Reliance Cuts Exports to Cash In on Demand in India
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Reliance Industries Ltd., India’s largest company by market value, cut fuel exports by 50 percent in the first half of this month, selling domestically to profit from shortages during plant maintenance by rivals.
The refiner, controlled by billionaire Mukesh Ambani, reduced overseas shipments of diesel and gasoline from its facility in western India to about 385,000 metric tons from 730,000 tons in the same period a month earlier, according to data compiled from Clarkson Research Services Ltd., a unit of the world’s biggest shipbroker.