Archive for November, 2010

RIL eyes tie-ups with US varsities to expand its philanthropic arm

November 23, 2010

Reliance Industrie, CMD, Mukesh Ambani is in the process of finalizing partnerships with many US universities for establishing a world-class varsity in India.

Mukesh Ambani’s group, which has Reliance Industries (RIL) as its flagship company, Mukesh Ambani said after receiving the Dwight D Eisenhower Global Award for leadership from the Business Council for International Understanding(BCIU), “My wife Nita is building a university of a world scale and world size and we are finalizing broad partnerships with many of the American universities. We look forward to really equipping tomorrow’s youth with the skills and the knowledge and the competencies that they would need in India in the coming decades.”

Mukesh Ambani’s wife Nita Ambani is leading the efforts for setting up a varsity which would be set up by RIL’s philanthropy arm Reliance Foundation. Nita Ambani in a lecture delivered at the London School of Economics (LSE) last month had said that Reliance Foundation had taken up the challenge of setting up a world class university in India. LSE had also said that it would collaborate with Reliance Foundation for establishing world class universities in India. Nita Ambani said, “The (proposed) university will break new grounds in the use of technology and it will be a university that looks global with Indian soul,”

Reliance Industries is leading the efforts for setting up a varsity which would be set up by RIL’s philanthropy arm Reliance Foundation. As the company looks forward for equipping tomorrow’s youth with the skills and the knowledge and the competencies that they would need in India in the coming decades.

Reliance Industries has recently received the Dwight D Eisenhower Global Award for leadership from the Business Council for International Understanding. The award recipient’s represents as the finest in entrepreneurship, innovation and leadership on the world’s stage and embody the pioneering view of commercial diplomacy established by BCIU founder President Eisenhower.

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Reliance Industries Owned (RIL) owned Hazira Manufacturing site receives 5-Star Recognition

November 15, 2010

The Hazira Manufacturing Site of Reliance Industries Limited (RIL) has received 5-Star recognition from British Safety Council (BSC), for its “beyond compliance” initiatives, best practices, innovations and resource conservation efforts. The site is already a BSC 5-Star / Sword of Honor recipient for safety.
The story goes this way; RIL’s Hazira Manufacturing site was extensively audited during 13th to 16th October 2010 by Mr. Richard Failey, a British Safety Council auditor from UK with wide experience in the Oil and Gas industry. The audit spanned over four days involving document review, interactions and field visits across the complex.
Expressing his pleasure over the achievement, Sh. H. S. Kohli, President, RIL, mentioned that this eminent recognition paves the way for “Globe of Honor for Environment” from BSC in the coming year, which the site will enthusiastically contest for. He attributed the success to the members of the Environment Cell and the total participation by the entire Hazira Team.
The British Safety Council is a membership organization committed to providing services of the highest quality and value globally, whilst influencing and informing health and safety legislation, policy and debate for over 50 years. With up to 10,000 members and subscribers in around 50 countries, they provide up-to-date and accurate information and guidance on health, safety and environmental issues.
A Few Words of Wisdom by the man:

“As long as we place millions of Indians at the center of our thought process, as long as we think of their welfare, their future, their opportunities for self realization we are on the right track. For India can grow, prosper, flourish only if they grow, prosper, flourish. We cannot grow by any esoteric strategies. Our purchasing power, our economic strength, our marketplace all depends on the prosperity of our people.”
-Mukesh Ambani

“The organizational architecture is really that a centipede walks on hundred legs and one or two don’t count. So if I lose one or two legs, the process will go on, the organization will go on, the growth will go on.”

Q2 FY11: Reliance Industries Growing in Leaps and Bounds

November 1, 2010

Its Q2 FY11 net profit was up 27.80% at Rs 4,923 crore versus Rs 3,852 crore on year-on-year basis. Its net sales were up 22.69% at Rs 57,479 crore versus Rs 46,848 crore (YoY).
Reliance saw revenues from sale of natural gas produced from its giant eastern offshore KG-D6 field’s jump 46.5 per cent to Rs 4,303 crore.
Its twin refineries at Jamnagar in Gujarat earned USD 7.9 on processing every barrel of crude oil, up from USD 6 per barrel gross refining margin. Revenues from oil refining and fuel marketing business were up 25.5 per cent at Rs 49,672 crore.
Petrochemical business, however, showed a lower 13.2 per cent growth in revenues to Rs 15,096 crore in Q2 FY’11.
Billionaire Mukesh Ambani, Chairman and Managing Director, Reliance, said: “Improved refining margins and high operating rates at all our manufacturing facilities led to a record quarter.”
“We are focused on identifying opportunities that leverage India’s unique demographic and market potential,” he said.
Reliance said it is currently producing 58 million cubic meters per day of gas, or 40 per cent of nation’s domestic production, from Dhirubhai-1 and 3 and MA field in the KG-D6 block, off the Andhra coast.
The turnover also soared by 22.8 per cent to Rs 59,962 crore in the quarter ended September 30, 2010.
The energy-to-retail conglomerate also recorded highest ever half-yearly figures for revenue, net profit and profit before tax for the first half of the current fiscal.
The company’s outstanding debt as on September 30 was Rs 68,198 crore, up from Rs 62,495 crore as on March 31, 2010. It had cash and cash equivalents of Rs 29,354 crore, which are in fixed deposits, certificate of deposits with banks, mutual funds and government securities/bonds.
The net capex towards projects for the half year was Rs 3,296 crore.
RIL said its strong financial numbers were supported by rise in volumes as well as prices, while its exports witnessed a substantial gain of 55.5 per cent to Rs 66,936 crore for the first half of current fiscal.
During the April-September period of 2010, RIL has achieved a turnover of Rs 120,969 crore, an increase of 48.8 per cent over the year-ago period and net profit grew by 30 per cent to Rs 9,774 crore for the first six months of current fiscal.