RIL outlines growth plan through acquisitions overseas | business | Hindustan Times
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RIL outlines growth plan through acquisitions overseas

India's most valuable firm Reliance Industries (RIL) on Tuesday outlined its growth plan that focusses on adding oil and gas properties overseas to help strike a balance between domestic and international operations.

business Updated: Nov 17, 2009 14:58 IST

India's most valuable firm Reliance Industries (RIL) on Tuesday outlined its growth plan that focusses on adding oil and gas properties overseas to help strike a balance between domestic and international operations.

"Reliance continues to accrue oil and gas properties overseas. These overseas oil and gas initiatives would reinforce the domestic effort.

"It will also bring a better balance between domestic and international operations as well as between onshore and offshore properties," RIL's Chairman and Managing Director Mukesh Ambani told shareholders at the company's 35th annual general meeting in Mumbai.

Shares of the company fell 1.43 per cent to Rs 2117 at mid-session.

The petrochemical giant currently has 99,000 square km of acreage under exploration in Oman, Yemen, Colombia, East Timor and Peru.

Ambani said RIL has also commenced drilling in its first offshore exploratory well as an operator in the deep waters of Oman block 18, while the average production from Yemen's Block 9 has reached a level of 4,200 barrels of oil per day (bpd).