Reliance Industries chairman Mukesh Ambani today announced a Rs 1.5 lakh investment plan in various ventures over the next three years, adding that globally there are opportunities to participate in oil and gas sectors.
He, however, cautioned that the oil and gas sector remains “tough’.
“RIL has embarked on the largest investment plan in its history. RIL is making significant investments in all five businesses simultaneously. We are also investing in scale in all out major manufacturing sites fior the first time in our history.” Ambani told investors at its 39th annual general meeting in Mumbai today.
RIL not only clocked the highest ever turnover last fiscal but continues to be a debt free company on a net basis. RIL is also company is scouting for opportunities across the globe.Even as the global economy is facing a major challenge, margins in core businesses are on the upswing, he said. Ambani said that most of the company’s expansion will come when global economy recovers.
He has also announced the finalisation of partnerships for the launch of RIL’s 4G services. He said the company’s telecom arm would make aggressive launches this year. Reliance Industries will also increase staff in its telecommunications business unit to 10,000 next year from 3,000 currently. The unit, Reliance Jio Infocomm, is the only company to have nationwide permits for 4G broadband services, but is yet to start commercial services.
Ambani also welcomed the government’s move on fuel pricing.
Highlights of the AGM:
•Reliance accounts for 14 percent of India’s exports
•Reliance highest tax payer in the country as it contributes 4.8% of India’s total indirect tax revenues
•Co returned Rs 3360 crore to shareholders via buyback
• RIL enjoys highest rating for domestic rating and continues to remain debt free on a net basis
• Most of company’s expansion plans depends on global recovery
• India’s petrochem demand per capita remains low at 26 killos vs global average of 88 killos
•margins in core businesses are on upswing
• Petrochem capacity to expand from 15 mtpa to 25 mtpa, projects under implementation
• Silvassa petrochem plant to be operational this year
• Paraxylene capacity at Jamnagar will be doubled
•Gross refining margins improved to $9.2 per barrel from $8.6 last year
• Throughput at Jamnagar refinery 68.5 million tonne, capacity utilisation 110 percent
• Investment in manufacturing and retail will spur growth
• East coast full of geological challenges in sustaining production
• KG-d6 oil and gas output substituted $30 billion of imports
• Have doubled revenues, ebitda from US shale gas
• Recent gas discovery 2-km below currently producing gas field in KG-D6 block, has potential to significantly add to resource base
• production of shale gas will be one-third of aggregate production this year
• RIL aiming to begin producing from Sohagpur CBM blocks in Madhya Pradesh in 2015
• RIL’s retail business has achieved cash breakeven
•Reliance Retail added 184 new stores across formats. RIL now operates 1500 stores through India
• Retail business has crossed revenue of Rs 10,000 cr
• Retail is a value generator for shareholders
• Strong belief Reliance Jio will transform Indian’s life. Ambani sees a new India and is bullish on the digital space
• Reliance Jio has finalised key vendors for launch of 4G services
• Ambani’s Reliance Jio to make aggressive launches this year
•Reliance highest tax payer in the country as it contributes 4.8% of India’s total indirect tax revenues
•Co returned Rs 3360 crore to shareholders via buyback
• RIL enjoys highest rating for domestic rating and continues to remain debt free on a net basis
• Most of company’s expansion plans depends on global recovery
• India’s petrochem demand per capita remains low at 26 killos vs global average of 88 killos
•margins in core businesses are on upswing
• Petrochem capacity to expand from 15 mtpa to 25 mtpa, projects under implementation
• Silvassa petrochem plant to be operational this year
• Paraxylene capacity at Jamnagar will be doubled
•Gross refining margins improved to $9.2 per barrel from $8.6 last year
• Throughput at Jamnagar refinery 68.5 million tonne, capacity utilisation 110 percent
• Investment in manufacturing and retail will spur growth
• East coast full of geological challenges in sustaining production
• KG-d6 oil and gas output substituted $30 billion of imports
• Have doubled revenues, ebitda from US shale gas
• Recent gas discovery 2-km below currently producing gas field in KG-D6 block, has potential to significantly add to resource base
• production of shale gas will be one-third of aggregate production this year
• RIL aiming to begin producing from Sohagpur CBM blocks in Madhya Pradesh in 2015
• RIL’s retail business has achieved cash breakeven
•Reliance Retail added 184 new stores across formats. RIL now operates 1500 stores through India
• Retail business has crossed revenue of Rs 10,000 cr
• Retail is a value generator for shareholders
• Strong belief Reliance Jio will transform Indian’s life. Ambani sees a new India and is bullish on the digital space
• Reliance Jio has finalised key vendors for launch of 4G services
• Ambani’s Reliance Jio to make aggressive launches this year
Reliance has been under pressure from investors over its slowing gas business and its drive into consumer-focused sectors such as telecoms and retail.
Shares in Reliance Industries were trading down 1.4 percent at Rs 791.40 as Ambani did not spell out any concrete plans about its 4G rollout.
First Post :FP Staff Jun 6, 2013
Disclosure: The Reliance Group has funded the promoter of Network18, which publishes Firstpost
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