RIL not contemplating banking foray, says Mukesh Ambani

In February, Reliance had agreed to sell a stake in 23 of its oil and gas blocks, including some in the KG basin, to BP in a USD 7.2 billion deal, and is expected to benefit from BP's deepwater exploration expertise.

The partnership will synergies BP's worldwide deep-water expertise with Reliance's project execution capabilities and efforts in India's deepwater basins to form an unparallelled combination, he said.

RIL has cash reserve of Rs 21,874 crore: AGM

Addressing the 36th AGM of Reliance Industries Ltd, Mukesh Ambani said the company will have a constructive relationship with the Anil-Ambani-led ADAG group. He said the company was conscious of government's stake in gas operations. He said RIL will provide gas to ADAG projects when they are ready.

The senior Ambani expressed concerns hovering above the global economy. Slower than anticipated economic growth will give rise to protectionsim, he said. On the brighter side, Indian government's efforts in sustaining growth is laudable. India is set to become the fastest growing econominc in coming years and Reliance is well placed to take a lead position in nation-building, he said.

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Mukesh Ambani in talks to buy India fund - source

Mukesh Ambani billionaire, who wheels the major energy Reliance Industries, is in talks to buy majority stake in JM Financial Asset Management, a source with direct knowledge of the state of affairs said on Monday.