<p>Last week came with encouraging news of Mukesh Ambani led Reliance Industries Limited (RIL) earning its highest ever quarterly financial results, with profits reaching as high as 17 per cent. What’s more is that RIL has recently been granted official sanction for its much acclaimed deal with BP and acquisition of Bharti group’s stake in Bharti AXA life and general insurance companies, paving way for a successful fiscal year run.</p>
<p>Topping the success metrics, Reliance saw its first big accomplishment by earning the highest ever quarterly financial performance results for the April-June quarter of 2011. The turnover achieved by India’s largest energy major for the quarter ending on 30th June was Rs. 83, 689 crore – an increase of 37.2% as compared to previous year – and its net profit leveled at Rs. 5,661 crore during the same period, up by 16.7%. Refining business led the success charts, credited to the heavier grades of crude oil which, cheaper than lighter varieties, being processed at RIL’s Jamnagar facilities to push higher margins.</p>
<p>This break-through was followed by sanctioning of RIL’s deal with London based energy major BP Plc by the Cabinet Committee on Economic Affairs (CCEA). RIL-BP deal, signed earlier this February, will see BP stake a 30 per cent share in Reliance’s 23 oil and gas exploration blocks, including its most prolific block off the cost of Andhra Pradesh, the Krishna – Godavari (KG D6) block. This deal will allow Mukesh Ambani led RIL to implement BP’s superior technical assistance in prolific exploration of deep sea oil and gas reserves, especially at a time when government is concerned with ensuring energy security in the country.</p>
<p>Most recently, the Competition Commission of India (CCI) on Tuesday cleared the bid by RIL to buy out Bharti Group’s 74 per cent stake in insurance joint ventures with AXA of France. As Reliance Industries sketches out plans of tapping into the financial services sector of India, a great lead has been achieved in the same following this buyout.</p>
<p>These significant breakthroughs are reflective of the efforts RIL is putting in to churn out thriving and economically benefiting processes.</p>