RIL HARMONIZE WITH ANIL; TO FOCUS ON POWER

New Delhi: Reliance Industries, the country’s largest conglomerate in terms of value, will enter the power and communication sectors with huge investments, besides pumping in money to expand its existing operations in various sectors ranging from petrochemicals to retailing, its chairman and managing director Mukesh Ambani said Friday.Speaking at the company’s annual shareholders' meeting, an emphatic chairman Mukesh said Reliance pariwar (family) is on its way to becoming “one of the most valuable corporations in the world.

On expansion mode

-He added that RIL’s production base is expanding day by day and the company plans to double it in three years.

-RIL production from KG-D6 block exceeds 60 million standard cubic meters per day and over 30,000 barrels per day, Ambani said.



-The company, according to the chairman, is now looking at expediting developing discoveries in blocks KG-D6 in Krishna Godavari basin, NEC-25 in Mahanadi basin, CB-10 in Cambay basin and Sohagpur CBM block.

-Ambani said RIL, which acquired 40 percent in shale gas assets of Atlas Energy in the US, will continue to pursue gas opportunities abroad.

-Regarding the scrapping of a non-compete agreement with ADAG, Ambani said “it was game changing development” and paves way for Reliance to participate in power sector.
“The company is drawing mega investment plans in coal, hydel and nuclear power sectors.”

-He further said Reliance is now a USD80 billion enterprise.
“It took three decades for Reliance to create an enterprise value of over USD 80 billion. In less than a decade, we will create what we have done in the last 30 years,” Ambani told the shareholders.