Reliance Industries announces Gas Discovery

Reliance Industries Ltd (RIL) has announced yet another discovery in exploratory block KG-OSN-2001/1 (KG-III-5) located in Krishna offshore basin in the east coast of India. This is the third gas discovery in this block. The shallow water block KG-OSN-2001/1 (KG-III-05) located in the Krishna Basin, with an area of 1100 sq. kms, was awarded to RIL under bidding round of NELP-III. RIL holds 100% participating interest in this block.

The well KG-III-05-J1 was drilled at a water depth of 151m and to a total depth of 2820m with the objective of exploring the Miocene play fairways within the block and for further understanding of the Krishna basin. During the drilling of this well a clastic reservoir was encountered with gross hydrocarbon column of around 105 meters in the Miocene section. The above pay zone has been confirmed through wire-line based technology called Reservoir Characterisation Imager (RCI). This discovery namely "Dhirubhai — 38" has been notified to Government of India and Directorate General of Hydrocarbons.

This discovery further substantiates the hydrocarbon potential in this block. RIL is currently evaluating the commerciality of this discovery.

Reliance Industries Ltd - Moody's affirms Reliance Industries' Baa2 rating

Reliance Industries Ltd has informed that Moody's Investors Service on December 03, 2007 affirmed the Baa2 issuer and senior unsecured rating of Reliance Industries Ltd (RIL) with stable outlook.

In a press release issued from Hong Kong this morning, Terry Fanous, Senior Vice President of Moody's said, "The Baa2 rating reflects RIL's well-established and integrated production facilities and its globally competitive refining operations, which command higher margins relative to many of its competitors." Fanous further added, "The rating also recognizes RIL's moderate financial leverage and its substantial operating cash flow generation."

At the same time, the Baa2 ratings reflect RIL's sizable expansionary plans, which require high capital investments, and entail execution risk, and its exposure to single-site complex, where most of its operations are located.

RIL's operating cash flow generating capacity will be materially enhanced over the next 12-24 months, after the planned commissioning of the new Jamnagar greenfield refinery and the domestic gas project. At the same time, RIL has plans to undertake substantial investments in refining, petrochemicals, and E&P, as well as the retail sector.

RIL is well positioned in the Baa2 rating, which assumes that the Company's investments will be made in a manner that would not materially weaken its financial profile.

The rating could be upgraded if RIL demonstrates a continued track record in maintaining its current strong financial profile as it executes its expansion plan so that its scale and diversity strengthens. Credit measures that Moody's would look for include maintaining RCF / Debt ratio above 25%-30% and EBIT / Interest above 8.0x on a consistent basis.

On the other hand, the rating would experience downward pressure if Reliance a) undertakes aggressive debt-funded capital investments or acquisition plans, b) returns cash to shareholders beyond its dividend payout policy of 20-25%, and c) its profitability deteriorates due weakening operating environment, such that RCF / debt drops below 20% and EBIT / Interest coverage falls below 4x on a consistent basis.

Reliance Industries RNRL deal

Reliance Industries Ltd (RIL) has announced that with reference to media reports "Ambani brothers may bury the hatchet on RNRL dispute," RIL strongly denies that there is any plan, or any talks with ADAG for acquiring RNRL.

Reliance Industries sells 4.01% of RPL's equity for Rs 4,023 crore to maximize overall shareholder value

Reliance Industries Ltd (RIL) has announced that the Company has sold 18.04 crore equity shares, representing 4.01% of the equity share capital of Reliance Petroleum Ltd (RPL) out of its' holding of 75%. The aggregate sale consideration is Rs 4,023 crore.

After this sale, the shareholding of RIL in RPL is 70.99%.

RPL made an offering in May 2006 for 20% of its' equity represented by 90 crore shares. This offering was the most successful IPO until then with overall demand exceeding USD 32 billion.

The sale of RPL shares was conducted by transactions through the Stock Exchanges and has helped to further broad base the shareholding pattern of RPL. The number of shareholders of RPL has increased from 12 lac shareholders at the time of IPO to 16 lac.

The sale of shares monetizes only a very small portion of RIL's holding in RPL.

Reliance Industries Expands its International Footprint Signs Production Sharing Agreements for Two Blocks in Yemen

Reliance Industries Ltd (RIL) has announced that its wholly owned subsidiary Reliance Exploration and Production (REP) DMCC has signed the Production sharing Agreement (PSA) for two Exploration Blocks in Yemen on November 20, 2007.

The exploration block numbered 34 & 37 are located in Jeza basin of eastern Yemen. The work program consists of conducting seismic survey & drilling of exploratory wells based on comprehensive geological and geophysical studies. In both the blocks Hood Energy partners RIL with 30% participating interest.

RIL is already present in Yemen since 2001 when it was allocated block no 9, where substantial reserves of hydrocarbon has already been established and one of the discovery has been put on early production. In this block exploration is also continuing with a number of identified hydrocarbon prospects. RIL and Hood Energy hold 25% each in this block and Calvalley Petroleum Inc. with 50% are the partners in this Joint Venture.

Recently RIL Reliance had also signed a production sharing contract in Oman.

The agreement was signed by the Deputy Oil Minister on behalf of President of Republic of Yemen and Shri. Atul Chandra, senior representative from RIL. The Minister of Oil & Mineral Resources, Republic Yemen H. E. Khalid Mohammad Bahah graced the occasion.

Reliance Industries signs PSA with Oman Govt

Reliance Industries Ltd (RIL) has announced that it's wholly owned subsidiary Reliance Exploration and Production DMCC on November 12, 2007 signed a Production Sharing Agreement (PSA) with the government of Oman for a offshore Block No 41 in Oman deep water.

The Block measures over 20,000 sq km and water depth could increase up to 3,000 meters. The new Block is adjacent to the earlier Block allocated to RIL in 2005. RIL will integrate operations of both the adjoining blocks to increase value for both the government of Oman and Reliance Industries Ltd.

Within a week, this is Reliance's third Block for which PSA has been signed. The previous two were in the Kurdistan Region of Northern Iraq.

RIL has been actively pursuing petroleum exploration activities in the Middle East, particularly in Oman and Yemen, besides India, Asia Pacific Region and South America.

Reliance Industries Kurdistan update

Reliance Industries Ltd has announced that it has executed two Production Sharing Contracts with the Kurdistan Regional Government (KRG) covering petroleum exploration activities in the Rovi and Sarta Blocks in the Kurdistan Region of Iraq.

Under the terms of the contract, Reliance Exploration & Production DMCC, a wholly owned subsidiary of the Company, will serve as the operator.

Mr. Atul Chandra, President of International Operations, of the Company said, "We are pleased to reach agreement with the KRG on these two PSCs. We hope and believe this will be an investment that will provide long-term benefits to all the stakeholders".

The Company established a local office in Erbil in 2006 and has undertaken extensive geological work over the past year in the Kurdistan region.

The Company has been actively pursuing petroleum exploration activities in the Middle Fast, particularly in Oman and Yemen, besides India, Asia Pacific Region and South America.

Reliance Industries discovery at KG Basin

Reliance Industries Ltd has announced that the Company has met with yet another success in KG-OSN-2001/1 (KG-III-5) located in the Krishna offshore basin in the east coast of India. The well (KGIII5-PI) is the second gas discovery in the Miocene clastics reservoir in the Krishna basin. This shallow water block, with an area of 1100 sq. kms, was awarded to the Company under biding round of NELP-III. The Company holds 100% participating interest in this block.

This well KGIII5-P1 was targeted with the objective of consolidating the Miocene play fairways in the block as well as in Krishna basin. The well was drilled at water depth of 151 m and was drilled to the target depth of 3500 meters. The well encountered clastic reservoir with gross hydrocarbon column of around 32 meters in Miocene section and 4 meters in Pliocene section. The two pay zones were established through wire-line based technology called Reservoir Characterisation Imager (RCI). This discovery namely "Dhirubhai - 37" has been notified to Government of India and Directorate General of Hydrocarbons.

The Company is currently evaluating the commerciality of this discovery.

Reliance Industries Q2 results

Reliance Industries Ltd has announced the following Unaudited Results for the quarter ended September 30, 2007:

The Company has posted a net profit after tax of Rs 38370 million for the quarter ended September 30, 2007 where as the same was at Rs 30000 million for the quarter ended September 30, 2006. Total Income is Rs 322110 million for the quarter ended September 30, 2007 where as the same was at Rs 301810 million for the quarter ended September 30, 2006.

Reliance allots shares to IPCL shareholders

Reliance Industries Ltd has informed that pursuant to the Scheme of Amalgamation of Indian Petrochemicals Corporation Ltd (IPCL) with Reliance Industries Ltd (the Company / RIL), the Company on October 13, 2007 has issued and allotted 6,01,40,560 fully paid up equity shares of Rs 10/- each to the shareholders of the erstwhile IPCL as on the record date, i.e., October 12, 2007, in the ratio of 1 (one) equity share of RIL for every 5 (five) equity shares of IPCL.

Reliance Industries

Reliance Industries Ltd (RIL) has announced an oil discovery in the deepwater block KG-DWN-98/l (KG-D4) located in the Krishna Basin. This is the first time an oil discovery has been made in the Krishna deep-water basin. This deep-water block was awarded to RIL under first round of NELP bidding. RIL holds 100% participating interest in this block, which spans over an area of 8100 sq kms.

The oil find in this exploration block marks a new beginning in this basin. The well was located in a depth of 565 meters and was drilled to a target depth of 3595 meters. The well encountered elastic reservoir with gross oil column of more than 20 meters in the Mesozoic section. During the Drill Stem Testing (DST), the well flowed 596 barrels of oil per day. This discovery namely 'Dhirubhai - 36' has been notified to Government of India and Directorate General of Hydrocarbons.

Encouraged by successes in the Godavari and Cauvery deeper Mesozoic plays, Reliance continued its exploration effort in Krishna offshore. This oil discovery comes after nearly two decades of exploration history with, more than 30 exploratory wells drilled by various operators in this geologically complex basin. The potential commercial interest of the discovery is being ascertained through integration of additional data and analysis.

Edelweiss - Reliance Industries

Edelweiss recommends ACCUMULATE on Reliance Industries

Edelweiss is positive on the acquisition and believe that the large balance sheet size of RIL will allow it to turnaround Hualon

At INR 1,987, RIL trades at 23.5x and 21.3x FY08E and FY09E EPS respectively. The stock
trades at12% premium to the Edelweiss fair SOP value of INR 1,774.

Citigroup - Reliance Industries

Citigroup maintains a BUY on Reliance Industries

Price target of Rs 2005

Acquires Hualon's assets

Hualon presents opportunities for cost-cutting

Reliance Industries Ltd

Reliance Industries Ltd has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2007 as follows: Net Sales of Rs. 11377000 lacs for year ending on 31-MAR-2007 against Rs. 8302500 lacs for the year ending on 31-MAR-2006. Net Profit / (Loss) of Rs. 1207500 lacs for the year ending on 31-MAR-2007 against Rs. 939800 lacs for the year ending on 31-MAR-2006. Current year include figures of Indian Petrochemicals Corporation Limited (IPCL) which is amalgamated with the Company with effect from 1st April, 2006 and are therefore to that extent not comparable with those of previous year.

Reliance Industries, IPCL

Reliance Industries Ltd had informed the Exchange vide its letter dated September 03, 2007 regarding Amalgamation of Indian Petrochemicals Corporation Limited with the Company. The Company has further informed the Exchange on September 05, 2007 that: "The certified copies of the orders of the Hon'ble High Court of Gujarat at Ahmedabad and the Hon'ble High Court Judicature at Bombay, sanctioning the Scheme of Amalgamation of Indian Petrochemicals Corporation Ltd (IPCL") with Reliance Industries Limited (the "Company")(the “Scheme”) from 1st April 2006 ("Appointed Date"), have been filed electronically with the respective Registrars of Companies today. With this, the Scheme has become effective today, i.e September 5, 2007 and accordingly IPCL has been amalgamated with the Company.

Macquarie - Reliance Industries

Macquarie has a BUY on Reliance Industries

They have a target of Rs 1905

They feel the catalysts for target price are : 1) New oil & gas finds; 2) enhanced clarity on organised retail.

Reliance Industries Ltd

Reliance Industries Ltd has informed the Exchange regarding a media release dated September 04, 2007, titled "Reliance makes a strategic acquisition in East Africa towards global ambitions in the petroleum sector".

For more details click here

Reliance Industries Ltd

Reliance Industries Ltd has informed the Exchange vide its letter dated September 03, 2007, that: "The Hon'ble High Court of Gujarat at Ahmedabad has approved the Scheme of Amalgamation of Indian Petrochemicals Corporation Limited ('IPCL') with Reliance Industries Limited ('the Scheme') vide Order dated August 16, 2007. The said Order was made available on the website of the Hon'ble Gujarat High Court yesterday, i.e. September 2, 2007. However, certified copy of this Order is yet to be received by IPCL. Earlier, the Hon'ble High Court of Judicature at Bombay has also approved the Scheme vide Order dated June 12, 2007 as modified vide Order dated July 11, 2007, which was made available on August 14, 2007".