Ambani, Chairman, Reliance Industries has said that says Reliance plans to invest
$4 billion in hydrocarbons and expand paraxylene capacity from 1.9 million tonnes
(mt) to 4.5 mt in two phases at Jamnagar, accounting for a 15-per cent sgare of
the global capacity.
at the 33rd annual general meeting of Reliance Industries, chairman Mukesh Ambani
said Reliance would also double ethylene capacity at Jamnagar to 3.2 mt. HE added
that the company had plans to build a coke gasification complex in Jamnagar by
that oil from the Krishna Godavari (KG) basin would also be commercialised, setting
the latter half of FY 2009 as the time frame. Ambani added that the company would
pursue growth through organic and inorganic opportunities.
the other issues Ambani informed the shareholders were:
securities with Reliance including investments in Reliance Petroleum Limited have
a value at current market prices of approximately Rs110,000 crore ($28 billion).
This gives Reliance the ability to pursue organic and inorganic growth opportunities
of significant scale and size in the future
strategy already in place with recent acquisitions in Malaysia and Africa part
refinery project expected to be completed ahead of schedule at nearly half the
capital cost of international refineries of similar size
to build at Jamnagar by 2012, world''s largest integrated combined cycle coke gasification
complex with a capacity of 6 million tonnes per year
to invest $4 billion of risk capital in the coming years, over and above the $2
billion already invested, to realise hydrocarbon potential of India
first gas discoveries in Krishna Godavari expected to be in production in the
second half of the financial year 2008-09
gas production rate would be equivalent to about half a million barrels of crude
oil per day, representing 30 per cent of India''s current oil import. At current
prices of gas and crude oil, this means a savings of Rs36,000 crore ($9 billion)
annually, with multiplier effect on the Indian economy
Reliance targeting 10 billion barrels of oil equivalent of 2P gross reserves globally
is expanding its oil and gas portfolio outside of India. The company''s oil and
gas upstream footprint now spans the globe Oman, Yemen, Colombia, East
Timor, Northern Iraq and Australia
the pilot phase, Reliance Retail has opened 300 stores in 30 cities and 12 states
since its launch November 2006, 300 stores have been opened. Organised retail
initiative to gain momentum once the benefits are fully understood
company is extending its growth model to forge new partnerships such as those
with Chevron in the Jamnagar refinery expansion project and with world leaders
in consumer products in organised retailing
its imperative to invest in innovation, RIL will be building a Reliance Centre
for Technology at Navi Mumbai to complement its Innovation Council at Pune which
will have several Nobel Prize winners and global thought leaders
the last five years, Reliance shareholders have seen the value of their stock
growing exponentially. Between March 2002 and yesterday (11 October 2007) the
market capitalisation of the company grew from Rs.41,989 crore (US$ 8,604 million)
to Rs382,259 crore ($97,267 million)
is emerging as India''s first true multinational; on global size, scale and presence.
In the last one year, Reliance has more than doubled its exports in value terms
to Rs 66,627 crore ($15,327 million).
on equity has improved from 14.8 per cent to 23.5 per cent in the last five years.
During the same period, return on capital employed has improved from 13.2 per
cent to 20.5 per cent.
Excerpts from Mukesh Ambani''s speech at the
annual general meeting)
Full text of Chairman''s
statement at the 33rd annual general meeting of Reliance Industries)