Soaring Gas Prices Will Boost Profits For India’s Biggest Company

Reliance Industries expects the global natural gas crunch and the gas price rally to continue benefiting India’s oil-to-telecoms conglomerate with more earnings in the coming months after higher oil and gas production and price realizations helped it deliver record quarterly earnings. Reliance Industries, the biggest company in India led by Asia’s richest person Mukesh Ambani, expects India to raise the cap on the offshore gas sales by 60 percent in April, to $10 per million British thermal units (MMBtu), the group’s senior vice…