During the year, RIL and BP announced a strategic
partnership in the oil and gas business. This partnership
comprises BP taking 30 per cent stake in 23 oil and gas
production sharing contracts that Reliance operates in
India, including the KG-D6 block, and the formation of a
joint venture (50:50) for sourcing and marketing gas in
During the year, the Company took a significant step by
entering into partnerships in the United States of America
with Atlas Energy, Pioneer Natural Resources and Carrizo
Oil & Gas through three distinctive joint venture
agreements. It has also entered into a separate joint
venture with Pioneer Natural Resources aimed at
addressing the mid-stream opportunity in gas evacuation
During the year, RIL and Russia's SIBUR announced a
joint venture for the setting up of a facility for producing
100,000 tonnes of butyl rubber in India.
During the year, RIL acquired a 95% stake in Infotel
Broadband Services Limited, which emerged as a
successful bidder in all the 22 circles of the auction for
Broadband Wireless Access (BWA) spectrum conducted
by the Department of Telecommunication, Government of
India. RIL has invested Rs. 4,201.64 crore by way of
subscription to equity capital issued by Infotel Broadband.
RIL joins the league
of global deepwater oil and gas operators
- RIL commenced production of hydrocarbons
in its KGD6 block in the Krishna Godavari
basin with the production of sweet crude
of 420 API. The production
of oil in KG-D6 was commissioned in
just over two years of its discovery,
making it the world’s fastest
green-field deepwater oil development
With the commissioning
of the new refinery in its Special Economic
Zone (SEZ), Jamnagar has now become
the petroleum hub of the world. With
1.24 Million Barrels Per Day (MBPD)
of nominal crude processing capacity,
it is the single largest refining complex
in the world.
RPL merger with RIL:
Value creation through scale and synergies
- The merger of Reliance Petroleum Limited
(RPL) with Reliance Industries Limited
(RIL) has enabled seamless integration
of operational scale and financial synergies
that existed between the two Companies.
Assets and liabilities of RPL have been
transferred to RIL with effect from
1st April 2008, as per the approval
granted by the Hon. High Courts of Mumbai
and Gujarat. Shareholders of RPL received
1 share of RIL in lieu of every 16 shares
of RPL held by them, as per the scheme
of merger. Accordingly, 6.92 crore new
equity shares of RIL have been allotted
to the shareholders of RPL.
During the year,
Reliance signed an agreement to acquire
certain polyester (capacity) assets
of Hualon, Malaysia.
In the Refining &
Marketing business, Reliance took over
majority control of Gulf Africa Petroleum
Corporation (GAPCO) and started shipping
products to the East African markets.
Reliance also signed
MoU with GAIL (India) Limited to explore
opportunities of setting up petrochemical
plants in feedstock rich countries outside
Limited (RPL) continued the second year
of implementation of its refinery project
with an overall project progress of
During the year,
Reliance Retail Limited (RRL) continued
its rollout of stores across various
verticals and formats. Reliance Retail
today operates over 590 stores in 57
cities, spanning 13 states, with over
3.5 million square feet of trading space.
- Value creation through integration
- A landmark merger of Indian Petrochemicals
Corporation Limited (IPCL) with Reliance
Industries Ltd. (RIL) has been completed.
- Reliance Retail entered the organised
retail market in India with the launch
of its convenience store format under
the brand name of ‘Reliance Fresh’.
- The world’s largest polyester
expansion project commissioned during
the year. We brought a Polyester capacity
of 550 KTA on stream at globally competitive
costs in a record time of eighteen months.
With this expansion, our polyester capacity
has been augmented to 2 million tonnes
per year. Subsequently, Reliance now
have 4% of global polyester capacity
and 6% of global production.
- During the year, we expanded our polypropylene
(PP) capacity by 280 KTA at Jamnagar
that increased the combined capacity
to 1,710 KTA. With this expansion, we
now have 3.5% of global PP capacity
and 3.6% of global PP production.
- RIL commences the setting up of a
new export-oriented refinery through
its subsidiary, Reliance Petroleum Limited
(RPL). The refinery will have a total
atmospheric distillation capacity of
approximately 580,000 barrels per stream
day with a Nelson Complexity of 14.0
and an integrated polypropylene plant
with a capacity of 0.9 Million TPA.
The capital cost of the RPL project
is estimated at Rs 27,000 crore (approximately
US$ 6 billion). RPL completes its US$
1.2 billion Initial Public Offering
of equity shares which received an overwhelming
response across different classes of
- Reliance's debt ratings from S&P
and Moody's pierce India's sovereign
- Reliance becomes India's first private
sector enterprise to cross US$2 billion
- The Mumbai High Court, shareholders
and creditors approve demerger proposal
- Reliance Industries Limited (RIL)
emerged as the 'Petrochemicals Company
of the Year' at the prestigious sixth
annual Platts Global Energy Awards ceremony
in New York, USA
- The Board of Directors of Reliance
Industries Limited approved the buyback
of its fully paid up equity shares of
Rs.10 each, at a price not exceeding
Rs 570 per share, payable in cash, up
to an aggregate amount not exceeding
Rs 2,999 crore. This amount represents
the limit of 10% of the total paid up
equity share capital and free reserves
of the Company as on March 31, 2004.
- The European Commission approved the
acquisition of the German specialty
polyester manufacturer 'Trevira' by
- Reliance Industries emerged as the
first and only private sector company
from India to feature in the 2004 Fortune
Global 500 list of World's Largest Corporations.
- Reliance announced it had struck gas
off the Orissa Coast in the Bay of Bengal.
- RIL became the first private sector
company in India to record a net profit
of US dollar of over 1 billion.
- Reliance Associate, Sunbright, signed
a Memorandum of Understanding (MoU)
with National Organic Chemicals Industries
Limited (NOCIL) to take over its Petrochemicals
and Plastics Products Divisions.
- Reliance announces Strategic Alliance
with Bongaigaon Refinery & Petrochemicals
Ltd. (BRPL) to restart PSF manufacturing
- Reliance Infocomm acquires FLAG Telecom,
a multinational telecom company providing
bandwidth through its undersea cable
network comprising of over 50,000 kms
of undersea fiber optic cable that spans
four continents and connects the key
regions of Asia, Europe, Middle East
and the USA.
- State-of-the-art Research and Technology
Centre is inaugurated at Reliance's
Patalganga complex to develop differentiated
- Reliance strikes oil in an onshore
block in Yemen, where it has an equity
- Reliance's refinery at Jamnagar was
ranked best in Shell Benchmarking for
the third consecutive year in 'Energy
and Loss' performance from amongst 50
- Reliance dedicates 23rd January as
Shareholder's Day on the occasion of
25 years of the company going public
- A story of Relationship and Trust.
- BSES, one of the premier utility companies
of the country, engaged in the generation,
transmission and distribution of electricity
becomes part of the Reliance Group and
Mr. Anil D Ambani is appointed its Chairman.
- Reliance Infocomm to launch various
telecom services on 28th December -
beginning with Gujarat, the Infocomm
revolution will cover thousands of villages
and hundreds of cities across the country.
Reliance Infocomm will become a major
catalyst for changing the face of India
and improving the quality of life of
- Reliance announced India's biggest
gas discovery in nearly three decades
and one of the largest gas discoveries
in the world during 2002. The in place
volume of natural gas is in excess of
7 trillion cubic feet, equivalent to
about 1.2 billion barrels of crude oil.
This is the first ever discovery by
an Indian private sector company.
- Reliance acquired control of Indian
Petrochemicals Corporation Limited (IPCL)
- India's second largest petrochemicals
- Reliance signed MOU with DuPont Polyester
Technologies to license the revolutionary
resin technology NG-3 from DuPont. Reliance
announced its plan for the expansion
of PET capacity by 220,000 tonnes per
- The merger of Reliance Petroleum Limited
with Reliance Industries Limited was
announced - largest ever merger in India
- Reliance Industries became the largest
private sector company in India on all
major financial parameters including
sales, profits, net worth, assets, and
- Reliance Industries Ltd. and Reliance
Petroleum Ltd. became India's two largest
companies in terms of all major financial
- Dhirubhai Ambani was conferred The
Economic Times Award for Corporate Excellence
for Lifetime Achievement
- Jamnagar Petrochemicals complex and
bulk of integrated refinery complex
- World's largest grassroots refinery
- India's largest port with capacity
of 50 million tpa
- World's largest PX Plant of 1.4 million
- World's largest PP plant of 0.6 million
- Captive power plant of over 300 MW
- World-class product handling, storage,
and despatch facilities
- Reliance started commercial production
of 27 million tpa refinery, the 5th
largest in the world
- Dhirubhai Ambani was awarded the Dean's
Medal by the Wharton School, University
of Pennsylvania, USA, for setting an
outstanding example of leadership.
- Reliance completed phase-II expansion
of Hazira Petrochemicals Complex including
world's largest multifeed cracker, PET
plant, MEG plant, PTA plant, PE plant
- First corporate in Asia to issue 50
and 100 years bond in US debt market
- Reliance became the first private
sector company to be rated by international
credit rating agencies. S&P rated
BB+, stable outlook, constrained by
the Sovereign Ceiling. Moody's rated
Baa3, Investment grade, constrained
by the Sovereign Ceilings.
- Net profit crossed the Rs 1,000 crore
mark (Rs 1,065 crores or US$ 338 million),
unparalleled in the Indian Private sector
- Reliance offered the second Euro issue
- Reliance Petroleum Limited public issue
- India's largest public offering.
- Reliance pioneered the first ever Euro
Convertible Bond issue by an Indian company.
- Reliance raised funds by pioneering
foray into overseas capital markets
with first ever international GDR offering
by an Indian corporate.
- Reliance commenced the production
of High Density Polyethylene (HDPE)
- Reliance commissioned phase-I of
Hazira Petrochemicals Complex - consolidated
its position in polyesters and entered
into attractive polymers business -
started VCM and PVC plants.
- Reliance started the PX plant at Patalganga
- Reliance commenced the Linear Alkyl
Benzene (LAB) plant at Patalganga
- Reliance started PTA plant at Patalganga.
- Reliance commissioned Polyester Staple
Fibre (PSF) plant at Patalganga.
- Reliance entered phase-II of the Polyester
Filament Yarn (PFY) plant at Patalganga.
- Reliance launched phase-I of the Polyester
Filament Yarn (PFY) plant at Patalganga.
- Reliance went public with IPO - Dhirubhai
Ambani introduced equity cult in India,
a new model of business leadership from
a base of the broadest public shareholding.