by admin | May 25, 2021 | Corporate, Corporate Buzz
Mukesh Ambani
New Delhi : Noting that data should be used for the betterment of the country, Reliance Industries (RIL) Chairman Mukesh Ambani on Thursday said data must be uitlised with “adequate safeguards”.
Addressing the inaugural session of the Indian Mobile Congress (IMC) here, he described data as “the most important resource of the new age”.
“It is important that we use this rich resource for benefits of India and Indians, with safeguards,” Ambani said.
The RIL Chairman also said that all phones in India would be connected with the high-speed 4G network by 2020.
“By 2020, India will be fully 4G,” he said adding that, by that time the country would be ready for 5G connectivity.
The inaugural session of the second edition of IMC was also attended by other industry players including Bharti Airtel Chairman Sunil Bharti Mittal and the Vodafone Idea Chairman Kumar Mangalam Birla.
The conference was earlier inaugurated by the Communications Minister Manoj Sinha. IT Minister Ravishankar Prasad, Urban Affairs Minister Hardeep Singh Puri and Commerce Minister Suresh Prabhu also were present on the occasion.
—IANS
by admin | May 25, 2021 | Business, Commodities, Commodities News, Commodity Market, Corporate, Corporate Buzz, Economy, Investing, Large Enterprise, Markets, Medium Enterprise, News
Mukesh Ambani
Mumbai : Noting that Reliance Industries (RIL) has successfully commissioned both the world’s largest paraxylene and off-gas cracker facilities at its refinery in Jamnagar in Gujarat, Chairman Mukesh Ambani said on Thursday that the company is looking at delivering natural gas from its KG Basin offshore project by 2020.
Addressing RIL’s 41st Annual General Meeting here, Ambani said the company’s hydrocarbon business has further scaled up its capacities during the period in consideration “to become more profitable, integrated and predictable in its earnings profile”.
“We are now nearing the end of our largest-ever investment at Jamnagar and have successfully commissioned and stabilized the world’s largest paraxylene complex.
“Reliance is the second largest paraxylene (PX) producer in the world and Jamnagar has the distinction of being the largest manufacturing facility of PX in the world with 4.2 million tonne (MT) capacity,” he said.
“We also commissioned the largest off-gas cracker complex in the world. Using our refinery off-gasses as feedstock, this cracker is the most cost competitive ethylene cracker, globally.”
During 2017-18, RIL’s refining and petrochemical businesses posted record levels of profitability on the back of expanded capacities, high operating rates, improved cost competitiveness and better margins, the company reported in June.
Its refining and marketing segment posted a 3.2 per cent increase in operating profit which climbed to its highest ever level of Rs 25,869 crore (around $4 billion).
“Both the paraxylene and cracker complexes are already running substantially higher than their design capacity,” he said.
“The butyl rubber project will be commissioned later in 2018. We are also adding new high value materials like composites and carbon fibre to our portfolio,” he added.
On the exploration business, the Chairman drew attention to RIL’s joint investment plan with British energy major BP to monetise over three trillion cubic feet of gas from new fields in the Krishna Godavari (KG) basin D6 block on the eastern offshore.
“We will deploy many advanced technologies to start gas production in 2020 and reaching full production of 30-35 million standard cubic meters per day (MSCMD) by 2022,” he said.
“Our gas marketing JV (joint venture) with BP is looking for opportunities to source and distribute gas to Indian consumers including in cities,” he added.
Ambani said that RIL’s coal bed methane (CBM) gas production crossed 1 MSCMD level last year.
“We have started the second phase of CBM development to more than double the current production,” he said.
The company is proposing a cross-border merger of Reliance Holdings USA (RHUSA) with RIL to integrate the US gas resources with the Indian market, he added.
—IANS
by admin | May 25, 2021 | Corporate, Corporate Buzz
New Delhi : Reliance Industries Chairman Mukesh D. Ambani, who keeps his standing as the richest Indian, has kept his annual compensation unchanged at Rs 15 crore for the 10th consecutive year.
According to the company’s annual report released on Thursday, Ambani’s decision reflects “his desire to continue to set a personal example for moderation in managerial compensation levels”.
“Compensation of Shri Mukesh D. Ambani, Chairman and Managing Director, has been set at Rs 15 crore, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels,” the report said.
This is the tenth consecutive year since Ambani’s compensation package has been set at Rs 15 crore.
Ambani’s compensation includes salary and allowances, perquisites, retiral benefits, and commission payable.
As per Forbes annual list released in March 2018, Ambani, who keeps his standing as the richest Indian, became richer by $16.9 billion in 2018 with assets of $40.1 billion.
He moved up to the 19th global rank on the list of 2,208 billionaires worldwide. In 2017, he ranked 33rd with $23.2 billion.
—IANS
by admin | May 25, 2021 | Business, Large Enterprise
Mumbai : Retaining its “buy” recommendation on the Reliance Industries (RIL) stock, global brokerage firm CLSA on Wednesday said RIL is likely to turn cash flow-positive this fiscal by reaping benefits of its downstream expansion and expects the company to monetise its Jio telecom network.
During 2017-18, the Mukesh Ambani-led RIL was expected to end a four-year run of negative cash flows and report a consolidated free cash flow of nearly $1 billion, according to the Hong Kong-headquartered CLSA.
“This year will see a big cash-flow boost as projects of over $40 billion start to deliver in full swing while capex falls.
“Stabilisation of ROGC (refinery off-gas cracker) and petcoke gasification would boost Ebitda (earning before interest, taxes, depreciation and amortisation),” said the CLSA research report.
On Tuesday, RIL announced the successful commissioning of the world’s largest 1.5 million tonne per annum (MTPA)-capacity ROGC complex at Jamnagar in Gujarat along with downstream plants and utilities.
According to the brokerage, monetisation of the ROGC complex, coupled with the petcoke gasification plant, which is in an advanced stage of commissioning, will boost the Ebitda, or operating income, of the company.
However, RIL “should allow almost a full year of benefit to flow in fiscal 2018-19. Stabilisation of these projects would give a big boost to oil and gas earnings over 12-15 months”, the report said.
Noting that RIL’s telecom network Jio’s monetisation plan entails raising smartphone Arpus, and expanding 4G feature phone subscribers, along with the launch of its broadband and enterprise offering, CLSA said: “We will also start to see cross-selling and other ways to monetise Reliance’s wide customer base, which will be the key long-term value driver.”
Focusing on its telecom venture in 2017, RIL managed to gather nearly 15 crore subscribers on the back of cheap plans and high capacity data network, while CLSA now expects the company to monetise not only Reliance Jio Infocomm customers but also its “industry leading capacities”.
RIL’s telecom venture can monetise its customer base by cross-selling retail products, CLSA said.
“While we also expect a notable decline in capex intensity through 2018, at the same time, successful launch of broadband and enterprise businesses could further add to estimates,” it added.
—IANS
