India’s biggest firm, Reliance Industries, appears to be making a bet on Russian energy resources. Mint has learnt the company has agreed to partner with the Republic of Tatarstan in the Russian Federation. RIL could eventually invest in petrochemical or refining facility in the region. The agreement was signed late last month after Russian officials visited RIL’s refining plant Jamnagar in Gujarat. This isn’t RIL’s first foray into Russia. Back in February, it got into a joint venture with Russia-based petrochemicals firm Sibur to create a butyl rubber plant.
There could be some relief for struggling airlines. The government has indicated it will decide very soon about letting foreign carriers buy stakes in their Indian counterparts. On Thursday, commerce minister Anand Sharma said the issue had already been discussed with the finance and civil aviation ministers. Cash-strapped airlines like Kingfisher are hoping the government will allow foreign carriers to invest in them.