RELIANCE

Updates with comment from law firm representing ACTP in 18th paragraph

By Aditya Kalra, Arpan Chaturvedi and Ricardo Brito

NEW DELHI/BRASILIA, Sept 20 (Reuters) - This is a story about a bird and a family. But this is no ordinary bird, and this is no ordinary family.

Spix's macaw, a vivid-blue parrot with elaborate mating rituals, was declared extinct in the wild in 2019. A captive-breeding program has since seen some of the birds reintroduced to their native habitat in Brazil.

For more than two years, officials on three continents have been agitating over why 26 of the creatures ended up at a private zoo in India run by the philanthropic arm of a conglomerate controlled by Asia's richest family, the Ambanis.

Indian investigators cleared the sanctuary of any wrongdoing this week. But European officials say they are keeping a close watch on any exports to Vantara, while Brazil, Germany and India are working toward a possible resolution at a United Nations-administered body that monitors wildlife trade.

The 3,500-acre Vantara animal rescue and rehabilitation centre in Gujarat state says it is home to some 2,000 species. The venue featured in pre-wedding celebrations last year for the centre's leader Anant Ambani, the youngest son of billionaire Mukesh Ambani, whose guests included Ivanka Trump and Mark Zuckerberg.

The zoo, adjacent to an oil refinery operated by the Ambanis' Reliance Industries, was inaugurated in March by Indian Prime Minister Narendra Modi.

A Reuters analysis of 2,500 commercially available customs records shows that since 2022, the wildlife centre has imported an extraordinary range of exotic species from countries including South Africa, Venezuela, Democratic Republic of Congo and the United Arab Emirates.

The haul resembles a modern-day Noah's Ark: 2,896 snakes, 1,431 tortoises, 219 tigers, 149 cheetahs, 105 giraffes, 62 chimpanzees, 20 rhinoceroses and scores of reptiles, including spiny-tailed lizards and veiled chameleons.

The shipments were recorded with a declared value of $9 million, which a Vantara spokesperson said reflected freight and insurance charges, not payments for wildlife.

"They are not commercial transactions in animals," the spokesperson said. "There has never been any commercial consideration paid for any animal transferred to Vantara."

In August, India's Supreme Court ordered investigators to examine whether Vantara's acquisitions and treatment of animals complied with Indian laws and the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). The court this week said investigators found no illegality.

THIS PARROT ISN'T DEAD, IT'S IN INDIA

The biggest bone of contention has revolved around the Spix's macaws that the park sourced in 2023 from the Association for the Conservation of Threatened Parrots (ACTP), a Germany-based non-profit that had partnered with Brazilian authorities to breed the birds, according to customs records, Brazilian officials and CITES documents.

The macaws' journey is detailed in a customs bill of entry seen by Reuters. It shows the birds were flown to Ahmedabad from Berlin on February 4, 2023, with costs, insurance and freight amounting to $969 per macaw, for a total of $25,194. Customs taxes and local duties of $19,000 were waived in line with Indian practice.

Brazil says it didn't consent to the parrots' passage to India, and has raised its concerns at CITES meetings.

"The Vantara zoo has not yet joined the Spix's Macaw Population Management Program, which is a fundamental condition for the official involvement of this institution in the species conservation effort," the Chico Mendes Institute for Biodiversity Conservation, a Brazilian government agency, told Reuters by email on September 8.

"At the moment, no Indian institutions are participating in the program, so there is no reason for Spix's macaws to be sent to India."

Brazil ended its agreement with ACTP last year, saying the group had sent Spix's macaws to other countries in "commercial transactions" without Brazilian consent. The nonprofit has previously denied that the parrots' transfer was commercial in nature; it didn't respond to a request for comment prior to publication. After the story was published, German law firm Cronemeyer Haisch, acting for ACTP, reiterated in an email to Reuters that the conservation group didn't receive any payment for the transfer of the macaws to India.

The Vantara spokesperson told Reuters the macaws' transfer was "entirely lawful, non-commercial, and undertaken as a conservation breeding arrangement with ACTP."

India's Central Zoo Authority didn't respond to queries.

Germany's federal environment ministry told Reuters it had cleared the 2023 transfer of macaws to Vantara in "good faith", but didn't consult Brazil at the time.

Last year, after consulting with Brazilian authorities, Germany rejected an application for a further transfer of Spix's macaws to Vantara on the grounds that the zoo was "not a participant" in the species' population management program, a ministry spokesperson said.

"This decision is currently subject to legal proceedings," the spokesperson added, declining to elaborate.

POPCORN FOR ELEPHANTS

In the year ended March 2024, only 20% of the 6,355 animals that reached Vantara came from India, the centre's annual report shows. Overall, it has imported species from 40 countries.

Vantara developed from barren land in 2020 to an area of manicured lawns and jungle-like greenery, satellite imagery provided by Maxar Technologies shows.

In media tours, Anant Ambani has showcased kitchens stocked with premium products used to prepare fresh juices, sweets, and even popcorn as treats for elephants.

When Modi visited Vantara this year, his office released an eight-minute video of him feeding lion cubs, elephants, rhinos and giraffes. One picture showed a Spix's macaw perched on a prime ministerial hand.

India's government defended Vantara at CITES meetings in Geneva in February, saying the facility is a "recognized center for conservation breeding", according to a summary published by CITES.

CITES documents published ahead of its next meeting in November show progress in resolving the inquisition. The CITES Secretariat told Reuters there had been consultations involving Brazil, India and Germany, and that Brazilian officials would provide an update.

Still, European officials recently indicated they are keeping an eagle eye on any applications to ship wildlife to Vantara.

In an August 1 response to a lawmaker's concerns about wildlife trade, European Environment Commissioner Jessika Roswall said EU states "will pay particular attention to any export requests directed towards India and the facility in question" and assess them with "increased scrutiny". Roswall's action hasn't been previously reported.

Judges in New Delhi this week released a summary of the Indian investigators' report.

Among the findings: The export-import permits for Spix's macaws were in order, and Vantara was now holding direct talks with Brazil about "rewilding".

"Their deliberations are at a preliminary stage," it said.

(Reporting by Aditya Kalra and Arpan Chaturvedi in New Delhi, Ricardo Brito in Brasilia; Additional reporting by Anand Katakam in New Delhi, Rachna Uppal in Dubai and Danial Azhar in Kuala Lumpur; Editing by David Crawshaw)

((Email: [email protected]; X: @adityakalra;))

** Jefferies removes Reliance Industries RELI.NS and Axis Bank AXBK.NS from its India long-only portfolio

** Adds Ambuja Cements ABUJ.NS, Ixigo LETR.NS and Lemon Tree Hotels with 4 percentage points weight

** RELI and AXBK down 0.6% and 0.2%, respectively, on the day; LETR and LEMO rise 2.4% and 1.2%, respectively

** Jefferies reduces weight of ICICI Bank ICBK.NS, JSW Energy JSWE.NS and REC RECM.NS each by 1 percentage point

** ICBK down 1.25%, JSWE and RECM up 1.7% and 0.6% respectively

** SBI Life Insurance SBIL.NS and Adani Ports APSE.NS have the highest weighting of 6% each in GREED & Fear's India long-only portfolio

(Reporting by Vivek Kumar M and Bharath Rajeswaran)

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** Shares of Reliance Industries RELI.NS rise 1% to 1,373.6 rupees

** RELI's oil-to-chemicals profit growth for quarter to-date is 20%, aided by strong auto fuel sales, compared with the full-year forecast of 8% growth, Jefferies says

** Brokerage maintains "buy" rating on stock with a TP of 1m670 rupees, reflecting a 22% premium to the last closing price

** Adds, co's petrochem division to benefit from China’s anti-involution focus – cutting excess capacity and reining in price wars – across energy and solar supply chains

** RELI's enterprise value divided by earnings before interest, taxes, depreciation, and amortization, a key metric of valuation, is set for improvement, driven by better earnings growth visibility and Jio's impending IPO - Jefferies

** Avg rating of 33 analysts covering stock is "buy", their median PT is 1,660 rupees - data compiled by LSEG

(Reporting by Nishit Navin in Bengaluru)

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Sept 4 (Reuters) - Reliance Industries Ltd RELI.NS:

• RELIANCE RETAIL: COMMITTED TO PASS ON ENTIRE BENEFIT OF NEW GST REGIME TO CUSTOMERS

Source text: [ID:]

Further company coverage: RELI.NS

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Sept 2 (Reuters Breakingviews) - India's rupee INR=IN is providing an unwelcome blast from the past. It hit a record low of 88.31 against the U.S. dollar on Friday. The depreciation will cushion the earnings of exporters hit by President Donald Trump's punitive tariffs. Foreign investors newly accustomed to much smaller declines in the currency will need to reset their return assumptions.

The slide is the latest sign the Reserve Bank of India under Sanjay Malhotra will allow the rupee greater latitude in tandem with market realities. In the nine months since he became governor, the currency has lost nearly 4% of its value - or 5% over the past year - compared to a 2.7% decline in the two years prior.

As a macro-economic strategy, it's sensible. Some $55 billion of India's U.S. goods exports - 70% of the $80 billion total - will be subject to a 50% tariff, analysts at Barclays reckon. Interfering less in money markets will avoid squandering a $691 billion foreign exchange war chest: the RBI concluded in July that the rupee was slightly overvalued against a basket of 40 currencies.

With consumer inflation expected to remain at 3.5% in August, a five-year low, Indians also can withstand the pinch of pricier imports. That's key. Fuel prices could tick up, especially if big importers led by Mukesh Ambani's Reliance Industries RELI.NS accede to U.S. demands to stop buying cheap Russian crude.

Such currency pragmatism will be required if the Indo-U.S. relationship worsens. Though Trump said on Monday that India has offered to cut its tariff rates, the Ambani family has cancelled a showpiece cultural event due to be held next week in New York, and Washington could yet take aim at banks and companies involved in the Russian oil trade with sanctions, or even target the $42 billion of services including IT that India exports annually to the U.S.

That points to a reversion to the longer-term trend of annual rupee depreciation of 3% or worse. A rate cut by the U.S. Federal Reserve would give India's currency some traction against the greenback, but Trump's trade war means investors can no longer count on an extraordinarily stable rupee.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

The Indian rupee dropped to a record low of 88.31 against the U.S. dollar on August 29, breaching the 88-per-dollar mark for the first time.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

Aug 29 (Reuters) - Reliance Industries Ltd RELI.NS:

• RELIANCE CHAIRMAN: RELIANCE WILL MORE THAN DOUBLE EBITDA BY 2027

• RELIANCE CHAIRMAN: INDIA MUST GAIN GREATER ECONOMIC STRENGTH

• RELIANCE CHAIRMAN: INDIA MUST BECOME SELF RELIANT

• RELIANCE CHAIRMAN: REITERATE THAT RELIANCE WILL MORE THAN DOUBLE EBITDA BY END OF HOLDEN DECADE IN 2027

• RELIANCE CHAIRMAN: INDIA MUST GAIN GREATER ECONOMIC STRENGTH

• RELIANCE CHAIRMAN: INDIA MUST BECOME SELF-RELIANT

Source text: [ID:]

Further company coverage: RELI.NS

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By Nidhi Verma and Krishna N. Das

NEW DELHI, Aug 27 (Reuters) - India saved billions of dollars by stepping up imports of discounted Russian oil in the wake of the war in Ukraine, but punitive tariffs imposed by the U.S. that came into effect on Wednesday will quickly undo the gains, with no easy solutions in sight.

Analysts estimate India has saved at least $17 billion by increasing oil imports from Russia since early 2022. U.S. President Donald Trump's decision to impose additional tariffs of up to 50% on Indian imports could slash exports by more than 40%, or nearly $37 billion, this April-March fiscal year alone, according to New Delhi think-tank Global Trade Research Initiative (GTRI).

The fallout from the tariffs will be lingering, and could be politically debilitating for Prime Minister Narendra Modi, with thousands of jobs at risk in labour-intensive sectors such as textiles, gems, and jewellery.

India's response in the coming weeks could reshape its decades-old partnership with Russia and recalibrate its increasingly complex ties with the U.S., a relationship Washington sees as vital to countering China’s growing influence in the Indo-Pacific, analysts said.

"India needs Russia for defence equipment for several more years, cheap oil when available, geopolitical support in the continental space and political backing on sensitive matters," said Happymon Jacob, the founder of Delhi's Council for Strategic and Defence Research. "That makes Russia an invaluable partner for India."

But he added: "Despite the difficulties between Delhi and Washington under Trump, the United States continues to be India’s most important strategic partner. India simply doesn’t have the luxury of choosing one over the other, at least not yet."

Two Indian government sources said New Delhi wants to repair ties with Washington and is open to increasing purchases of U.S. energy but is reluctant to fully halt Russian oil imports. Discussions with the U.S. are ongoing, India’s foreign secretary told reporters on Tuesday, with officials from both countries holding virtual talks on trade, energy security including nuclear cooperation, and critical minerals exploration.

CRUDE AT $200/BBL?

Russian crude now accounts for nearly 40% of India’s total oil purchases from nearly nothing before the war, and analysts say any immediate stoppage would not only signal capitulation under pressure but also be economically unfeasible. Indian purchases are led by billionaire Mukesh Ambani's Reliance Industries RELI.NS, which operates the world's largest refining complex in Modi's home state of Gujarat.

Global crude prices could more than triple to around $200 a barrel if India, the world’s third-largest oil consumer and importer, stops buying oil from Russia, according to internal Indian government estimates reviewed by Reuters. It would also lose the up to 7% discount Russian oil offers compared to global benchmarks.

In an unusually sharp statement this month, India accused the U.S. of double standards in singling it out for Russian oil imports while itself continuing to buy Russian uranium hexafluoride, palladium and fertiliser. New Delhi says other countries that have stepped up purchases of Russian oil, like China, have not been penalised.

U.S. Treasury Secretary Scott Bessent has accused India of profiteering from its sharply increased purchases of Russian oil and called it unacceptable. He told CNBC in an interview last week that unlike India's surge in Russian oil imports after the start of the war in Ukraine, China's purchases had increased to 16% from 13%.

India's foreign ministry has said its crude imports from Russia are "meant to ensure predictable and affordable energy costs to the Indian consumer. They are a necessity compelled by the global market situation".

New Delhi warns that halting Russian oil imports, which is currently around 2 million barrels per day, would disrupt its entire supply chain and send domestic fuel prices soaring. It has said the previous U.S. administration under Joe Biden had backed its purchases of Russian oil to keep global prices stable.

Russia has said it expects India to keep buying oil from it.

Modi has not directly commented on the tariffs but has repeatedly pledged support for India’s farmers - seen as a veiled response to Trump’s demands to open up India’s vast agricultural sector.

Farmers are a key voting bloc, and Modi faces a tough election in the rural state of Bihar later this year. He has also pledged major cuts in a goods and services tax by October to lift domestic demand.

TRILATERAL TIES

In a flurry of diplomatic activity aimed at multipolarity, senior Indian officials have travelled to Russia in recent days, while Modi is set to visit China this month for the first time in over seven years. India-China relations began thawing about a year ago, following a deadly border clash in 2020.

Modi is expected to meet both Chinese President Xi Jinping and Russian President Vladimir Putin at a summit meeting starting on Sunday of the Shanghai Cooperation Organisation, a regional security bloc. But the sources said India is still very cautious in its relations with China and not yet considering a trilateral summit between the three leaders, as hoped by Russia.

Other countries could take their cue from how India reacts to the U.S. tariffs, experts said.

"The key takeaway for other countries is that if India - an emerging major economic and military power - is under immense pressure from the U.S., they might have even less capacity to withstand American pressure," said Jacob, the analyst.

"Additionally, some might interpret the current dynamics as indicating that China could potentially serve as a counterbalance, especially given Trump’s unpredictable and aggressive geopolitical moves."

International relations experts say Trump's recent moves have plunged the U.S.-India relationship back to possibly its worst phase since the U.S. imposed sanctions on India for nuclear weapons tests in 1998. Besides trade, the row could affect other areas like work visas for Indian tech professionals and offshoring of services.

And even if India is able to eventually get some of the tariffs reversed, several consequences will linger, especially in trade.

"Competitors like China, Vietnam, Mexico, Turkey, and even Pakistan, Nepal, Guatemala, and Kenya stand to gain, potentially locking India out of key markets even after tariffs are rolled back," said GTRI founder Ajay Srivastava, a former Indian trade official.

(Reporting by Krishna N. Das in New Delhi; Editing by Raju Gopalakrishnan)

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Adds elephant controversy paragraphs 12-13, 16

By Aditya Kalra

NEW DELHI, Aug 26 (Reuters) - India's Supreme Court has ordered an investigation into a wildlife rescue centre run by the philanthropic arm of billionaire Mukesh Ambani's group, although it said the evidence did not support allegations of unlawful animal acquisitions and mistreatment.

Vantara is a marquee project of the Reliance Foundation and the Ambani family. Located in western Gujarat state and led by the billionaire's son, Anant Ambani, it has rescued and treated thousands of animals, and built the largest elephant hospital.

It was also one of the venues for Anant's pre-wedding celebrations last year, with the global celebrities who attended advised to don "jungle fever" outfits when visiting Vantara.

The Supreme Court late on Monday ordered an inquiry as it ruled on public interest litigations that referred to complaints by non-profit and wildlife groups alleging mistreatment of animals at Vantara and questioning how the animals ended up at the rescue centre. They also alleged the Central Zoo Authority, the regulatory agency, failed in its duties.

In a written order, the court said although there was no evidence to support the allegations, an independent investigation was needed because the petitions alleged authorities were unwilling to discharge their duties.

"We consider it appropriate in the ends of justice to call for an independent factual appraisal," the court said in its order.

In a statement, a Vantara spokesperson told Reuters it remains committed to transparency and legal compliance. Vantara added it would cooperate fully with the investigation panel, and its "mission and focus continues to be the rescue, rehabilitation and care of animals."

The Central Zoo Authority did not immediately respond to a request for comment.

The panel will be led by a former Supreme Court judge and will submit a report on the acquisition of animals, particularly elephants, look at complaints regarding the creation of a vanity or private collection of wildlife, as well as check for compliance with India's Wild Life Protection Act.

The panel needs to submit a report to the court by September 12.

Located in Jamnagar, Gujarat, Vantara is home to more than 150,000 animals across more than 2,000 species. It also has an 998 acre (404 hectares) elephant welfare trust, which it says is the world's largest care facility for rescued elephants.

This month, local communities in neighbouring Maharashtra state staged protests against the relocation of a 36-year-old elephant that was unwell to Vantara, arguing the animal had been part of their spiritual life, including processions, for decades.

Reliance has acknowledged the "deep religious and cultural significance" of the elephant, but says it was following a court's directive with the relocation.

In March, Prime Minister Narendra Modi toured Vantara, and said it "provides a safe haven for animals while promoting ecological sustainability and wildlife welfare."

Anant Ambani is also an executive director of oil-to-retail conglomerate Reliance Industries, and is involved in its technology and telecoms business, Jio Platforms.

In media tours last year, Anant showed the large kitchens at the facility for elephants, where dishes like juice and sweets were prepared for the animals, and popcorn was served as a "treat".

(Reporting by Aditya Kalra; Editing by Raju Gopalakrishnan and Kate Mayberry)

((Email: [email protected]; X: @adityakalra;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Aug 25 (Reuters Breakingviews) - A small paradox is gripping India's capital markets. The rise of institutional investors is pushing down overall shareholding levels of powerful private backers of companies, including tycoons. But other indicators point to this cohort's growing influence in the $4 trillion economy.

So-called promoter shareholdings in public firms fell to 40.58%, an eight-year low, per an analysis by PRIME Database of 2,086 companies listed on the main board of the National Stock Exchange. Over the past three years, promoters' share has fallen by 455 basis points, the research shows.

The quirky term is rooted in post-independence India's encouragement of entrepreneurs to promote local enterprise and describes owners that have large sway over the affairs of a company. These days, it assumes a mildly pejorative edge, making private banks and startups flaunt their lack of promoters as shorthand for good governance.

One reason for the rapid fall in their holdings from a peak of 45% in 2022 is an increase in listings of companies backed by financial sponsors like $32 billion food delivery firm Eternal ETEA.NS and its rival Swiggy SWIG.NS.

Older behemoths are warming up to external capital, too, though tycoons are hawking minority stakes in unlisted businesses. Mukesh Ambani's Reliance Industries RELI.NS sold shares in its retail and telecom units to investors from Meta META.O to KKR KKR.N in 2020 to cut debt, and Tata Motors TAMO.NS had TPG TPG.O jump in as a backer of its electric-vehicle unit in 2021.

Yet the reality on the ground suggests a tightening, not loosening, of their control. As global companies enter India, promoter-backed businesses are emerging as partners of choice. Fast fashion giant Shein has entered an alliance with Reliance Industries, and MG Motor has teamed up with Sajjan Jindal-backed JSW.

It's a result of New Delhi's protectionist policies and entrants' desire to scale up fast, but also a growing perception that it is not possible to win against the top domestic industrialists. M&A by large groups is reducing competition, too; Adani's Ambuja Cements ABUJ.NS and UltraTech ULTC.NS owner Kumar Mangalam Birla are rearranging the country's cement industry into a duopoly.

In fact, India Inc.'s shunning of leverage since the pandemic reduces the necessity of large owners to dilute their equity. Promoter entities own 50.07% of Reliance and up to 75% in each of the 10 listed Adani Group companies. The position of India's most powerful promoters is far from getting demoted.

Follow Shritama Bose on Linkedin and X.

CONTEXT NEWS

Stakes held by powerful private shareholders, known as promoters, in large Indian companies have fallen to an eight-year low in India.

Such shareholdings on the main board of the National Stock Exchange fell to 40.58% in June, per an analysis of 2,086 companies by PRIME Database.

Over the past three years, promoters' share has fallen by 455 basis points from 45.13% on March 31, 2022, the research shows.

(Editing by Una Galani; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

** India's Reliance Industries RELI.NS climbs 1.1% to 1,428.90 rupees

** Benchmark Nifty 50 .NSEI trading 0.3% higher

** J.P. Morgan reiterates 'overweight' rating on stock with unchanged PT of 1,695 rupees

** Says stock's valuations look reasonable, adding it sees multiple positive drivers including an upward trend in RELI's near-term petrochemicals business' gross refining margins

** Reliance Retail to also benefit from upcoming festival season - JPM

** Moreover, RELI's growing EBITDA and stable capex, as seen in its annual report, would result in a reduction in leverage, brokerage says

** YTD, RELI gains 17.4% vs Nifty's 6.2% climb

(Reporting by Kashish Tandon in Bengaluru)

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Aug 20 (Reuters) - Reliance Industries Ltd RELI.NS:

• RELIANCE INDUSTRIES - VOLUNTARY WINDING UP OF RELIANCE TERRATECH HOLDINGS LLC

Source text: ID:nBSE29kFl7

Further company coverage: RELI.NS

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NEW DELHI, Aug 19 (Reuters) - Oil imports by India's Reliance Industries RELI.NS, the operator of the world's biggest refining complex at Jamnagar in the western state of Gujarat, fell about 21% month-on-month in July to 1.22 million barrels per day (bpd), tanker data from trade and industry sources showed.

The sources declined to be named as they are not authorised to speak to media.

Following are details of Reliance's crude and condensate imports. Volumes are in 1,000 bpd.

NOTE: The total may not tally as numbers in tonnes have been rounded after converting them into barrels per day using a conversion factor of 7.2 barrels per tonne, to reflect the higher density crude the company buys, divided by the number of days.

Numbers for previous months have been revised.

Data also includes some crude parcels that arrived in July, but discharged in August. It also includes some parcels that arrived in June and were discharged in July.

(Reporting by Nidhi Verma; Editing by Varun H K)

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Aug 18 (Reuters) - Reliance Industries Ltd RELI.NS:

• RELIANCE CONSUMER PRODUCTS FORAYS INTO HEALTHY FUNCTIONAL BEVERAGES

• RELIANCE CONSUMER ACQUIRES MAJORITY STAKE IN JV WITH NATUREDGE BEVERAGES

Source text: [ID:]

Further company coverage: RELI.NS

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By Jeslyn Lerh and Mohi Narayan

SINGAPORE/NEW DELHI, Aug 14 (Reuters) - Reliance Industries RELI.NS, India's biggest buyer of Russian oil, has in recent weeks made rare fuel oil purchases from state-run Hindustan Petroleum Corp, seven industry sources said.

The purchases suggest the operator of the world's largest refining complex is diversifying its fuel oil sources as India comes under heavy pressure from Washington over its energy ties with Russia.

Reliance and HPCL did not respond to emails seeking comments.

Reliance has in recent years snapped up cheap supplies of Russian crude and fuel oil, which have been sold at a discount after Western entities shunned purchases and imposed sanctions against Moscow since the Ukraine war.

However U.S. President Donald Trump, who announced 25% import tariffs on Indian goods last month, has threatened further levies if India continues to buy Russian oil.

Reliance bought two cargoes of high-sulphur fuel oil (HSFO) from HPCL via tenders that closed in late July to early August, the sources said.

The cargoes, of 33,000 metric tons or 209,550 barrels each, are scheduled for loading on August 23-25 and September 8-10 from Visakhapatnam Port, they added. The sources declined to be named as they were not authorised to speak to the media.

Reliance typically buys most of its fuel oil from Russia for processing at its coker into higher-value products.

This month, Russian fuel oil exports to India are expected to drop below 400,000 tons from above 750,000 tons in July, data from shipping analytics firm Kpler showed. Almost all of the cargoes are imported by Reliance, the data showed.

"It's a recent phenomenon (for Reliance) to diversify their slate with cheaper residue barrels," a source familiar with India refinery operations said.

Indian state refiners are awaiting clarity from the government on whether to continue importing Russian oil, while Reliance is likely to switch back to Middle Eastern oil if Russian oil is no longer an option, traders have said.

Reliance's refining complex at Jamnagar in western India can process about 1.4 million barrels per day of crude.

(Reporting by Jeslyn Lerh in Singapore, Mohi Narayan and Nidhi Verma in New Delhi; Editing by Florence Tan and Jan Harvey)

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By Nidhi Verma

NEW DELHI, Aug 12 (Reuters) - India's state oil refiners will continue to use annual contracts to secure oil supplies and hedge against market volatilities as the future of cheap Russian purchases is in doubt, the oil ministry said in a report to parliament on Tuesday.

India has emerged as the leading buyer of Russian seaborne oil, which is sold at a discount after some Western nations shunned purchases and imposed restrictions on Russian exports over Moscow's 2022 invasion of Ukraine.

However, U.S. President Donald Trump, who announced 25% import tariffs on Indian goods last month, is threatening further levies due to India's Russian oil purchases. And state refiners are currently awaiting clarity from the government on whether to continue importing Russian oil.

"Increased imports of Russian crude into India may not last forever," the ministry said in a report responding to a parliamentary panel's questions that did not directly mention the United States or Trump's threatened tariffs.

The report said that state refineries were moving forward with all of their term contracts with other suppliers and regions to secure supply requirements.

Refiners consider factors including supply security, international politics and trade relations when finalising their procurement plans, it added.

"This approach ensures both energy security and the procurement of crude oil at optimal value," the report said.

India, the world's third-largest oil importer and consumer, relies on Russian crude for more than a third of its imports.

State refiners, which account for over 60% of the country's 5.2 million barrels per day of refining capacity, have paused purchases of Russian oil due to narrowing discounts. Private refiners Reliance Industries Ltd RELI.NS, Nayara Energy, and HPCL-Mittal Energy Ltd are continuing with their purchases.

Trump has made bringing an end to the war in Ukraine a priority of his administration. He is due to meet with his Russian counterpart Vladimir Putin, with whom he's had a tumultuous relationship, in Alaska on Friday as part of his efforts to secure a peace deal.

(Reporting by Nidhi Verma; Editing by Joe Bavier)

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The views expressed here are those of the author, a columnist for Reuters.

By Clyde Russell

LAUNCESTON, Australia, Aug 11 (Reuters) - The crude oil market's rather sanguine reaction to the U.S. threats to India over its continued purchases of Russian oil is effectively a bet that very little will actually happen.

President Donald Trump cited India's imports of Russian crude when imposing an additional 25% tariff on imports from India on August 6, which is due to take effect on August 28.

If the new tariff rate does come into place, it will take the rate for some Indian goods to as much as 50%, a level high enough to effectively end U.S. imports from India, which totalled nearly $87 billion in 2024.

As with everything related to Trump, it pays to be cautious given his track record of backflips and pivots.

It's also not exactly clear what Trump is ultimately seeking, although it does seem that in the short term he wants to increase his leverage with Russian President Vladimir Putin ahead of their planned meeting in Alaska this week, and he's using India to achieve this.

Whether Trump follows through on his additional tariffs on India remains uncertain, although the chances of a peace deal in Ukraine seem remote, which means the best path for India to avoid the tariffs would be to acquiesce and stop buying Russian oil.

But this is an outcome that simply isn't being reflected in current crude oil prices.

Global benchmark Brent futures LCOc1 have weakened since Trump's announcement of higher tariffs on India, dropping as low as $65.81 a barrel in early Asian trade on Monday, the lowest level in two months.

This is a price that entirely discounts any threat to global supplies, and assumes that India will either continue buying Russian crude at current volumes, or be able to easily source suitable replacements without tightening the global market.

Are these reasonable assumptions?

The track record of the crude oil market is somewhat remarkable in that it quickly adapts to new geopolitical realities and any price spikes tend to be shortlived.

The Russian invasion of Ukraine in February 2022 sent crude prices hurtling toward $150 a barrel as European and other Western countries pulled back from buying Russian crude.

But within four months the price was back below where it was before Moscow's attack on its neighbour as the market simply re-routed the now discounted Russian oil to China and India.

In other words, the flow of oil around the globe was shifted, but the volumes available for importers remained much the same.

DIFFERENT THIS TIME?

But what Trump is proposing now is somewhat different. It appears he wants to cut Russian barrels out of the market in order to put financial pressure on Moscow to cut a deal over Ukraine.

There are effectively only two major buyers for Russian crude, India and China.

China, the world's biggest crude importer, has more leverage with Trump given U.S. and Western reliance on its refined critical and other minerals, and therefore is less able to be coerced into ending its imports of Russian oil.

India is in a less strong position, especially private refiners like Reliance Industries RELI.NS, which will want to keep business relationships and access to Western economies.

India imported about 1.8 million barrels per day of Russian crude in the first half of the year, or about 37% of its total, according to data compiled by commodity analysts Kpler.

About 90% of its Russian imports came from Russia's European ports and was mainly Urals grade.

This is a medium sour crude and it would raise challenges for Indian refiners if they sought to replace all their Urals imports with similar grades from other suppliers.

There are some Middle Eastern grades of similar quality, such as Saudi Arabia's Arab Light and Iraq's Basrah Light, but it would likely boost prices if India were to seek more of these crudes.

If Chinese refiners were able to take the bulk of Russian crude given up by India, it may allow for a re-shuffling of flows, but that would not appear to be what Trump wants.

Trump and his advisers may believe there is enough spare crude production capacity in the United States and elsewhere to handle the loss of up to 2 million bpd of Russian supplies.

But testing that theory may well lead to higher prices, especially for certain types of medium crudes which would be in short supply.

It's simplistic to say that higher U.S. output can supply India's refiners, as this would mean those refiners would have to be willing to accept a different mix of refined products, including producing less diesel, as U.S. light crudes tend to make more products such as gasoline.

For now the crude oil market is assuming that the Trump/India/Russia situation will end as another TACO, the acronym for Trump Always Chickens Out.

But the reality is likely to be slightly more messy, as some Indian refiners pull back from importing from Russia, some Chinese refiners may buy more and once again the oil market goes on a geopolitical merry-go-round.

Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn and X.

The views expressed here are those of the author, a columnist for Reuters.

(Editing by Clarence Fernandez)

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By Nidhi Verma

NEW DELHI, Aug 8 (Reuters) - Reliance Industries RELI.NS is likely to shift back to its traditional Middle Eastern sources for oil if India yields to pressure from U.S. President Donald Trump to cut Russian imports, trade sources said.

India became the biggest buyer of seaborne Russian crude in the aftermath of Moscow's 2022 invasion of Ukraine and is under heavy pressure from Washington to cut its energy ties with Russia.

India's biggest buyer, Reliance, operates the world's largest refining complex at Jamnagar in Gujarat where it can process about 1.4 million barrels per day (bpd).

"If Reliance stops buying Russian crude, they will most likely turn to Middle Eastern suppliers due to geographic proximity. The good news is that OPEC is increasing crude output as part of its plan to unwind voluntary cuts," said Anh Pham, a senior analyst at LSEG.

"Any hit to Russian supplies will increase their participation (in the spot market) and that would tighten spot market and raise prices. They are a giant player," said Tushar Tarun Bansal, senior director at oil consultancy Alvarez and Marsal.

"They have to take more of Middle Eastern grades, mainly from Saudi Arabia and UAE. Also, they would look at buying more from Latin America such as Brazil. At times (in the past) they also bought some of the North Sea stream, they could also go back to them," Bansal said.

Reliance did not immediately respond to a Reuters' request for comments.

"Reliance has the flexibility and trading know-how to revert to pre-Ukraine war procurement, so they may agree to change sourcing," said Harry Tchilinguirian, group head of research at Onyx Capital Group.

Indian state refiners paused Russian purchases in late July, Reuters reported, though Reliance continues to buy under a 500,000 bpd deal signed with Russia's Rosneft ROSN.MM last year.

The port of Sikka in western India, which handles Reliance imports, is scheduled to receive 22 cargoes from Russia this month, LSEG data shows.

The state refiners were responding to threatened tariffs from Trump.

On Wednesday the United States imposed an additional 25% tariff on imports from India, citing its continued purchases of Russian oil. That was to take effect in 21 days and would raise duties on some Indian imports to as high as 50%.

It has defended its purchases from Russia, which accounted for 35% of its supply in the first half of 2025, on economic grounds, and criticised the U.S. and the European Union for singling out New Delhi.

Reliance, which is controlled by billionaire Mukesh Ambani, said in its annual report on Thursday that political and tariff-related uncertainties could hurt trade flows and the demand-supply balance.

(Reporting by Nidhi Verma; additional reporting by Siyi Liu and Florence Tan in Singapore; editing by Tony Munroe and Jason Neely)

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Repeats story published earlier with no changes to text

By Gavin Maguire

LITTLETON, Colorado, Aug 7 (Reuters) - The fresh 25% tariffs slapped on Indian goods by U.S. President Donald Trump this week are being viewed by many as a negotiating tactic designed to force India to buy more U.S. energy products and other goods going forward.

But even though India's fast-growing economy is the fifth largest globally, India's energy importers may have far less room to maneuver than they might appear.

Tight corporate operating margins, cost-sensitive consumer markets, binding long-term import contracts and slowing economic growth all limit India's ability to spend big on U.S. oil, LNG, coal and refined products over the near term.

At the same time, India's location at the base of Asia means it is far closer to other major energy product exporters than it is to the United States, which would trigger sharply higher shipping costs if it were to switch to U.S.-origin products.

No doubt some Indian corporations will be cajoled into pledging major U.S. purchases and investments during upcoming trade negotiations, which may boost sentiment in Washington, D.C.

But U.S. exporters of oil, gas, coal and fuels that are hoping for massive, viable and binding purchase commitments by Indian buyers are likely to be left disappointed.

TOUGH SPOT

It's not just its import needs that India has to worry about.

The United States is by far India's largest export market, and has accounted for nearly 20% of all Indian exports in recent years, according to International Monetary Fund (IMF) data.

In 2024, the value of India's exports to the United States was just over $80 billion, while its imports from the U.S. totalled just under $45 billion.

As the U.S. is more than twice as large as India's next largest export market - the United Arab Emirates - it will be nearly impossible for the country to replace lost U.S. consumers with other buyers.

That means that trade negotiators will remain committed to healing trade ties with Washington as quickly as possible, and will be looking at every possible means of reducing the trade imbalance.

CUT-PRICE CRUDE

The rapid rise in India's purchases of Russian crude oil since mid-2022 has been a sore point for the U.S. and Europe, and has been a focal point during the recent trade talks.

Average monthly crude oil flows from Russia to India jumped from around 3.2 million barrels a month between 2018 and 2021 to 50 million barrels a month since mid-2022, data from Kpler shows.

That more than 15-fold surge in Russian oil purchases by India provided Moscow with critical import earnings while it grappled with the fallout from its war in Ukraine, and seriously undermined international efforts to cut funding to Moscow.

However, while India's refusal to join Western-led sanctions drew ire from the international community, its willingness to step up imports of Russian oil ensured that its refiners and fuel consumers were shielded from any rise in global oil prices.

Indeed, the opposite has occurred as Indian importers were able to extract steep discounts from Russian oil sellers who were desperate to secure sales wherever they could.

Those cheap imported Russian barrels in turn allowed major Indian refiners such as Reliance RELI.NS to expand supplies and fuel the country's economic growth since 2020.

Indian authorities have stated that providing energy security for its 1.4 billion population has been the main driver of its oil import programme, and that the new tariffs are unfair given that the country is only acting in its own self-interest.

What's more, any aggressive pivot away from cheap Russian oil to pricier U.S. crude would drastically change the economic outlook for Indian oil refiners and consumers, and likely result in a surge in fuel prices that would cause economic harm.

Since 2022, the official prices of the main grade of Russian oil imported by India have averaged around $70 a barrel, which is around $10 cheaper than the price of the main U.S. crude for export over that same period, data from LSEG shows.

As Indian importers likely secured their Russian oil supplies at even lower prices, the real discount compared to U.S. prices is likely larger.

That in turn means that there is almost no prospect of Indian refiners being able to profitably switch to U.S. crude any time soon, even if pressured to do so.

LNG & COAL LONGSHOTS

U.S. trade negotiators have touted U.S. liquefied natural gas (LNG) as a means of reducing trade gaps, as a single LNG cargo can cost several million dollars.

However, Indian energy product importers have arguably even less scope to switch out current suppliers for the U.S. here.

The primary limiting factor is that Indian gas importers are already locked into long-term purchase deals with suppliers such as Qatar and the United Arab Emirates, and face stiff penalties for breaking contracts.

And even if Indian buyers were prepared to tear up those deals in favor of buying from the U.S. instead, they would face a surge in shipping costs that could make overall cargo costs uneconomical.

The journey time for an LNG tanker from the U.S. to India is around 30 days, which is six times longer than the trip from Qatar.

U.S. coal exporters will likely face similar difficulties in dislodging Indonesia from India's coal import pipeline.

The Indonesia to India shipping time is around 11 days, compared to around 27 days for the trip from the U.S. East coast.

Such a yawning gap in journey times and shipping costs means that India's trade negotiators may not be able to rely on its energy consumers to close the trade gap, and will need to look elsewhere to secure a trade deal with the U.S.

The opinions expressed here are those of the author, a columnist for Reuters.

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(Reporting by Gavin Maguire; Editing by Jacqueline Wong)

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By Nidhi Verma

NEW DELHI, Aug 6 (Reuters) - Indian refiners are awaiting government directions on whether to continue buying Russian oil after the United States decided to impose fresh 25% tariffs on Indian goods over New Delhi's energy ties with Russia, four industry sources said.

The new duties, aimed at penalising India for its Russian oil imports, come on top of existing tariffs Washington has levied to fix its trade deficit with the South Asian nation.

India said the latest U.S. action is "unfair, unjustified and unreasonable."

"So far, we have not been told anything by the government, so we will not stop Russian oil imports," said an official from a private refining company.

India, the world's third-largest oil importer and consumer, relies on Russian oil for more than a third of its oil needs.

While state refiners have paused imports of Russian oil, private companies Reliance Industries RELI.NS, Nayara Energy, and HPCL Mittal Energy (HMEL) continue to lift Russian oil.

U.S. President Donald Trump has criticised India's Russian oil purchases, arguing they help fund Moscow's war in Ukraine.

If forced to cut Russian imports, Indian refiners are expected to turn to suppliers in the Middle East, Africa and the Americas. Saudi Arabia, India's third-largest oil supplier, has already raised its official selling prices for Asia.

"In anticipation of higher Indian demand, they have kept the prices very strong," said a refining official in India, adding, the markets expect imposition of new tariffs to disrupt existing trade flows in favour of Middle Eastern crude.

The additional tariffs are set to take effect in 21 days.

Trump's executive order allows for modifications if Russia or India "align sufficiently with the United States on national security, foreign policy, and economic matters."

(Reporting by Nidhi Verma
Editing by Alexandra Hudson)

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July 29 (Reuters) -

• RELIANCE INDUSTRIES PROPOSING TO SELL JUST 5% OF JIO TELECOMMUNICATIONS UNIT IN A POTENTIAL LISTING THAT MAY RAISE MORE THAN $6 BILLION- BLOOMBERG NEWS

Source text: https://tinyurl.com/3cwm55wd

Further company coverage: RELI.NS

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By Marianna Parraga and Sheila Dang

HOUSTON, July 29 (Reuters) - About a half dozen foreign partners of Venezuela's state-owned oil company PDVSA are awaiting authorizations from the U.S. Treasury and State departments, following talks last week about fresh licenses to allow them to operate in the sanctioned South American country, according to six company sources.

The companies' licenses, including a key one for U.S. oil major Chevron CVX.N, were revoked by President Donald Trump's administration in March over the Venezuelan government's response to migration issues and what Trump said was its lack of progress toward restoring democracy.

Venezuelan President Nicolas Maduro said last week that Chevron had informed his government about a fresh authorization to come, and PDVSA began preparations to allocate oil cargoes to its joint-venture partners in coming months, once authorized.

But companies including Chevron, Italy's Eni ENI.MI, Spain's Repsol REP.MC, France's Maurel & Prom MAUP.PA and India's Reliance Industries RELI.NS are still waiting for the licenses, the sources said.

Most of the companies are minority stakeholders in key oil and gas projects with PDVSA, while others including Reliance are among Venezuela's largest buyers of oil. In the first quarter this year, before their licenses were canceled, they were responsible for about 40% of the country's total 881,000 barrels per day of exports.

Some firms have informed staff and contractors in Venezuela about permits to come, without elaborating on dates or terms, according to two of the sources.

Chevron declined to comment specifically on the licenses. The company said it conducts its business globally in compliance with laws and regulations, as well as the U.S. sanctions framework.

A spokesperson for Maurel & Prom told Reuters in an email on Tuesday that the firm has not received any license yet. Eni, Repsol, Reliance and PDVSA did not immediately reply to requests for comment.

Secretary of State Marco Rubio said on Sunday the U.S. remained firm in its "unwavering support to Venezuela's restoration of democratic order and justice."

Rubio had in May blocked a move by U.S. special envoy Richard Grenell to extend the period in which the previous authorizations for oil operations were allowed to wind down. He did not refer to the oil authorizations in Sunday's release.

The Treasury Department did not immediately reply to a request for comment on the licenses. A State Department spokesperson said they would not comment about any specific licenses, but the U.S. government would not allow Maduro's administration to profit from the sale of oil.

Chevron has not yet instructed tankers' owners or captains to go to Venezuelan waters for an eventual resumption of oil cargoes, while PDVSA's loading schedules do not show any supplies to its joint-venture partners for July, according to shipping documents and sources.

(Reporting by Marianna Parraga and Sheila Dang in Houston; Editing by Nia Williams)

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MOSCOW/NEW DELHI, July 28 (Reuters) - Prices for Russia's flagship Urals crude oil for delivery to Indian ports in late August/early September firmed further, while discounts to Brent were the narrowest since 2022 amid firm demand in India and Turkey and low supply of the grade, three sources said.

Spot discounts for Urals crude narrowed to between $1.50 and $1.60 per barrel to dated Brent on a delivery ex-ship (DES) basis on average for cargoes arriving in India in late August/early September, from between $1.70 and $2 per barrel to dated Brent on a DES basis about a month ago, the traders said.

That is the narrowest discount for Urals oil cargoes to dated Brent in Indian ports since the Ukraine war broke out in 2022.

Russia's daily oil exports from the ports of Primorsk, Ust-Luga and Novorossiisk are set to fall to around 1.77 million barrels per day (bpd) in August, down from 1.93 million bpd in July's plan.

Narrowing discounts, lower supply of spot Russian barrels and fresh Western sanctions may push Indian refiners to look for alternative oil supplies, traders said.

On July 18, the EU approved its 18th package of sanctions against Russia, which includes sanctions on Moscow's energy sector and against Russia-backed Indian refiner Nayara Energy.

A few days later Britain imposed new sanctions on Russia's so-called "shadow fleet," targeting 135 oil tankers along with two Russian firms, shipping company Intershipping Services LLC and oil trader Litasco Middle East DMCC.

India has been the largest buyer of Russian seaborne crude after Moscow diverted its energy supply away from the European Union, which imposed a ban late in 2022.

Large volumes of Russian Urals oil are shipped to India under a deal between the country's largest private refiner, Reliance Industries RELI.NS, and Russian oil giant Rosneft ROSN.MM last year, limiting the crude offered in the spot market, traders said.

(Reporting by Nidhi Verma in New Delhi and Reuters reporters in Moscow; Editing by Sharon Singleton)

July 23 (Reuters) -

• RELIANCE INDUSTRIES HAS BEGUN SEEKING TO DIVERSIFY ITS CRUDE PURCHASES AWAY FROM RUSSIA - BLOOMBERG NEWS

Source text: [https://tinyurl.com/2rhn55m2]

Further company coverage: RELI.NS

(([email protected];))

Repeats earlier story with no change to text

By Nidhi Verma, Mohi Narayan and Trixie Yap

NEW DELHI/SINGAPORE, July 21 (Reuters) - Indian private refiners that have leveraged cheap Russian crude to boost margins will be forced to find workarounds and rely more on traders to find new markets for their products after the latest round of European Union sanctions, traders and industry sources said.

Russia is India's top oil supplier, and refiners such as Reliance Industries RELI.NS and Nayara Energy have benefited in recent years from pressure on Russian crude prices from sanctions linked to its invasion of Ukraine. Many have then exported refined products to buyers in Europe.

However in its 18th package of sanctions against Russia, approved on Friday, the European bloc banned imports of refined petroleum products made from Russian crude coming from third countries, excluding a handful of Western nations.

It has also placed direct sanctions on Nayara Energy, a refinery backed by Russian oil major Rosneft ROSN.MM. The package will be phased in over six months.

Reliance, India's largest buyer of Russian oil and refined products exporter, shipped an average of 2.83 million barrels of diesel and 1.5 million barrels of jet fuel per month to Europe in the first seven months of this year, LSEG shiptracking data showed.

That roughly accounted for nearly 30% and 60% of its respective exports of the two products.

Nayara Energy typically exports four million barrels or more of refined products including diesel, jet fuel, gasoline and naphtha per month, though only jet fuel typically heads to European markets, LSEG and Kpler shiptracking data showed.

Under the sanctions, traders are likely to play a bigger role in placing refined products made from Russian crude, the sources said. Given the long phase-in time, they are likely to get creative with routes, they added.

For diesel, traders are likely to swap Indian supplies with Middle East cargoes for export to Europe, Singapore-based traders said. They may also ship Indian cargoes to floating storage facilities in the Middle East or West Africa to be re-exported, they added.

For jet fuel, Indian refiners may either divert cargoes to local markets or ship supplies to Asia, they said.

Reliance and Nayara did not immediately respond to requests for comment.

The changes will benefit traders by generating more trade flows, but will be costly for producers and consumers, said an Asian trader. Europe, heading into winter, may have to pay higher prices for refined fuel, he added.

Nayara said in a statement on Monday it condemned the EU's "unjust and unilateral" decision to impose sanctions on the company, while India said on Friday it does not support the EU's "unilateral sanctions".

Indian state refiners, which also buy Russian crude, are likely to be less affected by the sanctions as they sell most of their fuel locally and export through tenders, mostly to buyers in Asia, including Singapore, refining sources said.

Indian state refiner Mangalore Refinery and Petrochemicals Ltd MRPL.NS said the company's diesel exports were unlikely to be affected by the latest sanctions. Traders in recent months sold some of MRPL's diesel parcels in the UK, according to LSEG.

"We don't directly sell our diesel to the end customer. It is all picked up through a tendering process by a trader," managing director M Shyamprasad Kamath said, adding that he does not see problems in selling refined fuels due to the sanctions.

Following the EU sanctions, Nayara Energy amended the terms of a naphtha tender issued on Monday to obtain payment in advance, a tender document seen by Reuters showed.

(Reporting by Nidhi Verma and Mohi Narayan in New Delhi, Trixie Yap in Singapore; Editing by Florence Tan, Tony Munroe and Jan Harvey)

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July 21 (Reuters) - Shares of Reliance Industries RELI.NS fell more than 2% on Monday after the conglomerate's energy and retail segments reported first-quarter results below analysts expectations on Friday.

Reliance was the top drag on Nifty 50 index .NSEI, which was down 0.3%.

(Reporting by Sethuraman NR; Editing by Janane Venkatraman)

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