Aramco in talks for 25% of Reliance's refining, petrochemical units: Report

Agencies
April 17, 2019

Apr17: Saudi Aramco, the world's largest crude oil producer, is in "serious discussions" to acquire up to a 25 percent stake in Reliance Industries' refining and petrochemicals businesses, the Times of India reported on Wednesday.

A minority stake sale could fetch around $10 billion to $15 billion, valuing the Indian company's refining and petrochemicals businesses at around $55 billion to 60 billion, the report said.

The agreement on valuation could be reached around June, the Indian newspaper reported, citing people with knowledge of the development. Goldman Sachs is said to have been mandated to advise on the proposed deal, the report added.

Aramco's interest in the operator of the world's biggest refining complex comes after Saudi Arabia's Crown Prince Mohammed bin Salman's visit to Delhi in February when he said he expected investment opportunities worth more than $100 billion in India over the next two years.

Separately, Saudi Aramco's Chief Executive Officer Amin Nasser had met Reliance Chairman Mukesh Ambani to discuss the Saudi state-owned company's businesses including crude, chemicals and non-metallics.

Aramco and Reliance were not available for comment outside business hours.

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News Network
July 11,2020

Kochi, Jul 11: Johnny Paul Pierce's five-month stay in Kerala has been a soul-soothing experience for 74-year-old US citizen. He now wants to spend the rest of his life here.

"Kerala is a beautiful place to live in. This is my fifth trip here. I usually stay here for six months. It is such a magical place to be and I want to share that with people from the US," Pierce told ANI.

He came to India on February 26 on a tourist visa and is staying at Kandanadu in Kochi.

According to Pierce's Advocate, his tourist visa is valid up to January 26, 2025. But on this visa, he can only stay consecutively for 180 days.

The guidelines of the Indian government permit continuous stay for only 180 days for foreigners on tourist visas. His 180 days were set to expire on August 24, which the Foreigner Regional Registration Office (FRRO) extended to August 30.

The US citizen has approached the Kerala High Court seeking to convert his tourist visa into a business visa. The petition will be considered next week.

Pierce has sought a directive to the government to permit him to apply for the conversion of his tourist visa into a business visa and also to extend his stay, without having to leave the country.

"I am making a petition for an extra 180 days to stay. And I would also like to get a business visa in order to begin a tour company to bring people from the US to Kerala after the coronavirus. I wish my family could also come here. I am very impressed with what's is happening here. People in the US don't care about COVID-19," he said.

He talked about the risk of going back to his home country saying, "There are only 27 deaths in Kerala and in the US there over 1.3 lakh deaths. I do not want to go back to the US. I am 74 years old and I am at risk. This is a very safe place for me. I hope India embraces and allows me to stay."

"There's chaos in the US due to COVID-19 and government is not taking care like India. I want to stay here," he added.

Pierce further talked about his future plans, saying that if he is allowed to stay, he would like to lease a small resort and make a retirement community, which will be a COVID free zone.

Lastly, he made an appeal to the Indian government to let him stay in India saying that "all the immigration rules were made before COVID-19."

"There should be special consideration for people like me," he added.

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News Network
February 4,2020

New Delhi, Feb 4: The investigation into the incident of violence at Jamia Millia Islamia during an anti-citizenship law protest was at a crucial stage, the Centre told the Delhi High Court on Tuesday.

The submission before a bench of Chief Justice D N Patel and Justice C Hari Shankar was made by Solicitor General Tushar Mehta while seeking more time to file a report regarding the probe.

Taking note of the submission, the bench granted the Centre time till April 29 to file a reply.

During the hearing, senior advocate Colin Gonsalves, appearing for some students of Jamia, said 93 students and teachers filed complaints about alleged attacks on them by police but no FIR has been filed against the agency till date.

The other lawyers for the petitioners alleged that the government has not complied with the court order to file a response within four weeks of the last date of hearing on December 19.

The bench, however, declined to pass any interim order and granted time till April 29 to the government to file a reply.

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News Network
March 5,2020

Mar 5: The Kerala government has given its nod to a proposal aimed at encouraging students aged between 18 and 25 years to take up part-time jobs while pursuing education so as to help them gain work experience and hone their skills.

The government has decided to accept the proposal as a policy decision at the Cabinet meeting held on Wednesday, an official press release said.

The aim is to ensure that in a fiscal, 90 days of work is assured for students in government departments, local body organisations, PSUs and private companies.

This will help in developing a work culture among students.

Honorariums will be given to students by the organisations employing them part-time, the release said.

Students aged between 18 and 25 years will be permitted to become part of the scheme which will help them to gain work experience and hone their skills, the release added.

In another decision, the government decided to release Rs 26 crore from the Chief Minister's disaster relief fund for providing compensation to farmers who suffered crop loss during the 2018 floods.

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