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Reliance Industries to reopen all fuel pump outlets

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By NewsgGram Staff Writer

Reliance Industries Limited (RIL) is getting all prepped up to reopen its entire 1,400 petrol pumps by the end of this fiscal.

RIL issued a presentation on the company’s corporate results for the financial year ended March 31, 2015, that stated that it has already opened 320 of its petrol and diesel pumps subsequent to the complete deregulation of transport fuels.

In March 2008, RIL had shut down its entire its 1,432 petrol pumps due to the huge losses in keeping up with the public sector firms, which sold fuel at prices way lower than their cost as they enjoyed government subsidies.

It was in June 2010 that the government decided not to provide any more subsidies, which deregulated petrol pricing. In addition, diesel was also deregulated in October 2014. It motivated the private retailers to again enter the market.

RIL stated that they will launch customized loyalty programme for different customer segments, along with, “Fleet management programme providing better fleet control, cash flow management and cashless transactions.”

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Copyright 2015 NewsGram

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James Murdoch Isn’t Taking Over Tesla: Elon Musk

Musk is still the CEO of Tesla.

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Elon Musk, CEO of SpaceX. Wikimedia.

Tesla CEO Elon Musk has denied that James Murdoch, the younger son of media mogul Rupert Murdoch, is going to replace him at electric car maker Tesla.

Reacting to a Financial Times report that claimed James Murdoch was going to join Tesla as Chairman, Musk tweeted on Thursday that this was not true.

Tesla CEO Elon musk
Elon Musk agrees to step down as Chairman (VOA)

“This is incorrect,” tweeted Musk, reacting to the report.

James Murdoch, who serves as a director on Tesla’s board, is set to end his innings as 21st Century Fox’s CEO.

Media reports have also thrown names like former Vice President Al Gore and Jim McNerney of Boeing as potential candidates to lead Tesla.

tesla, maezawa, elon musk
Tesla has become the most valuable American carmaker, with its stock worth more than $50 billion. Pixabay

Coming under pressure from his lawyers and investors of Tesla, the tech billionaire on September 29 agreed to step down as Tesla Chairman for three years and paid a $20 million fine, in a deal with the US stock market regulatory authority, the Securities and Exchange Commission (SEC), to resolve securities fraud charges.

Also Read: Tesla Launches a New Programme That Lets You Send Images Into Space

Tesla paid another $20 million to the SEC, despite not being charged with fraud.

Musk is still the CEO of Tesla. (IANS)

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