Reliance Industries quarterly profit up 32%

Reliance Industries continues to please investors

In brief: Reliance Industries receives profits and preparing to launch new projects in Russia.

The largest company by market capitalization, Reliance Industries of India reported about net profit increase by 32% (for the second quarter to 48.5 billion rupees (earlier $ 1 billion)). The growth of the indicator, compared with the previous quarter was only 3% since the company failed to increase production of natural gas.

Reliance Industries may soon step up to the market of mergers and acquisitions in connection with a reduction in revenue from oil and gas production – analysts say. At the same time, Reliance Industries (RIL) and the leading Russian petrochemical holding Sibur signed a Memorandum of Understanding for the possible establishment of a joint venture for the production of butyl rubber in the petrochemical area Reliance in Jamnagar (India), the press service of SIBUR. In the case of a joint venture Sibur will provide the technology and the allocation of polymerization of butyl rubber, and Reliance will provide a new production of raw materials and the necessary infrastructure.

Igor Tringlers
2010-07-28 10:09, Economics.

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