99.7 %.

    The manufacturing plants of SAIL are located in Bokaro plant which is in the state of Jharkhand, Bhilai plant which is in the state of Chhattisgarh, Rourkela plant which is in the state of Odisha, Durgapur plant and Burnpur plants.

    IOL and Bharat Petroleum

    Indian Oil Corporation (IOL) is an oil and gas corporation which is under the Government of India. It has its headquarters located in New Delhi, India. It is the largest commercial oil company in the country.

    Bharat Petroleum Corporation Limited (BPCL) is also an oil and gas corporation which is under the Government of India. It has its headquarters located in Mumbai, India, it is the second largest commercial oil company in the country.

    IOC and BPCL have also started supplying medical oxygen from their plants. They have begun redirecting the oxygen that are generated in their refineries to provide medical oxygen to the states that are affected by Covid-19.

    They have supplied oxygen to various hospitals such as Delhi, Punjab and Haryana. IOC has begun supplying around 150 tonnes of oxygen on a daily basis and BPCL has begun supplying around 100 tonnes of oxygen on a daily basis for free of cost.

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    Rashtriya Ispat Nigam Limited

    Rashtriya Ispat Nigam Limited is a steel producer company. The company has its headquarters in Vishakhapatnam, India. Rashtriya Ispat Nigam Limited has provided liquid oxygen to Andhra Pradesh and other states that are affected by Covid-19.

    They have added 5 units of oxygen extraction plants in which 3 plants have the capacity to produce around 550 tones on a daily basis and the other 2 units will have the capacity to produce around 600 tones on a daily basis.

    The company is producing around 100 tones of liquid oxygen and around 2,600 tones of gas oxygen on a daily basis.

    IFFCO

    Indian Farmers Fertilizer Co-operative Limited (IFFCO) is a Multi-state cooperative society which has its headquarters in New Delhi, India. They are involved in the manufacturing and marketing of fertilizers.

    IFFCO has said that in the next 15 days they would set up 4 oxygen plants for an approximate rate of around INR 30 crores. The plants will be created in Paradise (Odisha), Aonla, Phulpura (Uttar Pradesh), and Kalol (Gujarat).

    FAQ

    Is US helping India with Covid?

    As per the Officials the U.S. is trying to help India deal with its coronavirus surge.

    How much vaccination is done in India?

    India has completed 14 crore COVID-19 vaccine doses in total 99 days.

    Which company made Covaxin vaccine?

    Covaxin has been developed by Hyderabad-based company Bharat Biotech in collaboration with the Indian Council for Medical Research (ICMR) and the National Institute of Virology.

    Conclusion

    This is a major step taken by these companies to help the society and the citizens of the country. Mostly all the companies have been providing the oxygen for free of cost. We may be able to see a lot more companies coming together to support the country from a big crisis.

  • Reasons Why SEBI Imposed 25 crore penalty on Mukesh Ambani, Anil Ambani, others

    There was a recent news headlines which said SEBI has slapped INR 25 crore fine on Ambani’s due to the 2000 case over the allegation of violation of the takeover code regulations. Let’s look at the below article to get a clear understanding about the regulation and the reason for imposing the fine.

    Substantial Acquisitions of Shares and Takeovers (SAST) Regulations 1997
    What Happened with the Ambani family?
    Adjudication Order and SEBI
    Fine To be Paid by Ambani Family
    SEBI and Ambani
    FAQ

    Substantial Acquisitions of Shares and Takeovers (SAST) Regulations 1997

    According to the Substantial Acquisitions of Shares and Takeovers (SAST) Regulations 1997, If a company’s promoter group acquires more than 5% of the voting rights in the company, during a financial year. Then the company will have to make an open offer to the minority investors which will give them an option to exit the company if required.

    What Happened with the Ambani family?

    SEBI has fined the Ambani family which include Mukesh Ambani, Nita Ambani, Anil Ambani, Tina Ambani and the various other firms linked to the Ambani group. It is because they have been alleged for violation of the takeover code regulations in 2000.

    The case is because of the increase in the promoter stake of the Reliance Industries Ltd. (RIL) which is during January 2000. The promoter stake in the company was increased after the conversion of various warrants which was issues during 1994.

    In January 2000, the promoter stake of Reliance Industries Ltd (RIL) had increased to 6.83% from the maximum limit of 5% according to SEBI. Securities Exchange Board of India has even alleged that the company or the promoter group had failed to make an offer to the minority investors providing them an opportunity to exit the company.

    SEBI has said that the promoter group of Reliance Industries Ltd had failed to make an open offer as required under the norms issued.

    SEBI has said that in the instant case the violation was not just committed for a particular year or once and for all but it continues till date, that is even now the promoters of Reliance Industries have the majority voting rights in the company.

    Total debt of Reliance Jio Infocomm Limited from financial year 2017 to 2020
    Total debt of Reliance Jio Infocomm Limited 

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    Adjudication Order and SEBI

    In an 85-page adjudication order it was written that the violation of the statutory provisions by which the acquisitions of securities giving the notices that is the Ambani family has provided enhanced control by the exercise of voting rights, etc.

    Which is a disobedience against the regulation and these are violations which are being continued so long as the voting rights are acquired by violating the letter and the spirit of the law.

    SEBI has said that the notices have been alleged because they have been failed to make a public announcement, when they were acquiring more shares of the company to increase the promoter holdings. This has led the other shareholders to be deprived of their statutory rights and opportunity to exit from the target company.

    This has led the promoter group of Reliance Industries Ltd to breach the provisions of Substantial Acquisitions of Shares and Takeovers (SAST) Regulations 1997. All these charges against the notices will make the instant matter grave.

    The SEBI order has said that it has been difficult to ascertain the value of the unfair advantage made by RIL promoter group due to this violation.

    SEBI had said that while determining the amount of penalty they have not found any amount which can be expressed as figures or any data which can be used to record the gain received by the promoter group because of this violation and the amount of loss which has been caused to the minority shareholders in the company as a result of the default that was committed.

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    Fine To be Paid by Ambani Family

    Under Section 15H of the SEBI Act which was amended in October 2002, a maximum penalty of INR 25 crore or three times the number of profits made out of the failure is allowed.

    The Regulator has said that the penalty of INR 25 crore will have to be paid together by the 34 individuals who are named in the SEBI order which includes the mother of Mukesh Ambani and Anil Ambani and even the children of Mukesh Ambani and Anil Ambani. The amount is said to be paid within 45 days.

    SEBI and Ambani

    In November 2020, in reply to the regulator SEBI said the Ambani family that the issue of warrants and the issue of shares on conversion of warrants were not to subject to SEBI’s Substantial Acquisitions of Shares and Takeovers (SAST) Regulations 1997.

    The Reliance promoter group had responded to SEBI saying that the initiation of the adjudication proceedings in the particular case with a large misappropriate delay was unreasonable, arbitrary and causes substantial prejudice to the notices.

    FAQ

    What is the number of Mukesh Ambani in world richest person?

    Reliance Industries (RIL) Chairman Mukesh Ambani is the eighth richest person in the world with a fortune of $83 billion, according to the Hurun Global Rich List 2021.

    Who is the CEO of Jio?

    Atul Kansal is the current CEO of Jio.

    How much did Ambani earn in lockdown?

    According to the Oxfam report, Ambani earned Rs 90 crore per hour during the coronavirus pandemic.

    Conclusion

    The market regulator had issued the show cause notices (SCN) regarding this matter in February 2011. That is almost 11 years after the allegation of violation.