• RIL and GAIL signed an MoU to explore opportunities to set up petrochemical plants outside of India. Earlier, RIL and GAIL had signed an MoU for cooperation in identified areas in natural gas sector including gas pipelines and city gas distribution.
• Reliance has acquired a majority stake and management control of Gulf Africa Petroleum Corporation (GAPCO), a petroleum downstream company in East Africa.
• Reliance has signed an agreement to acquire the assets of Hualon, a leading polyester producer in Malaysia and commenced operations with the use of the assets pending the transfer.
• The textile brand VIMAL re-launched with new look and offerings
• International investment rating agencies Moodys and S&P have reaffirmed investment grade rating for international debt of RIL
Commenting on the results, Mukesh D. Ambani, CMD, Reliance Industries Limited said:
“I am happy to report that Reliance continues to surpass previous records in financial performance.
The quality of our manufacturing assets and our people is being recognized through the various awards and recognition that we have been receiving in the recent past.
The new growth platforms around Oil and Gas, Organized Retailing and Agro-Retail initiatives are gathering momentum and the initial response to these initiatives have been very encouraging.
Each of these initiatives inherently addresses India's economic and social imperatives.”
RIL has maintained its focus on specialty products which account for 54% and 39% of PSF and PFY production respectively. RIL now has a domestic market share in excess of 51% in polyester. RIL's polyester intermediates (PX, PTA and MEG) production grew by 10% to 3,480 thousand tonnes during the nine months period.
The production increase is attributed to the new 730 thousand tonnes PTA plant at Hazira which was commissioned in 2Q FY 2006-07, partially offset by planned shutdown of Para xylene unit at Jamnagar in 3Q FY 2007-08. Reliance's domestic market share in polyester intermediates stood at 79%.
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Reliance Industries Limited
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