A city in Gujarat; hub of energy, industry and diplomacy
Aliko Dangote has opened a month-long IPO for Dangote Petroleum Refinery, offering roughly 3% of the company to retail investors from 14 September with minimum purchases of 10 shares. The sale will fund plans to double capacity to about 1.4m barrels per day and expand listings outside Africa, while critics warn of concentration of ownership and valuation risks.
Jio Platforms has launched a 302 billion-rupee IPO at a price band of 1,065–1,119 rupees per share to repay telecom debt and fund cloud, satellite and AI plans. Global funds and 212 anchor investors have backed the float, and institutional bids have far exceeded allocated shares as India’s equity market has been weak this year.
The row between SpaceX chief Elon Musk and Indian billionaire Mukesh Ambani has escalated as Musk accuses Ambani of hindering Starlink and questions India’s leadership; officials say India’s regulatory framework for satellite services remains fair and non-discriminatory as Starlink waits for clearance.
Rubio’s India visit has focused on energy and trade, highlighting coordination on refining capacity and diversifying energy portfolios. He has met India’s foreign minister in Mumbai and will visit Jamnagar’s Reliance refinery as part of efforts to steady fuel markets ahead of US midterms.
The Jamnagar refining complex in Gujarat, a focal point for Reliance Industries, is at the center of renewed U.S.-India energy discussions. U.S. Secretary of State Rubio is visiting to assess how large-scale refining capacity can influence energy security amid geopolitical tensions and shifts in Venezuelan oil supply.