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Ranked

Reliance Industries (RIL) Chairman Mukesh Ambani, with a net worth of $20.8 billion, is the richest Indian in the world. Ambani has displaced Lakshmi Mittal, according to a list of the nation’s 40 richest people compiled by the Forbes.

     Print Edition: December 14, 2008

Mukesh Ambani
Ranked: Reliance Industries (RIL) Chairman Mukesh Ambani, with a net worth of $20.8 billion, is the richest Indian in the world. Ambani has displaced Lakshmi Mittal, according to a list of the nation’s 40 richest people compiled by the Forbes.

Struck: ONGC Videsh and its partner IRP Red Sea have made a second oil discovery off the North Ramadan Concession in Gulf of Suez in Egypt. The find in the well North Ramadan-2 (NR-2) is located on a separate fault block north of the first oil discovery NR-1A. NR-2 was drilled to a total depth of 11,700 feet and struck 113 feet of oil bearing sands. During testing, it produced 800 barrels per day of oil and 0.50 mmscfd of gas.

Dipped: Auto sales saw the biggest dip in eight years. Vehicle sales fell 14.42 per cent in October to 8.65 lakh units against 10.11 lakh in the same month last year.

Declined: Reflecting an industrial slowdown in the face of a global financial crisis, the government’s indirect tax collection from excise and customs took a 5 per cent hit during October. Customs and excise collections were Rs 18,664 crore in October, compared with Rs 19,646 crore in the same month last year.

Approved: The Board of the Bombay Stock Exchange (BSE) has recommended issuing 12 bonus shares of each held, subject to shareholder and regulatory approvals.

Slashed: Honda has slashed the price of its Civic Hybrid cars in India by an unprecedented Rs 8 lakh. The hybrid cars will cost Rs 13.36 lakh compared to its launch price of Rs 21.5 lakh.

Added: India added a record 7.7 million mobile users in October to its Global System for Mobile communications (GSM)-based networks. Total GSM mobile users at the end of October numbered 241.4 million, up 3.3 per cent from 233.7 million in September.

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