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India.com
a day ago
- India.com
Bad news for Mukesh Ambani as loses Rs 660000000000 due to…, not US, but EU finds way to kill Russian oil
The European Union has imposed a ban on the import of Russian oil from third countries which means no EU nation can now import Russian-origin crude or refined products irrespective of where it is processed or shipped from. This move can impact India, which was exporting around $15 billion of refined petroleum products annually to European markets. With this new restriction, that entire revenue stream is now at risk. EU's Move Hits India Hard In recent weeks, former U.S. President Donald Trump had made statements of curbing trade in Russian oil, but they had little impact on countries like India and China. However, the EU's latest decision has given a serious blow to Mukesh Ambani. On Monday, after the EU's announcement, Reliance Industries Ltd (RIL) shares declined over 3%, wiping out more than Rs 66,000 crore in market capitalisation. The new EU rule bans the import of Russian oil, even if it is refined in a third country like India. This directly affects companies like Reliance Industries, one of India's largest exporters of refined crude oil products to Europe. India's Oil Trade With Russia and Europe According to reports, India exported $19.2 billion worth of petroleum products to the EU in FY24. However, in FY25, this number dropped by 27.1% to $15 billion, after growing scrutiny over the origin of crude used. At the same time, India imported $50.3 billion of crude oil from Russia in FY25, so Russian oil now accounts for over 44% of India's total crude basket. Big Blow To Reliance Industries The impact can be seen on Reliance Industries, which has become the largest importer of Russian crude oil. In December 2024, RIL signed a 10-year deal with Russia's Rosneft to import around 500,000 barrels per day of Russian crude at around $13 billion annually. This move helped RIL to refine the cheaper Russian crude and export the high-margin products, especially diesel, to Europe. As of October 2024, Reliance was importing an average of 405,000 barrels per day from Russia which was over one-third of its total crude oil intake. With Russian crude priced $3–4 per barrel cheaper than Middle Eastern grades, RIL had been benefiting from healthy refining margins and strong demand in European markets. But the EU's ban has now threatens this business model. Reliance Industries Lost 66,000 Crore After the EU's decision, Reliance shares fell sharply. On the BSE, RIL stock closed at Rs 1,428.20, down 3.29% from the previous close. During the session, it hit a day's low of Rs 1,423.05. The stock had opened at Rs 1,474.95, slightly below its previous close of Rs 1,476.85. The decline resulted in a massive hit to Reliance's market capitalisation. On Friday, the company's market cap was at Rs 19,98,543.22 crore. By the end of Monday's trading session, it had fallen to Rs 19,32,707.74 crore which was a drop of Rs 65,835.48 crore in a single day.
Mint
2 days ago
- Mint
Supreme Court to examine service tax on Reliance charter flights for executives
New Delhi: The Supreme Court on Tuesday agreed to hear a plea by the tax department seeking to impose higher service tax on charter flight services used by Reliance Industries executives through its subsidiary, Reliance Commercial Dealers Ltd (RCDL). RCDL operates charter flights for RIL's nominees, transporting passengers on demand based on the company's requirements. A bench of justices Manoj Misra and Ujjal Bhuyan issued notices to the Reliance subsidiary and observed that it will decide the larger legal issue of classification of such services. The court directed both parties to file written submissions within two weeks. 'This is an important issue to consider and decide as it involves a pure question of law regarding interpretations and classification. Issue notice. After considering the above, we deem it appropriate to require the learned counsel for the parties to submit written submissions along with the relevant provisions of the statute, and also the agreements under which the service supply was rendered,' Misra said. The tax department argued that RCDL is effectively renting aircraft to Reliance, which should attract higher taxes like equipment rentals. RCDL contends it is simply flying passengers on charter flights, which should be taxed like normal air transport services at lower rates. If the Supreme Court rules in favour of tax authorities, corporate charter services could become significantly more expensive, with companies facing retrospective tax demands and higher ongoing costs, making private jet use for executives costlier. Under DGCA rules, non-scheduled air transport services (passenger) involve transporting passengers, mail, or goods without a fixed timetable, operating on a charter or on-demand basis. Operators hold a non-scheduled operator's permit (NSOP), allowing them to fly whenever customers require, either by selling seats individually or chartering the entire aircraft. Currently, passenger transport services are taxed at lower rates like normal airlines (e.g. 5% under GST for economy class), while aircraft rentals or leasing (STGU) attract higher taxes (up to 18% under GST) as they are treated like renting equipment. The Commissioner of Service Tax, Mumbai approached the Supreme Court against a 2 May order of the Customs, Excise & Service Tax Appellate Tribunal (CESTAT), which had favoured Reliance and quashed tax demands of around ₹ 42 crore covering FY 2008-09 to FY 2010-11. The issue arose after RCDL, in 2008, signed agreements with RIL to provide domestic and international air transport services for its executives, personnel, and nominees, giving RIL a 'right of first refusal' to use certain aircraft. RCDL operated under an NSOP issued by DGCA for such passenger services. However, based on intelligence inputs, the tax department alleged that RCDL was essentially hiring out aircraft on a time basis without paying applicable service tax under the 'supply of tangible goods for use' (STGU) category. This led to three show cause notices issued between 2009 and 2011. In March 2016, the commissioner upheld these tax demands, prompting RCDL to appeal to CESTAT Mumbai. RCDL argued its agreements were for passenger transport, not aircraft rental, and that it paid service tax under passenger services until June 2010 when domestic flights became taxable. The company highlighted that it bore all operational costs, charges were based on actual flying hours, and no bills were raised if flights were cancelled due to regulatory or weather issues, proving it was not a rental arrangement. The taxman, however, insisted that RCDL was effectively providing aircraft to RIL as goods for use, pointing to the 'right of first refusal' clause as evidence of a rental arrangement. It also noted no individual passenger tickets were issued, unlike normal air transport services. In its 2 May order, CESTAT ruled in favour of RCDL, stating it held the correct permits to operate as a passenger transport provider and that RIL never took possession or operational control of the aircraft. The tribunal concluded RCDL's services were rightly classified under 'transport of passengers by air' under a section of the Finance Act, 1994, not as STGU. Section 65(105)(zzzo) of the Finance Act, 1994 taxes charter flights as passenger transport services. The tribunal noted STGU tax applies only when goods are supplied for use without giving possession or control to the user, which was not the case here. Setting aside the commissioner's 2016 order, CESTAT quashed the tax demands, interest, and penalties in full. Aggrieved, the tax department has now moved the Supreme Court, which will decide whether such corporate charter flights should be taxed as aircraft rentals or passenger transport – a ruling that could have significant implications for corporate aviation. An emailed query to Reliance Industries remained unanswered till press time. RCDL, the air charter arm of Reliance Industries, operates a fleet of around six business jets, with an average aircraft age of 6.4 years, according to aviation data site According to Airports Authority of India data, general aviation aircraft movements rose sharply in early 2025 – up 43.3% in January (26,890 flights) and 13.9% in February (27,360 flights). Between April 2024 and February 2025, charter flight movements grew 19.7% to 253,000 flights. A Denzev research report noted there were 1,156 active business jets in the Asia-Pacific by end-2024, up 1.2% year-on-year, as the region's business aviation recovered from the pandemic. India had the largest private jet fleet in South Asia and the third largest in Asia-Pacific, with over 151 registered private jets in 2023. Leading Indian charter providers include Poonawalla Aviation, Taj Air, JetSetGo, Hype Luxury, BookMyCharters, and Club One Air, offering luxury private flying options. The cost of owning a private jet ranges from around ₹ 16 crore for light jets like the Cirrus Vision to over ₹ 550 crore for long-range jets like the Gulfstream G650.
India.com
2 days ago
- India.com
Just Dial, Netmeds, Campa Cola: 7 lesser known companies of Mukesh Ambani you should know about, 4th one will surprise you
Mukesh Ambani businesses: We all have heard about Mukesh Ambani who is known as the richest man in India and the fact that he owns the Reliance Industries Limited (RIL), which is one of India's most powerful business empires. However, do you know what are the businesses that billionaire Mukesh Ambani owns stakes in. Readers should note that Mukesh Ambani's Reliance Industries owns stakes in multiple industries including textiles, energy, petrochemicals, telecom, retail, media, and now green energy. It can easily be said that the Ambani led conglomerate influences nearly every sector of the Indian economy and operates through a wide network of subsidiaries. What are key businesses under Mukesh Ambani's RIL? The key businesses under Mukesh Ambani's RIL include Jio Platforms, which transformed India's telecom landscape, and Reliance Retail, the country's largest retail chain. After Reliance Jio debuted in the Indian market in 2008, it transformed the telecom market by offering mobile services, broadband, and digital apps at prices no one could ever imagine. What are the famous ventures of Mukesh Ambani? Another arm of RIL is the Reliance Retail which operates stores across fashion, grocery, electronics, and e-commerce. Also, on a more significant level, RIL also owns stakes in media arms like Network18. Some of the major Reliance Group companies include Reliance Industries Limited (RIL), Jio Financial Services, Network18, Viacom18, Jio Hotstar, Jio Saavn, DEN Networks, Hathway Cable, GTPL Hathway, Netmeds, Just Dial, Alok Industries, Sterling & Wilson Renewable Energy, Urban Ladder. Apart from these brands, Mukesh Ambani's RIL also owns Reliance Retail, JioMart, Ajio, Reliance Trends, Smart Bazaar, Tira Beauty, Reliance Fresh, Campa Cola, Reliance New Energy, Reliance Life Sciences, Reliance Jio Infocomm, Infomedia Press, Reliance Strategic Investments. What is the Net worth of Mukesh Ambani? As per Forbes Mukesh Ambani's net worth is $107.3 billion and he is ranked 16th in the list of the richest people in the world.
