Reliance Industries

** Shares of India's South West Pinnacle Exploration SWPI.NS rise 1.5% to 223.01 rupees

** Co says Reliance Industries RELI.NS extended contract worth over 1.67 billion rupees ($17.52 million) for coal bed methane drilling in Madhya Pradesh

** More than 244,724 shares change hands by 11:45 a.m. IST vs 30-day avg of 558,275 shares

** Stock up 15.8% YTD

(Reporting by Payel Das in Bengaluru)

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July 6 (Reuters) - Reliance Industries Ltd RELI.NS:

• RELIANCE INDUSTRIES - SEBI ISSUES ADMINISTRATIVE WARNING TO CO OVER JULY 2024 SCRIP DEALINGS

• RELIANCE INDUSTRIES - SEBI LETTER DOES NOT IMPOSE FINANCIAL OR OPERATIONAL RESTRICTIONS ON RELIANCE INDUSTRIES

Source text: ID:nNSE9TFN1f

Further company coverage: RELI.NS

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MUMBAI, July 3 (Reuters) - India's Jio Credit plans to raise up to 10 billion rupees ($105.03 million), including a greenshoe option of 5 billion rupees, through a sale of bonds maturing in three years, three bankers said on Friday.

It has invited coupon and commitment bids for the issue on Monday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on July 3:

*Size includes base plus greenshoe for some issues

($1 = 95.2100 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

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July 2 (Reuters) - Danish brewer Carlsberg CARLb.CO has confidentially filed draft papers for an initial public offering of its Indian unit that could raise as much as $700 million, Bloomberg News reported on Thursday, citing people familiar with the matter.

The listing is expected to involve a secondary share sale and could take place later this year, the report said.

Reuters could not immediately verify the report and Carlsberg did not respond to a request for comment.

Details of the IPO, including the size, structure and timing of the transaction, could still change, Bloomberg said.

The potential listing will add to an already busy year for India's IPO market, where heavyweight offerings from Jio Platforms and the National Stock Exchange of India NSEI.NS could test investor appetite.

Jio's planned $3.8 billion offering could become India's biggest-ever listing, while NSE's long-awaited debut is also expected to rank among the largest.

(Reporting by Mridula Kumar in Bengaluru; Editing by Sonia Cheema)

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July 1 (Reuters) - NIKKEI:

• JAPAN TO OFFER TRADE INSURANCE ON LOAN FOR RELIANCE'S INDIA SOLAR, BATTERY EFFORT - NIKKEI

• JAPAN TO PROVIDE TRADE INSURANCE ON 100 BILLION YEN SYNDICATED LOAN TO RELIANCE INDUSTRIES - NIKKEI

• NIPPON EXPORT AND INVESTMENT INSURANCE & RELIANCE WILL SIGN MEMORANDUM OF UNDERSTANDING ON JULY 2 - NIKKEI

• TOTAL OF 7 BANKS LED BY JAPAN'S MUFG BANK WILL JOIN FORCES TO PROVIDE FINANCING IN YEN AND DOLLARS TO RELIANCE INDUSTRIES - NIKKEI

Further company coverage: RELI.NS

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June 25 (Reuters) - Reliance Industries Ltd RELI.NS:

• INDIA MARKETS REGULATOR SEEKS CLARIFICATION FROM JIO PLATFORMS ON ITS IPO FILING- SEBI DOCUMENT

Further company coverage: RELI.NS

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Recasts and writes through with details on Adani's nuclear plans

By Sethuraman N R and Abinaya V

NEW DELHI/BENGALURU, June 24 (Reuters) - Adani Group outlined its ambitions to be a major player in India's nuclear power on Wednesday, saying it intends to build as much as 10 gigawatts of capacity by 2035 which would likely make it the country's biggest private-sector operator.

"Our entry into nuclear energy through Adani Atomic Energy is another confident step towards securing India's long-term energy future," Gautam Adani, the conglomerate's chairman, said at the group's annual general meeting.

India, which is keen to expand its use of clean energy, last year opened its nuclear generation sector to domestic and foreign firms in the private sector. It aims to expand nuclear capacity to 100 gigawatts by 2047 from about 8 gigawatts at present.

State-run Nuclear Power Corp of India, currently India's sole operator of nuclear plants, aims to have 50 GW of capacity while the country's top coal plant operator NTPC NTPC.NS, also state-run, is aiming for 30 GW of nuclear capacity.

Adani would likely be the third-biggest operator of nuclear plants. Several other private companies including Tata Power TTPW.NS and Reliance Industries RELI.NS are looking at investing in the sector.

The Adani group has identified land for the projects, but did not disclose details, including where the projects might be located.

Adani said the conglomerate's data centre business is on track to build 3 GW of capacity by 2030. The group is also ramping up its piped natural gas projects to meet India's rising demand for gas.

India's gas supplies have been disrupted due to global shipping constraints after the U.S. and Israel's war with Iran halted traffic through the Gulf and the Strait of Hormuz.

Shares of Adani Enterprises ADEL.NS, the group's flagship firm, rose 2.3% on Wednesday.

(Reporting by Sethuraman NR and Abinaya V; additional reporting by Kashish Tandon in Bengaluru; Editing by Rashmi Aich and Edwina Gibbs)

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** Indian benchmark shares rise on uptick in index heavyweight Reliance Industries and a rebound in IT; falling oil prices help sentiment

** Nifty 50 .NSEI, Sensex .BSESN add 0.6% each

** Fourteen of the 16 major sectors advance; broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 rise 0.5% and 0.4%, respectively

** Brent crude futures LCOc1 dip 2.1% to $79 a barrel, easing inflationary and macroeconomic worries for oil-importing countries such as India; other Asian markets .MIAPJ0000PUS gain 0.7%

** U.S.-Iran talks make progress on a 60-day deal roadmap, easing investor nerves after a tense weekend in which Tehran said it again closed the Strait of Hormuz and U.S. President Donald Trump threatened renewed attacks

** Reliance RELI.NS jumps 2.1% after its annual general meeting

** IPO-bound Jio Platforms, AI and new energy businesses would drive growth for the oil-to-telecom conglomerate, brokerages say

** IT index .NIFTYIT, which fell 3.7% on Friday after Accenture's weak demand forecast, stages a partial rebound on the day, rising 1.4%

** Kirloskar Oil Engines' shares KIRO.NS surge 20% after securing an order from Hypernext

(Reporting by Bharath Rajeswaran in Bengaluru)

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Reliance Industries announced that the board of its material subsidiary Jio Platforms has approved the Draft Red Herring Prospectus for an initial public offering. The IPO will involve a fresh issue of up to 27 crore equity shares with a face value of ₹10 each, with the issue price to be determined through book building. The filing paves the way for Jio Platforms to list on Indian stock exchanges, subject to regulatory approvals. Jio Platforms, which houses Reliance's digital services business including Jio telecom and JioMart, is one of the largest digital ecosystems in India. The IPO proceeds will flow to Jio Platforms, and the listing is expected to provide a public valuation benchmark for the subsidiary.

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June 19 (Reuters) - Reliance Industries Ltd RELI.NS:

• RELIANCE EXEC DIRECTOR- EXECUTING 3 MILLION TONS PTA PLANT IN HAZIRA - AGM

• RELIANCE EXEC DIRECTOR- FIRST PHASE OF BESS, CELL GIGA FACTORY ON TRACK TO BE COMMISSIONED IN 2026 - AGM

• RELIANCE EXEC DIRECTOR: NEW ENERGY WILL BEGIN CONTRIBUTING FINANCIALLY FROM 2027 - AGM

• RELIANCE EXEC DIRECTOR: ADVANCING COAL GASIFICATION PROGRAM - AGM

• RELIANCE EXEC DIRECTOR: TO CREATE 200,000 GREEN JOBS - AGM

Further company coverage: RELI.NS

(([email protected];;))

Updates to add IPO filing by NSE

MUMBAI, June 18 (Reuters) - The National Stock Exchange of India has filed draft papers for a long-delayed listing that will be one of two mega initial public offerings in the country this year, alongside billionaire Mukesh Ambani's Reliance Jio.

NSE's IPO is likely to be worth $3.3 billion, based on its share price in private markets, and comes after years of regulatory delays. Existing investors will sell 6% of the company's equity as part of the issue, which will be a pure offer-for-sale with no fresh equity being raised.

Ambani's AI-to-telecoms arm Reliance Jio Platforms is also gearing up for a stock offering that will likely be India's biggest ever.

Sources told Reuters in January that the IPO could be worth as much as $4 billion, though final numbers will only be decided later. In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion.

Here are the five largest Indian IPOs of all time before NSE and Jio Platforms:

HYUNDAI MOTOR INDIA

Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion Indian rupees ($2.95 billion) in October 2024 in India's largest-ever IPO.

The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors expected to dilute their stakes.

LIFE INSURANCE CORPORATION OF INDIA

The government pocketed roughly 205 billion Indian rupees from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.

The shares slid nearly 8% on their debut.

PAYTM

Paytm PAYT.NS, India's fintech firm, raised 183 billion Indian rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.

Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.

TATA CAPITAL

The Tata Group's financial services arm TATC.NS raised 155 billion Indian rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India.

The shares listed at a slight premium of 1.23%.

LG ELECTRONICS INDIA

South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion Indian rupees in October 2025.

The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.

LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.

($1 = 94.3800 Indian rupees)

(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by Aditya Kalra, Kate Mayberry and Kevin Buckland)

(([email protected];))

MUMBAI, June 16 (Reuters) - India's Jio Credit has accepted bids worth 15 billion rupees ($158.40 million) in a sale of bonds maturing in five years, three bankers said on Tuesday.

It will pay a coupon of 8.15% and had invited commitment bids for the issue on Monday, they said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on June 16:

*Size includes base plus greenshoe for some issues

($1 = 94.6975 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

(([email protected], [email protected]))

By Neha Arora and Sarita Chaganti Singh

NEW DELHI, June 10 (Reuters) - Indian industrial groups Reliance, Vedanta and Adani have shown interest in developing facilities to process Andhra Pradesh state's significant reserves of increasingly important rare-earth minerals, according to two sources with knowledge of the matter.

With New Delhi seeking to cut India's dependence on China for rare earths, the three companies are among about 10 who have expressed interest in setting up rare earth facilities in the southern state, one of the sources said.

The sources declined to be identified as they were not authorised to speak to the media.

Andhra Pradesh holds 211 million metric tons of beach sand mineral resources, including rare earths, across 16 identified coastal deposits, according to a draft document. India has 482.6 million tons of rare earth ore resources, according to the Geological Survey of India.

RARE EARTH AMBITIONS

The interest comes as New Delhi steps up efforts to build domestic rare earth mining, processing and magnet manufacturing capacity, while Andhra Pradesh aims to attract 500 billion rupees ($5.2 billion) in rare earth and titanium investments over the next decade.

The plans were set out in a draft government document.

The Andhra Pradesh government, Reliance Industries Ltd RELI.NS, Vedanta Ltd VDAN.NS and Adani Enterprises Ltd ADEL.NS did not respond to Reuters emails seeking comment.

Andhra Pradesh was among four states identified in February's federal budget for the development of rare earth "corridors" covering mining, processing and magnet production.

The initiative followed New Delhi's approval in November of a 73 billion rupee programme to support rare earth magnet manufacturing.

Rare earth elements are essential for permanent magnets used in applications such as electric vehicle motors. While India holds substantial rare earth reserves, it lacks industrial-scale facilities capable of processing the minerals to high purity levels.

CAPITAL INCENTIVES AND OTHER MEASURES

Andhra Pradesh plans to issue tenders for rare earth facilities after securing cabinet approval for its rare earth corridor policy, which is expected within a month, the sources said.

The state also plans to offer capital-linked incentives and additional benefits for projects with investments of 10 billion rupees or more, the sources said.

Andhra Pradesh has been courting large-scale investments, attracting companies including Google and ArcelorMittal Nippon Steel, and aims to secure $1 trillion in investment commitments by 2029, a state minister told Reuters last November.

(Reporting by Neha Arora and Sarita Chaganti Singh; Editing by Mayank Bhardwaj and David Holmes)

(([email protected]; X: neha_5;))

Rewrites throughout, adds analyst comment in

By Chandini Monnappa

June 10 (Reuters) - Meta Platforms META.O will lease an AI-ready data centre to be built by billionaire Mukesh Ambani's Reliance Industries RELI.NS, the U.S. tech major said on Wednesday, deepening ties with the Indian conglomerate.

The deal comes at a time when India has seen a surge in hyperscale data centre builds led by U.S. cloud majors such as Amazon AMZN.O, Microsoft MSFT.O and Alphabet's Google GOOGL.O, as New Delhi seeks to draw in investment in AI.

In February, Reliance committed about $110 billion and Adani ADEL.NS outlined $100 billion in investments to position India as an AI hub. The government has given foreign companies a more than 20 year tax break on using local data centres.

Meta is already a major investor in Reliance's IPO-bound Jio Platforms and last year formed a joint venture to develop AI tools for enterprises using its Llama models.

Under the latest deal, Reliance will build a 168‑MW data centre in Jamnagar in western India, which is home to its flagship energy complex. The project, running on energy capable of powering about 150,000 homes, could be scaled up.

The two companies have partnered for years, and Jamnagar offers a strategic edge with ready access to power, water and infrastructure at lower cost, Deven Choksey, managing director, advisory firm DRChoksey FinServ in Mumbai, said.

"Reliance has the infrastructure and Meta has the AI expertise," he said.

The Indian conglomerate is at an advantage as it can draw energy from its renewable-power assets in the Jamnagar complex, reducing the data centre's dependence on costlier grid power.

Meta did not provide financial terms of the deal or a target date.

India's data center market is projected to nearly double to $13.11 billion by 2034, fueled by digitalisation, cloud adoption and rising AI workloads, according to consulting firm IMARC Group.

($1 = 95.3500 Indian rupees)

(Reporting by Gursimran Kaur, Abhinav Parmar and Chandini Monnappa in Bengaluru; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala)

(([email protected];))

By Vivek Kumar M

June 9 (Reuters) - Jio BlackRock Asset Management plans to launch its first exchange-traded funds in India by August, seeking to replicate BlackRock's global success in passive investing in a market where ETFs are still nascent.

The joint venture between Mukesh Ambani's Jio Financial Services JIOF.NS and the world's largest asset manager has amassed about 180 billion rupees ($1.9 billion) in assets under management in roughly a year since its launch by building a base in cash, debt-index and active equity funds.

It plans to start with equity-focused ETF strategies.

BlackRock oversees about $5.1 trillion in ETF assets globally, more than a third of its total assets under management, underscoring the importance of the product line to its franchise. Jio BlackRock currently ranks as India's 29th-largest asset manager.

"ETFs are a long-term play. While it is a predominantly institutional heavy market (in India), retail are starting to get more involved in ETFs. And we can see from global trends how well ETFs have been adopted as a choice for investing," Sid Swaminathan, managing director and chief executive officer of Jio BlackRock Asset Management, told Reuters.

ETF INNOVATION COULD BOOST LIQUIDITY

Passive mutual fund assets in India stood at 15.20 trillion rupees in April, or about 18.5% of the industry's 81.94 trillion rupees in average assets under management, according to data from the mutual fund industry association.

By comparison, equity index funds and ETFs account for about 45.3% of long-term mutual fund and ETF assets in the U.S.

Swaminathan said tighter bid-offer spreads and more innovative strategies could help improve liquidity and boost retail participation in Indian ETFs.

The company also plans to launch products in Gujarat International Finance Tec-City (GIFT City), India's low-tax financial hub competing with centres such as Singapore and Dubai, within the next couple of months.

COMPLEX PRODUCTS PROMPT PIVOT TO DISTRIBUTOR-LED MODEL

For more complex offerings, including special investment funds and GIFT City products, Jio BlackRock has adopted a distributor-led model rather than a digital-first approach, reflecting the continued role of advisers in selling higher-ticket products.

Swaminathan said the decision to prioritise those launches was partly shaped by market conditions. India's benchmark Nifty 50 .NSEI is down 11.1% so far in 2026 amid foreign outflows, higher oil prices and moderating earnings growth, while MSCI’s Asia-Pacific ex-Japan index .MIAPJ0000PUS is up 18.2%.

($1 = 95.3500 Indian rupees)

(Reporting by Vivek Kumar M in Bengaluru. Editing by Mark Potter)

(([email protected];))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.

By Shritama Bose

MUMBAI, June 4 (Reuters Breakingviews) - Finding a good job in India is going to get a lot harder. Headcount growth at its biggest private company, $190 billion Reliance Industries RELI.NS, is slowing sharply as an investment binge fades. But a chronic skills shortage also gives businesses a strong incentive to rapidly adopt artificial intelligence. That will turn today's hiring squeeze into a deeper, structural slump.

The energy-to-retail giant's over 419,000 headcount as of March 2026 represents 4% year-on-year growth, just one quarter of its expansion rate the previous year. Its disclosures have turned hazier too: last year Reliance discontinued a table in its annual report offering a detailed breakdown of employees across business divisions.

The hiring slowdown is partly explained by the end of a phase of higher recruitment for its fledgling renewable energy business. But the growth remains well below India's 7%-plus GDP growth—and the squeeze could soon become entrenched: Reliance says it is "building talent fluent in leveraging AI to enhance decision-making, productivity and purpose-driven work", implying that the impact of AI on hiring will become clearer next year.

The problem is pronounced at IT outsourcers like $85 billion Tata Consultancy Services TCS.NS, the country's second-largest company by market capitalisation, and Infosys INFY.NS, where the number of employees is now up to 5% below their respective March 2023 peaks, thanks to a slowdown in revenue growth and rise of new coding tools.

Indeed, future job growth is a bigger worry than headline-grabbing layoffs, as the government's Chief Economic Advisor V. Anantha Nageswaran warned in February. His call on the private sector to hire more and balance capital-intensive growth with labor-intensive growth has gone unanswered by industry titans. Urban youth unemployment is as high as 13.6% and it's common for college graduates to queue up for janitorial roles in the public sector.

The danger is employers – who have long complained that India's 600 million-strong workforce does not have the modern skills required for the service-oriented economy – will turn to AI as a quick fix and adopt new technologies faster. Some 65% of respondents to a World Economic Forum survey saw a skills gap in India as a challenge to business transformation, and more than one-third of them expected talent availability to worsen over the five years to 2030. Indian employers plan to outpace global adoption in computing technologies, quantum and encryption to transform their businesses, according to the WEF's Future of Jobs report for 2025.

It all threatens to tip India Inc's hiring slump into a depression.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Reliance Industries' group headcount stood at over 419,000 at the end of March 31, 2026, the company said in its annual report for the year. The total number of employees increased by around 4% year-on-year, slower than a 16% rate of expansion in the previous financial year.

(Editing by Una Galani; Production by Ujjaini Dutta)

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

** India's Nifty 50 .NSEI down 0.4%, BSE Sensex .BSESN down 0.3%; hit lowest levels since April 7

** Set for a fifth session of drop, longest losing streak in four months

** South Korea overtakes India to become the world's sixth-biggest market by value, exchange data shows

** Unprecedented foreign outflows and lack of progress in Iran war peace talks dampen sentiments

** Fifteen of 16 major sectors trade lower; mid-caps .NIFMDCP100 and small-caps .NIFSMCP100 lose 1% and 0.7%, respectively

** Heavyweight financials .NIFTYFIN drop 1.3%, taking five-session losses to 5.4%

** Oil-to-telecom conglomerate Reliance RELI.NS down 1.4%, drags energy stocks .NIFTYENR down 1.5%

** IT stocks .NIFTYIT jump 4.1%, taking three-day gains to 7.5% on optimism over demand driven by AI spending

(Reporting by Vivek Kumar M)

(([email protected];))

Adds graphic and data on exports, imports in paragraphs 9-10

By Marianna Parraga and Mircely Guanipa

June 1 (Reuters) - Venezuela's oil exports rose slightly to 1.25 million barrels per day in May, its third consecutive month of increase, fueled by more cargoes to the U.S., India and Europe, shipping data showed on Monday.

Under the U.S.-supported government of interim President Delcy Rodriguez, Venezuelan crude production and exports have bounced this year as Washington eased sanctions and foreign companies expanded oil and gas projects in the OPEC nation.

The oil ministry has forecast a crude output of 1.37 million bpd by year-end, which would imply a 22% increase from the 1.12 million bpd produced in late 2025 and a number not seen since U.S. energy sanctions were first imposed in 2019.

The growth also has allowed Venezuela to resume exports to countries it had not been able to sell its oil to in years.

The volume of crude and refined products shipped from the South American country in May was 0.7% higher than in April and stood 61% above exports in the same month last year, according to the data, based on tanker movements and records from state company PDVSA. A total of 67 cargoes were exported.

The U.S. was again the first destination of Venezuela's oil with some 558,000 bpd, followed by India with 427,000 bpd and Europe with 169,000 bpd, according to the data and documents. The three regions received more volumes in May than in April.

Exports to Caribbean terminals for storage fell to some 58,000 bpd from 187,000 bpd the previous month, a signal of larger demand from refiners for Venezuela's heavy crude grades and residual fuel.

Crude exports by U.S. oil company Chevron CVX.N, PDVSA's main joint venture partner, fell to some 269,000 bpd in May from 308,000 bpd in April, while global traders including Vitol and Trafigura increased shipments from the country to 787,000 bpd, up from 691,000 bpd the previous month.

India's Reliance Industries RELI.NS, which has emerged as one of the three largest buyers of Venezuelan crude in recent months, bought cargoes directly from PDVSA and from suppliers Chevron, Vitol and Trafigura last month, according to the data.

Venezuela also exported some 288,000 metric tons of petrochemicals and oil byproducts, a decrease from the 359,000 tons of the previous month; and imported some 93,000 bpd of heavy naphtha to dilute its extra heavy oil output.

(Reporting by Marianna Parraga and Mircely Guanipa, Editing by Julia Symmes Cobb and David Gregorio)

(([email protected]; +1 713 371 7559; Reuters Messaging: @mariannaparraga))

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

• RELIANCE INDUSTRIES - MOODY'S UPGRADED CREDIT RATING FOR SENIOR UNSECURED US$ DENOMINATED FIXED RATE NOTES

Source text: [ID:]

Further company coverage: RELI.NS

(([email protected];))

NEW DELHI, May 25 (Reuters) - India's Reliance Industries RELI.NS, operator of the world's biggest refining complex, imported about 217,800 barrels per day (bpd) of Russian oil in April, down 37.9% from the month before, according to ship tracking data obtained from industry sources.

In April, Reliance also imported Iranian oil after a gap of seven years following a temporary waiver granted by Washington to help stabilise global oil prices.

Russian oil accounted for about 16.7% of Reliance's overall crude imports in April, down from 26.3% in the previous month, the data showed.

Reliance's overall monthly imports declined about 2.2% to 1.3 million bpd, the data showed, ahead of maintenance shutdown of units at one of its refineries.

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 April, but discharged in May. It also includes some parcels that arrived in March and were discharged in April.

(Reporting by Nidhi Verma; Editing by Subhranshu Sahu)

(([email protected]; X: @nidhi712;))

May 21 (Reuters) -

• CAPITAL GROUP BUILDS $2 BILLION ADANI BET IN PIVOT FROM RELIANCE - BLOOMBERG NEWS

Source text: https://tinyurl.com/ynsdr6a9

Further company coverage: ADEL.NS

(([email protected];))

By Ira Dugal

May 19 - India’s IPO queue is lengthening as market heavyweights hold back plans, waiting for geopolitical tensions to ease and for foreign inflows to pick up.

Reliance’s Jio and the National Stock Exchange are among the listing hopefuls banking on a turn in investor sentiment in the months ahead. But there may be a silver lining in the IPO slowdown for both investors and the broader economy. Is it a warning sign, or a much-needed reality check? That's our focus this week. Share your views with me at [email protected].

And, billionaire Gautam Adani's conglomerate sees a key regulatory overhang lift. Scroll down for more on that.

THIS WEEK IN ASIA

• Trump's geopolitical brinkmanship has hit a wall with Iran

• Iran, Ukraine wars deliver worst hit in years to oil refining output

• Carry on trading: rate-based G10 currency bets make a comeback

• US clears H200 chip sales to 10 China firms as Nvidia CEO looks for breakthrough

• China's economy loses steam at start of Q2 as consumption, output disappoint in April

COURSE CORRECTION

India’s IPO boom is waning.

After two consecutive years in which companies raised more than 2 trillion rupees ($20.78 billion) annually, deal flow has slowed sharply as weaker markets and sliding valuations prompt issuers to wait.

Big-ticket listings expected in the first half of the year have been pushed back, with billionaire Mukesh Ambani’s Jio Platforms now more likely to list later in 2026. Walmart-backed PhonePe has also delayed plans, while the National Stock Exchange is expected to come to market in the coming months.

Just four IPOs were launched in April, raising a modest 11.71 billion rupees, a fraction of the levels seen over the past two years.

While the pause reflects a more challenging market backdrop, it may also bring some benefits.

A cooling of initial public offerings could ease foreign exchange outflows that had risen alongside large exits by private equity investors and other early backers. It may alleviate some pressure on the rupee and also restore pricing discipline after a period marked by aggressive valuations and heavy secondary-market selling.

Jio, for instance, has shifted from a predominantly offer-for-sale (OFS) structure for its IPO to one involving a fresh issue of shares, signalling existing investors will hold on for longer and perhaps more moderate valuations, as Reuters Breakingviews columnist Shritama Bose wrote.

Offers for sale accounted for 59% of total funds raised in the last financial year and 67% the year before, according to a KPMG study.

Such selling, cited by the central bank, contributed to relatively weak net foreign direct investment (FDI) of just over $6 billion in April to February last fiscal year, despite gross inflows of $88.3 billion.

"A shift away from OFS towards fresh fundraising will be beneficial for the market and all classes of investors because it will help IPOs come to market at more reasonable valuations," said Arun Kejriwal, founder of Kejriwal Research and Investment Services.

"When you are raising fresh money, the valuation focus is a little diluted. When you or large investors are selling their own shares, you are more focused on maximising returns," he said.

Block deals by large shareholders that had surged last year, adding to secondary-market supply and weighing on prices, have also eased in recent months.

PRICING DISCIPLINE

The market correction is likely to make investors more selective.

More than half of the IPOs launched in 2025 are now trading below their issue prices, forcing companies to recalibrate expectations on pricing and size.

Amid the global volatility impacting equity markets, pricing discipline will now play a more central role in the IPO market, KPMG said.

India's IPO pipeline, nevertheless, remains strong.

At the start of the financial year in April, 143 companies had approval to raise a combined 1.745 trillion rupees through IPOs, according to Prime Database.

Market regulator Securities and Exchange Board of India has extended the validity of such approvals and allowed greater flexibility on issue size, giving companies room to wait for improved conditions.

For a well-priced issue, this would be a good time to come to market given that IPOs have dried up over the past four months, Kejriwal said.

He pointed to a June 2003 public offering by Maruti Suzuki India, where the automaker offered shares at a discount in the midst of a market slump, helping revive broader sentiment.

More than two decades later, will Jio's change of heart have a similar effect?

MARKET MATTERS

A surge in global bond yields is becoming yet another factor putting pressure on the rupee and capital flows into India.

The rupee fell to a record low of 96.38 versus the dollar on Monday and India's benchmark 10-year bond yield rose to 7.13%, a 10-week high.

A study by JPMorgan found that short-term and even longer-term FDI flows are strongly correlated with the U.S. 10-year yield.

"The rapid drop-off in India’s FDI since 2023 has coincided with central banks hiking rates from 2022 and global financial conditions tightening sharply," JPMorgan economist Sajjid Chinoy wrote in a report dated May 16.

Catch up on India's dollar deficit in the previous edition of the India File.

THIS WEEK'S MUST-READ

Adani group companies are in focus after the Trump administration moved to dismiss criminal fraud charges against billionaire Gautam Adani, while also settling alleged Iran sanctions violations involving one of his companies. The conglomerate has proposed to invest $10 billion in the U.S.

A civil fraud lawsuit brought by the U.S. Securities and Exchange Commission related to an alleged scheme to bribe Indian government officials was also resolved.

The Adani Group has consistently denied wrongdoing.

The likely resolution of the two cases eases the regulatory risk surrounding the group, Reuters Breakingviews columnist Una Galani wrote last week. Read here.

Indian regulators are yet to close or rule on at least nine allegations that Adani Group and its offshore funds broke securities regulations.

($1 = 96.2575 Indian rupees)

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(Reporting by Ira Dugal; Additional reporting by Jaspreet Kalra; Editing by Muralikumar Anantharaman)

(([email protected]))

By Shariq Khan, Mohi Narayan and Trixie Yap

NEW YORK, May 18 (Reuters) - In India, there is a shortage of cooking gas. In California, motorists are paying $6 a gallon for gasoline. They are both symptoms of the worst-ever energy supply disruption. They are also directly connected, and evidence of the knock-on effects across the global economy of the U.S.-Israeli war with Iran.

Iran's near-closure of the Strait of Hormuz has thrown global oil trade into disarray, cutting off importers from around one-fifth of the global oil supply that traversed the waterway before the war. This has forced oil buyers to burn through stockpiles and take other emergency measures to manage global fuel shortages.

Some attempts to address the shortages, such as the Indian government's efforts to shore up liquefied petroleum gas supplies, are spreading the pain.

India, the most populous country, uses LPG as its primary cooking fuel. Cut off from Middle Eastern LPG, which represented over 90% of India's total imports of the fuel before the Iran war, New Delhi has directed refiners to maximize LPG output. To comply, refiners have cut production of alkylates - motor fuel additives made using LPG as feedstock.

For California, shrinking alkylate supply compounds concerns of a potential gasoline shortage due to declining fuel production and exports from Asian refiners struggling to access Middle Eastern crude oil. Alkylates are highly sought in California because they burn cleaner than other additives, and the state requires a unique gasoline blend to reduce smog.

That is why California's motorists face a double whammy from the war: a slump in Asian fuel exports has directly hit its motor fuel supply chain, and additives needed for the state's unique gasoline blend are harder to procure because of India's conservation of cooking fuel.

"With India's LPG supply constrained by the closure of the Strait of Hormuz, refiners there are producing and exporting less alkylate, adding pressure to an already tight California gasoline market," said Mason Hamilton, chief economist for the American Petroleum Institute industry group.

INDIA PRIORITIZES COOKING FUEL

Indian refiners' decision to cut alkylate exports could not come at a worse time for California. Motorists in the most populous U.S. state are already paying the highest gasoline prices since 2022 amid the global fuel supply crisis caused by the war, and lower alkylate supply will likely inflate prices as summer driving season boosts demand, GasBuddy analyst Patrick De Haan said.

"The more acute the alkylate supply shortfall becomes, the higher it could push prices in California," De Haan said.

A spokesperson for the California Energy Commission, a state agency, said California is aware of India's evolving priorities but has a healthy supply of gasoline and blending components. The CEC does not foresee a shortfall but is monitoring the situation, the spokesperson said.

California's average retail motor fuel price was $6.14 per gallon on Friday, after hitting an over three-year high of $6.16 on May 7 as California gasoline stockpiles hover near record lows, GasBuddy data showed. Prices could cross $6.50 over the coming weeks, De Haan said.

U.S. environmental laws require cleaner‑burning gasoline blends during the peak summer season, adding to costs. California has the strictest U.S. mandate, which increases costs relative to the rest of the country, said Kpler lead research analyst Nikhil Dubey. The U.S. national average gasoline price was $4.52 a gallon on Friday, GasBuddy data showed.

There is little India can do to continue supplying alkylates to California. The LPG shortfall there has been so severe people have queued for hours to purchase LPG cylinders, often only to be turned away and forced to buy from the black market. Restaurants and other businesses have warned they could be forced to shutter.

Reliance RELI.NS, operator of the world's largest refinery in Jamnagar, Gujarat, said this month it was cutting alkylate output and exports to maximize LPG production. India's total alkylate exports fell to 33,000 barrels per day in April, about half of the 61,000 bpd exported in March and the lowest since October 2023, Kpler data showed.

FEW GOOD OPTIONS

Similar to New Delhi combating LPG shortages, California Governor Gavin Newsom has few options to prevent pump prices from rising further as long as the Iran war drags on.

Any stopgap measures to lower fuel prices, such as tax waivers, would boost demand, which in turn would deepen the alkylate shortage and set up worse sticker shocks for consumers, De Haan said.

"You can't put more pressure on a system struggling under the existing weight on it," De Haan said.

For Newsom, that means his only viable option to tame California's fuel prices may be to waive the state's fuel specifications to reduce the need for alkylates, GasBuddy's De Haan said.

"His hands are tied. That's the only choice he has," De Haan said.

The CEC does not think a waiver of blending requirements would help the state, the CEC spokesperson said.

(Reporting by Shariq Khan in New York, Mohi Narayan in New Delhi, Trixie Yap in Singapore; Editing by Liz Hampton and Rod Nickel)

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