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Mukesh Ambani’s Empire Expects Bumper Profits from Global Gas Crunch

  • India may raise price cap on deepwater gas by 60%: Reliance
  • Reliance sees natural gas production rising 67% by 2023
A road sign for the Reliance Industries in Jamnagar, Gujarat, India.

A road sign for the Reliance Industries in Jamnagar, Gujarat, India.

Photographer: Dhiraj Singh/Bloomberg

Reliance Industries Ltd. says its energy exploration business is set to reap the rewards of a global fuel shortage that pushed gas prices to records last year.

The conglomerate, controlled by billionaire Mukesh Ambani, expects India in April to raise the price cap for its offshore gas sales by nearly 60% to around $10 per million British thermal units, Sanjay Roy, senior vice president for exploration and production, said Friday. The government sets the cap every six months based on international rates.