Reliance plans aggressive exploration
Chairman Mukesh Ambani says exploration and production business will give the firm a much higher growth trajectory in the coming yearsReuters
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Mumbai: Energy major Reliance Industries plans an aggressive exploration campaign, investments in petrochemicals and overseas acquisitions as India’s top company prepares itself for the next phase of growth.
The company will work towards attaining global scale for its conventional energy platform -- petrochemicals, refining and oil and gas exploration -- and invest in its new businesses such as retailing and alternative energy, chairman Mukesh Ambani said at the company’s annual meeting of shareholders.
`The business transformation initiative would create a Reliance that is able to scale up existing businesses; adds new business both organically and inorganically,` said Ambani, who is India’s richest man.
At 12.50 pm, the shares were down 1.1% at Rs2,125 in the Mumbai market that was down 0.1%.
Reliance, founded by Ambani’s father Dhirubhai, a school teacher’s son, has grown rapidly as it diversified from making textiles to polyester to refining to oil and gas exploration, but a sluggish global economy seen its profit fall in the past for four quarters.
A high-profile legal battle over a deal to sell gas to Reliance Natural Resources, led by Mukesh’s estranged younger brother Anil, at below the price set by the government, has also unnerved investors.
Ambani did not mention the gas dispute in his speech.
He said while the global financial crisis had fundamentally changed the world of business, Reliance expected it would have both strong growth and a larger global footprint.
`Exploration and production business would give the company a much higher growth trajectory in the coming years,` Ambani said.
In April, Reliance began pumping gas from its find in the Krishna Godavari basin off India’s east coast, which is expected to almost double the country’s gas supplies at peak production.
Gas production has crossed 6 billion cubic metres and the field is slated to plateau production by the second half of 2010. Oil production has reached 2.8 million barrels with daily peak production expected by the end of the year, Ambani said.
This production is from just three of the 19 discoveries in the area, he said.
The company also plans to set up a petrochemical complex at Jamnagar in Gujarat that would nearly double its current capacity to 4 million tonnes a year.
`Now that the oil and gas petroleum refining projects are commissioned, Reliance will work on making this world-class project a reality.`
It already has the single largest refining complex in world at Jamnagar, with a capacity to process 1.24 million barrels per day.
I feel that since supply to RNRL comes into question only after setting up the dari plant RIL`s aggressive plans forward are important.
GOI is seen lacking even at HSC level and so I am not hopeful of GOI`s presence in this case.
It is to be seen how HSC can put a conslusive end to this case. Somehow I feel that arbitration if it can be enforced and agreed between the two may be a possible way out or the matter should be going back to HSC for further evidence and trial on the new issues.
How does one conclude a suitable (bankable) arrangement on NTPC terms and conditions?
The price mentioned in the MOU are 2003 prices and although GOI might not allow to continue in the case (just in case of technicalities and legalities)HSC asked RNRL why it waited until 2006?
teachers grandson has another brother,,,also a teachers grandson...hope the elder will be punished soon.Did u not seen the bloating and swollen eyes with dark rings around Mukbhai, eyes? Guilt was shining but was hidden,,he was looking sad & worried with so much of wealth!
fortis - Mukesh Ambani sleeping when there is a global mess around? Even in India we have men who can defeat sleep to take care of the nation and the the shareholders of the country as well.
dear maximindia,
then he has to take care of IPL team.the lunatic says the team`s loss is the nation`s loss.the fellow has gone senile posting ramblings like a juvenile
Dear maximindia,
a bully has turned into a crybaby.what,are we supposed to get scared of the moderator?let anyone complain to the moderator or the prime minister am not bothered.he is better of complaining to his master
mohan1000 In my childhood I used to watch puppet show.D puppets used to move their hands legs and heads not as per their wishes but as per d ropeholders.Now a days those puppets hv vanished but new type of puppets hv emerged who write and speak as old HMV(HIS MASTERS VOICE)
dear Maximindia,
Q
If d richest man in India(see d latest FORBS) cnt have a sound sleep what is d value of money?...
UQ
the greatest asset a person can have is the love of his mother and the love he or she has for the whatever she may be.if one has this asset you are so content with whatever physical wealth you have .loss of this affection has made people do things which are not entirely under their control.since i was so fortunate in this regard i feel it is in the best interest to let matters rest and let my anger cool down.won`t enter this board again not because i am scared of the moderator as some people will make it out to be but as a mark of respect to my departed mother who always told me control my anger.
fortis I hv seen some Jain monks and followers who live only on hot water for months but I hv never seen people without sleep for a year.If it is true it can b mentioned in world record book like guiness or limka.Some people think that M is not sleeping for a year 4 d sake of nation.I think best prize of best joke or gupp should b awarded to this joke or GUPP.
fortis Sme borders r more intellegent than Ramjeth My sincere advice to such borders is instead of writing they should argue case in S. C. (AS A SHAREHOLDER) so that RIL can win d case without any hefty fees to big guns.
| NIFTY 
