Reliance Industries expects bumper profits from global gas crunch

The conglomerate 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

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.

That will benefit the company’s operations in Krishna-Godavari fields in the Bay of Bengal, where production increased 36-fold in the