Reliance Industries Limited
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Reliance Industries (RIL), established in 1966, is the flagship company of the Reliance group. The company started with textiles and thereafter backward vertical integrated in polyester, fiber intermediates, plastics, petrochemicals, petroleum refining and oil and gas exploration and production.
RIL is a leading producer of polyester yarn and fiber producer and amongst the major producers of petrochemical products in the world.
The company`s operations can be classified into three segments that of petroleum refining and marketing business, petrochemicals business and others (including crude oil and natural gas exploration and production business)
Presently, the company`s activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles and retail.
Some of RIL`s group companies include Reliance Petroleum (RPL), Reliance Retail, Indian Petrochemicals Corporation (IPCL) and Reliance Industrial Infrastructure.
RIL has manufacturing facilities at Naroda, Patalganga, Hazira and Jamnagar.
The company reported a marginal decline in standalone net profit for the quarter ended March 2009. During the quarter, the profit of the company declined 9.36% to Rs 35,460.00 million from Rs 39,120.00 million in the same quarter last year. Net sales declined 23.93% to Rs 283,620 million, while total income for the quarter fell 21.88% to Rs 293,550.00 million, when compared with the prior year period. It reported earnings of Rs 23.40 a share during the quarter, registering 13.01% decline over previous year period.
The company signed Gas Sales and Purchase Agreement (GSPA) with 9 customers in power sector for supply of natural gas to be produced from the KG-D6 block.
The company has surrendered its EOU status for its refinery in Jamnagar. The refinery, which was operating as an export oriented unit (EOU), will now operate as an a non-EOU refinery with effect from 16th April`09 to cater to increasing demand of petroleum products in the country.
Fitch Ratings has affirmed the company a rating of ``BBB-`` Long-term foreign and local currency Issuer Default Ratings (IDRs) and ``AAA(ind)`` National Long-term rating. The outlooks on these ratings are stable. Fitch has also affirmed the ``AAA(ind)`` rating of RIL`s Rs 130 billion non-convertible debenture programme.
The company inked gas sale-purchase contracts with the 12 fertilizer firms that have been chosen to receive the first produce from the company`s offshore Krishna-Godavari (KG) D6 fields on the east coast.
India`s biggest private sector company, the company and BP, one of the world`s largest energy companies have signed a production sharing contract for the block KG-DWN-2005/2 with the government.
The company has inked pact with 3 power companies of Rajasthan- Jaipur Discom, Ajmer Discom and Jodhpur Discom in order to sell solar energy.
The company along with world famous Italian lifestyle brand Diesel, formed a 49:51% joint venture to launch the global brand in the country in 2009.
The company has entered into a 50-50 joint venture (JV) with US-based real estate investment trust Vornado to collectively invest USD 500 million in a shopping mall, reports Business Standard.