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Chairman's speech at RIL's 36th AGM
21
Jun '10
Chairman and Managing Director of Reliance Industries Limited addressed 36th Annual General Meeting of the company.

Key takeaways from Mukesh Ambani's AGM Speech:

Business and financial performance:

- Once again, it was a record year in terms of revenues and profits for Reliance

During the year, Reliance paid Rs. 17,972 crore in various forms of taxes and duties, reflecting an increase of 55% over the previous year.

The polyester business has been the front runner in Reliance's path of progress and profitability.

Reliance is the largest producer of polyester in the world with facilities in multiple locations in India and Malaysia. Reliance is focused on sustaining its leadership position.

By making significant investments in new capacities in India. The Asian demand for polyester will grow rapidly as several end-user industries are shifting their base to Asia.

The phenomenal Indian growth story will also create additional demand.

Reliance is uniquely positioned to leverage this growth opportunity based on its leadership in costs, differentiated product range and breadth of customer offerings.

I am pleased to inform that we are executing 1.4 million tons of Paraxylene capacity at Jamnagar.

We are also setting up -
a. an integrated 2.3 million tons of Purified Terephthalic Acid.
b. 540,000 tons of Polyethylene Terephthalate complex at Gandhar.
c. 360,000 tonns of polyester filament yarn plant at Silvassa.

These initiatives translate to the single largest capacity addition in Polyester in the history of Reliance.

This expansion will strengthen India's position as a leading textile and fibre producer in the world.

With the next phase of large-scale investments, combined with value added products, the polyester business would contribute in greater measure to Reliance's growth and profitability and maintain our global leadership.

In our recent past, the petrochemical business went into a consolidation phase.

This was a sequel to the large capacity additions in Jamnagar and integration of manufacturing facilities of the erstwhile IPCL.

With this phase coming to a conclusion, Reliance is unleashing a new wave of petrochemical projects, encompassing existing and new product-market domains.

We are committed to creating competitive capacity to cater to the next decade of growth in India and Asia.

India's high rate of economic growth is giving a boost to the automobile, construction, agriculture, processed food and organized retail sectors.

This potential end-use sectoral growth, and the consequent derived demand, form the basis for the new petrochemical investments planned by Reliance.

The refinery provides Reliance with extremely competitive feedstock.

Reliance will leverage its superior technical and project execution skills in building additional global scale capacities.


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Courtesy: Business wire

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