THE CHAIRMAN and Managing Director of India's largest company- Reliance Industries Ltd’s in its 35^th Annual General Meeting  outlined its growth plan and  assured the investors to take the company to further heights by declaring that the best of the company is yet to come. Exploration and Petrochemical are going to be the main business and revival in retail business is on card.

 
RIL is targeting global scales in its core business of conventional energy - petrochemicals, refining and oil and gas exploration  and is also expanding in new ventures like retailing and alternative energy.
 

The company is scouting for oil and gas properties overseas to bring a better balance between domestic and international operations. Overseas it has 99,000 sq km of acreage under exploration in Oman, Yemen, Colombia, East Timor and Peru. Ambani said RIL has also commenced drilling its first offshore exploratory well as an operator in the deep waters of Oman block 18. The averge production from Yemen's Block 9 has reached a level of 4,200 barrels of oil per day (bpd).
 
Ambani said that the the company is planning an aggressive exploration campaign in India which will take RIL to a higher growth trajectory and transform the energy landscape of India . Reliance has had 39 discoveries with an overall success ratio of 52 per cent and a high deepwater success rate of 70 per cent. This is considerably higher than the global average," he added.
 
RIL chairman talked of the solid fundamentals of his energy business and the growth to come from the KG basin gas that is likely to double RIL's annual profits to nearly Rs 30,000 crore ($6.6 billion) during calendar year 2010. Reliance has a current cash balance of Rs 19,400 crore and its net debt is now at less than 21 months of cash flow.
 
The new cash-flows will also be used for restarting some of the stalled 'sun rise' projects like retail and a multi-billion expansion of its petrochem business which were announced two years ago. The company is planning a new petrochemical complex at Jamnagar in Gujarat, with an annual capacity of two million tonnes of olefins and matching downstream capacities increasing the total capacity to four million tonnes.
 
It will also invest Rs 500-1000 crore in a non-profit 'Reliance Foundation' over the coming years as part of its corporate social responsibility thrust. The foundation would work for formal and vocational education, affordable high-quality health care, meaningful rural development and urban renewal and protection and promotion of India's heritage of arts and culture.
 
Putting an emphasis on achieving the targets he said ,”Credit now flocks to companies with performance rather than promise. Capital markets now value companies that create monetary value rather than make-believe value.”  He further added that even the compensation was now linked to "results rather than work."
 
The chairman of the RIL did not forget the heritage of Dhirubhai of assuring small stake holders of the company. He informed that the retail business will be taken to new markets and cities. “Retail would be the future growth engine for RIL. We are developing an ecosystem which will strengthen our offering, while bringing wealth to our stakeholders, primarily marginal farmers, small transporters and vendors.", He said