Advanced Stretegic Management

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PROJECT ON

Perform after and before situational analysis onmerger of Reliance and British Petroleum

For Advanced Strategic Management

Submitted by Submitted to

Monmee Das(FT-09-773) prof. Sanchita Ghosh


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ACKNOWLEGDEMENT

One is filled with great sense of pride when students are ableto distinguish themselves in works, even beyond the fourwalls of the classroom. This work is synergistic product of ourmind.

We are grateful to many Tran generational source and roots of wisdom that helped us to make this project viable and also onthe right time. The material and arrangement has slowlyevolved and has imbued those who has deeply and sincerelyimmersed in it.We are very grateful to Prof. Sanchita Ghosh for giving thefine opportunity by making a move out of the four walls of classroom and taking the practical look.

I am indebted to IILM institute of management for thisgolden chance. And wants to thanks madam for hergratefulness.


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Table Of Content

1 History of Reliance Industries Ltd

2 Indian Petroleum Giant at the Start of the 21stCentury

3 The making of a mega-entity by merging RILand RPL

4 Breaking Up in 2006

5 Oil and gas discovery

6 Awards and recognition along with CorporateRanking

7 Failure of reliance industry

8 BP and Reliance Create New Joint Venture

10 Reliance industry after merger

11 What the BP deal does for Reliance

12 Chronology

13 References


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History of Reliance Industries Ltd.

The Reliance Group, founded by Dhirubhai H. Ambani (1932-2002), is India'slargest private sector enterprise, with businesses in the energy and materials valuechain. Group's annual revenues are in excess of US$ 66 billion. The flagshipcompany, Reliance Industries Limited is a Fortune Global 500 company and is thelargest private sector company in India.

Backward vertical integration has been the cornerstone of the evolution and growthof Reliance. Starting with textiles in the late seventies, Reliance pursued a strategyof backward vertical integration - in polyester, fibre intermediates, plastics,

petrochemicals, petroleum refining and oil and gas exploration and production - to be fully integrated along the materials and energy value chain.

The Group's activities span exploration and production of oil and gas, petroleumrefining and marketing, petrochemicals (polyester, fibre intermediates, plastics andchemicals), textiles, retail, infotel and special economic zones.

Reliance enjoys global leadership in its businesses, being the largest polyester yarnand fibre producer in the world and among the top five to ten producers in theworld in major petrochemical products.

Major Group Companies are Reliance Industries Limited, including its subsidiariesand Reliance Industrial Infrastructure Limited.

Dhirubhai Ambani founded Reliance as a textile company and led its evolution asa global leader in the materials and energy value chain businesses.

He is credited to have brought about the equity cult in India in the late seventiesand is regarded as an icon for enterprise in India. He epitomized the spirit 'dare todream and learn to excel'.

The Reliance Group is a living testimony to his indomitable will, single-mindeddedication and an unrelenting commitment to his goals.


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Growth has no limit at Reliance. I keep revising my vision.Only when you can dream it, you can do it." Dhirubhai H. Ambani Founder Chairman Reliance GroupDecember 28, 1932 - July 6, 2002

Reliance Industries Ltd. is India's largest private-sector company, generatingrevenues of $19.97 billion, or more than 3 percent of India's total gross domestic

product. Founded as a textiles company, Reliance has successfully completed a backward integration strategy that has transformed it into India's largest private-sector petrochemicals company, and number two overall (behind state-owned IndiaOil). Reliance's petrochemicals division is fully integrated and includes explorationand production; refining (the company has built one of the world's largest and mostmodern refinery complexes at Jamnagar in Gujarat); marketing, through a chain of

more than 1,000 service stations; and the production of petrochemicals, including polymers, polyester, polyester intermediates, and others. These chemicals are usedto support Reliance's continued textile operations, which focus particularly on the

production of polyester fabrics. Following the 2004 acquisition of Trevira, thecompany has become the world's leading polyester manufacturer, with productionlevels topping 25 million meters per year. The company's textile range includesother fabrics, such as acrylics, and finished garments.

Reliance Industries represents the continuation of India's greatest corporate successstory since the country's independence. Founded by Dhirubhai H. Ambani in 1958,Reliance grew to include holdings in energy production and distribution,telecommunications, and capital finance. After a public feud between Mukesh D.Ambani and younger brother Anil, these operations were split off into a newcompany controlled by Anil Ambani. Reliance Industries is listed on the MumbaiStock Exchange. Mukesh Ambani is company chairman and managing director.


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Indian Petroleum Giant at the Start of the 21st Century

Reliance's vertical integration strategy naturally led to an interest in extending itsoperations to petroleum refining, and even to exploration and production. Yet thesesectors remained tightly under state control, following the nationalization of theIndian oil industry in 1976 amid the global oil crisis. Although the state-owned oilcompanies were able to meet domestic demand through the 1980s, by the early1990s, the country's existing oilfields were showing signs of depletion. At the sametime, demand had been rising steadily, yet the oil companies, propped up by statesubsidies, were too strapped for cash to invest in further exploration efforts. Aninitial attempt to liberalize the production and refining sectors failed, however,

amid strong union protests.

In the meantime, Reliance made preparations for its move into the petroleumindustry. In 1991, the company set up a new subsidiary, Reliance RefineriesPrivate Ltd., clearly signaling its objectives. The subsidiary later changed its nameto Reliance Petroleum Limited, and in 1993 launched a public offering, which atthat time was India's largest ever IPO. While Reliance affirmed its plans toconstruct India's largest oil refinery, the company began developing its petroleum

products marketing and distribution operations, including a network of some 1,000service stations.

Reliance continued to pioneer financing channels in India. In 1993, for example,the company became the first Indian company to raise capital on the foreignmarket, through a Global Depositary Receipt (GDR) issue in Luxembourg. Thecompany completed a second successful GDR issue in 1994. The company usedthe new capital in part to expand its petrochemicals wing, building the world'slargest multi-feed cracker at the Hazira site. The company also added production

plants for mono ethylene glycol, polyethylene, and purified terephthalic acid. Thenew units launched production in 1998.

Reliance's opportunity for entry into petroleum refining came in 1997, when theIndian oil industry reached a state of near collapse. Unable to fund further exploration operations, and lacking the capital to expand its existing production,the government was forced to liberalize the sector. In that year, Relianceannounced a plan to build one of the world's largest and most modern petroleumrefining complexes in Jamnagar, Gujarat, at a cost of some $6 billion. The


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government agreed to the plan, and granted the company the right to import petroleum directly, rather than going through Indian Oil, which helped Reliancegreatly drive down operating costs.

Constructed in record time, the Jamnagar site was commissioned in 1999. Thesite's production capacity was double that of any other Indian refinery and rankedamong the top five in the world. The addition of the new facility also placedReliance at the top rank of the country's private-sector companies. In 2002,Reliance Petroleum was merged into Reliance Industries, which then became oneof the country's top three companies, including state-owned entities .

The making of a mega-entity by merging RIL and RPL

The Ambanis do it again. The country's largest-ever private sector company is born.

BUILDING a Fortune 500 corporation is perhaps every industrialist's dream. Yet,only one person from the Indian subcontinent has achieved this - Dhirubhai H.Ambani. On April 1, with the merger of Reliance Industries Limited (RIL) andReliance Petroleum Limited (RPL) was formed the country's largest-ever privatesector company. The combined entity is a Rs.59,572-crore company with over 35lakh shareholders, the third-most widely held company in the world. It now ranks426th in the Fortune Global 500 list and is among the top 50 global energy-

petrochemical companies in terms of sales and profits.

Dhirubhai Ambani flanked by MukeshAmbani (left) and Anil Ambani.

The merger had been expected for some time.Finally, the day after the presentation of Budget2002, the Ambanis stated their intent to mergethe Rs.28,390-crore RIL and Rs.31,182-croreRPL. The Budget had announced that effective April 1, the administered pricemechanism (APM) for the petroleum sector would be dismantled, which meantthat most price and distribution controls on companies in the sector would belifted. Refineries such as those of RIL, which handles 25 per cent of the oil refinedin India, would now be allowed to enter petroleum retailing. Much of Reliance'ssuccess lay in pouncing on an opportunity and not sparing a moment when it cameto building its empire.


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Anil Ambani, managing director of RIL, announced the merger at a pressconference on March 3. He said that the boards of RIL and RPL had unanimouslyapproved the merger with a swap ratio of one RIL share for every 11 RPL shares.Critics, however, say that the ratio does not reflect the true worth of RPL. Thecompany says the ratio was arrived at by swap ratio specialists from a globalaccounting firm and there would be no reason to doubt their methodology. RIL'sshare capital has expanded by 32 per cent with the merger.

Explaining the rationale behind the merger, Anil Ambani said: "There weresignificant benefits of scale, of complete integration, cost efficiencies and

productivity gains, and optimization of fiscal incentives." But in order to become afully integrated energy company, which is Dhirubhai Ambani's ambition, the twoReliance companies had to merge, say analysts. All global energy giants such asShell and Exxon are vertically integrated, owning the entire chain of operations

ranging from exploration to production and from refining to distribution. Reliance's products range from synthetic fibres, fibre intermediates and petrochemicals to polymers and its operations include oil and gas production.

A spokesperson for the company told Frontline that "the merger was proposed inthe context of the ongoing economic reforms . It takes into consideration factorssuch as the continued progress in hydrocarbon sector reforms and deregulation;dismantling of APM in the refining industry; the government's decision to grantmarketing rights for the transportation of fuels to the private sector and the

proposed disinvestment of public sector oil companies.

Analysts and industry observers whom Frontline spoke to - but who prefer toremain unnamed - say that it is critical for Reliance to acquire a marketingnetwork. With the APM dismantled, the company needs assured outlets for its

products. It would cost them upwards of Rs.5,000 crores and at least four years toestablish a significant marketing presence in the country. Besides, it would be acumbersome route to achieve their objective. "What could be more perfect for Reliance than a readymade set-up in Hindustan Petroleum Corporation Limited(HPCL) and Bharat Petroleum Corporation Limited (BPCL)," asks an analyst.

Both public sector undertakings (PSUs) are up for disinvestment. HPCL has about4,600 retail outlets and BPCL approximately 4,500, which make either PSU a perfect target for acquisition by Reliance. But Reliance will face stiff competitionfrom global oil giants such as Shell, Exxon-Mobil and Chevron. In addition, theIndian Oil Corporation (IOC) will probably seek to join the bidding race. This islikely to make the acquisition price for both PSUs steep, and accordingly thecombined balance sheets of RIL and RPL will provide the Reliance group with the


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capability to raise the required funds (estimated at Rs.7,000 crores) for theacquisitions. Reliance had come up against IOC when the government began thedisinvestment of IBP, another oil-marketing PSU. IOC left Reliance smartingwhen it paid a hefty Rs.1,154 crores for 33.58 per cent of the government's stake inIBP. This represented more than double that of Reliance's bid.

A report on the RIL-RPL merger by investment bankers Salomon- SmithBarney says: "Themerger would provide the joint entity with enhanced financial muscle to foray into

petroleum marketing by acquiring an incumbent or setting up its owninfrastructure." It also aims at preparing RPL for the challenges posed by India's oilsector deregulation.

The report says that the Reliance Group is on a strong footing to raise funds as "themerged company boasts of world class assets and an enviable market." It points out

that the Reliance Group has over 175,000 square kilometres in oil and gasexploration and production acreage, making it India's largest private sector player in the fields of exploration and production. It has the world's fifth largest refineryat Jamnagar with a 25 per cent share in domestic refining capacity, a domesticmarket share of 53 per cent in fibres and 50 per cent in plastics. It is the secondlargest producer in the world of polyester filament yarn/polyester staple fibre, thethird largest producer of paraxylene, the fourth largest producer of purifiedterephthalic acid and the sixth-largest producer of polypropylene. The companyowns 26 per cent of Reliance Telecom, which has a subscriber base of over 3,65,000. Additionally, it has a 45 per cent stake in Reliance Infocom, which islaying out a nationwide broadband network and a 34 per cent stake in BSES, whichis engaged in power generation, transmission and distribution. Because of thissubstantial backing, the company says it can raise up to Rs.11,000 crores in debt tofund acquisitions.

Obviously the merger will have several benefits. Anil Ambani says that RIL enjoysa better credit rating and greater foreign institutional investor (FII) confidence thanRPL. RIL's debt rating post-merger will remain the same at AAA+. RPL, however,has a slightly lower rating and consequently relatively higher cost. The merger should allow the cost of this debt to be reduced to the levels enjoyed by RIL.

Further, sizeable portions of RPL's sales are made to RIL. The merger willeliminate the impact of sales tax on these sales. Savings on these two counts aloneare expected to be substantial. "This is classically Dhirubhai's first brush-stroke onthe master plan," an analyst told Frontline . Through financial engineering, about12.2 per cent of the share capital of RIL, worth approximately Rs.5,000 crores, will


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be parked with a Trustee at current market values. This stake may be sold to raisefunds to implement the future plans of the group. Or, it could be used to strike astrategic financial partnership. "And this is Dhirubhai's master stroke," says theanalyst. While the reasons given for the merger may be strategic ones, thecompany is expected to gain significantly in financial terms as well.

While many an industrialist has reasons to worry about the impact of the ongoing process of liberalisation on his enterprises, the Ambanis would seem to havethrived on it. The Reliance Group's financials show that sales in 1991 - when thereforms process began - were Rs.2,953 crores. The figure skyrocketed to Rs.28,008crores in 2001. Yet, now, in the same environment, it seems Dhirubhai needs to tryto stay afloat. Detractors of the Reliance Group say that it survived as a result of

protection from high import tariffs. With a low duty regime looming large, RILwill be exposed to competition from both domestic and international players. More

than the global petroleum giants, IOC, with Rs.1,18,589 crores in sales, is clearlyits formidable rival. The largest Indian PSU, which is incidentally the only other Indian company to be listed on the Fortune 500 list, IOC also owns 7,500 outletsacross the country.

Dhirubhai Ambani is well known for his ability to horn into lucrative areas. Apartfrom oil and gas exploration and production, the company is venturing into areasof the New Economy. Under the banner of Reliance Infocom, the group is settingup a broadband network across the country. This will provide the full range voice,data and image-related services. In addition, Reliance has entered the field of

biotechnology. A stem cell laboratory was set up in Mumbai last year. GivenDhirubhai Ambani's determination to build an empire, as seen in the past 25 years,it would be surprising if he does not make a success of this current as well as hisnew ventures.

Breaking Up in 2006

Dhirubhai Ambani died in 2002, and the Ambani brothers took over as heads of thecompany. In that year, the company increased its dominance of the country's

petrochemicals sector through its acquisition of main private-sector rival IndianPetrochemicals Corporation. Also in 2002, Reliance launched a diversificationeffort, targeting the telecommunications sector, especially the fast-growing cellular

phone market. Reliance set up its own phone service, Reliance Info comm., in thatyear.


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Yet the petroleum industry remained the company's major growth focus. In 1999,the Indian government auctioned off 25 blocks for exploration; bids were given inthe form of royalty percentage offers. Reliance won 12 of the blocks and promptlyset in place its own team of exploration experts, backed by oilfield services fromHalliburton and Schlumberger. Reliance's investment quickly paid off with thediscovery of natural gas reserves estimated at some 14 trillion cubic feet, thelargest natural gas field discovered in India in decades, in the Krishna-GodavariBasin in the Bay of Bengal. In 2004, the company struck again, locating a new gasfield in the Bay of Bengal, off the Orissa Coast.

Buoyed by its successful exploration efforts, Reliance unveiled an ambitiousexpansion program for the second half of the 2000s. The company's plans includeda $6 billion extension of the Jamnagar site, doubling it in size and making it theworld's largest refinery by 2009. The company also announced that it intended to

spend $10 billion on further oil exploration efforts, targeting the internationalmarket. In this way, the company hoped to increase its production tenfold by theend of the century. At the other end of the petroleum market, the companylaunched a $1.5 billion expansion of its Reliance gas station chain, with the goal of 6,000 stations. The company also expanded internationally, becoming the world'sleading manufacturer of polyester yarn with the acquisition of Germany's Trevira.In addition, the company boosted its telecommunications wing, acquiring U.K.-

based FLAG Telecom, an operator of a 50,000-kilometer underwater fiber-opticcable network.

In the meantime, rising tensions between Mukesh and Anil Ambani came to a headin late 2005, when a long-simmering disagreement over company strategy brokeout into an open and highly publicized feud. In the end, a truce was brokered bythe brothers' mother, who proposed a breakup of Reliance Industries into tworoughly equal components. Mukesh Ambani remained as head of the company's

petroleum, petrochemical, and textiles operations, and Anil Ambani regrouped thecompany's telecommunications, energy, capital finance, and other operations into anew company. The breakup of the company took place in 2006. As a result,Reliance Industries emerged as a focused and highly integrated petroleum and

petrochemicals challenger to the global heavy weights.

Oil and gas discovery


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In 2002, Reliance found natural gas in the Krishna Godavari basin off the coast of Andhra Pradesh near Vishakhapatnam. It was the largest discovery of natural gasin world in financial year 2002-2003. On 2 April 2009, Reliance Industries (RIL)commenced natural gas production from its D-6 block in the Krishna-Godavari(KG) basin.The gas reserve is 7 trillion cubic feet in size. Equivalent to 1.2 billion barrels (165million tones) of crude oil, but only 5 trillion cubic feet are extractable.On 2008 Oct 8, Anil Ambani's Reliance Natural Resources took RelianceIndustries to the Bombay High Court to uphold a memorandum of understandingthat said RIL will supply the natural gas at $2.34 per million British thermal unitsto Anil Ambani.

Principal Subsidiaries

Reliance Industrial Investments and Holdings Ltd.; Reliance InfrastructureLimited; Reliance Middle East DMCC (U.A.E.); Reliance Netherlands B.V.;Reliance Petroleum Limited; Reliance Retail Limited; Reliance StrategicInvestments Limited; Reliance UK Ltd. (50%); Reliance Ventures Ltd.

Principal Competitors

Indian Oil Corporation Ltd.; Hindustan Petroleum Corporation Ltd.; BharatPetroleum Corporation Ltd.; Indian Petrochemicals Corporation Ltd.; Mangalore

Refinery and Petrochemicals Ltd.; Kochi Refineries Ltd.; Chennai PetroleumCorporation Ltd.; Parker Agro chemical Exports Ltd.

Awards and recognition

International Refiner of the Year in 2005 at the 23rd Annual Hart's WorldRefining and Fuels Conference

According to survey conducted by Brand Finance and The Economic Timesin 2010, Reliance is the second most valuable brand in India.

The Brand Trust Report, 2011 has ranked Reliance industries as the 6th mosttrusted brand in India.

'Responsible Care Company' awarded by the American Chemistry Council, Indiain March, 2012

RIL has been ranked at 20th position across the world, on the basis of sales, inthe ICIS Top 100 Chemicals Companies list.
http://en.wikipedia.org/wiki/The_Brand_Trust_Reporthttp://en.wikipedia.org/wiki/Responsible_Carehttp://en.wikipedia.org/wiki/American_Chemistry_Councilhttp://en.wikipedia.org/wiki/American_Chemistry_Councilhttp://en.wikipedia.org/wiki/Responsible_Carehttp://en.wikipedia.org/wiki/The_Brand_Trust_Report


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RIL has been ranked No. 1 in India on the basis of average market capitalization, No. 1 in total assets and No. 2 on the basis of total income in 2012, by BusinessWorld magazine. In the same report, RIL ranked 2nd among the top 100 gainers inIndia.

Corporate Ranking

It featured in the Fortune Global 500 list of World's Largest Corporations'for the fourth consecutive year.

Ranked 269th in 2007 having moved up 73 places from last year.

Featured as one of the world's Top 200 companies in terms of Profits.

Featured among top 50 companies with the biggest increase in Revenues.

In September, 2008 it was the only Indian Company which was featured inforbes top 100 list.

Growth Strategy

Maximizing production from existing assets, enhancing globalcompetitiveness, entering the business of retail marketing of petroleum

products in India, investing in pipeline distribution infrastructure andaccessing global markets.

RPL is the first Indian company to offer an opportunity to all shareholdersfor participating in an international offering of its shares.

Capital cost per barrel produced is USD 10,000. When compared to thecapital cost of other companies which is at USD 25,000 is very less and is

promising for the investors to give better returns

Failure of Reliance

Reliance Industries to shut its retail petrol pumps
http://en.wikipedia.org/wiki/Market_capitalizationhttp://en.wikipedia.org/wiki/Incomehttp://en.wikipedia.org/wiki/Incomehttp://en.wikipedia.org/wiki/Market_capitalization


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Reliance Industries, the country s largest private sector company, has decided toshut down all the petroleum retail outlets owned by it directly as surging crude

prices and the absence of government subsidies have made operations unviable.

We are kept out of the ambit of the government -sponsored survival package. Wehave decided to close all our company-owned retail outlets. It has become unviableto transport fuel from our depots to retail outlets as the throughput from our retailoutlets has almost become zero. We are not going to re-fuel any of our retailoutlets and this will eventually lead to closure of such outlets till stocks last, asource close to the development told ET.

RIL operates about 1,400 retail outlets. It owns most of these outlets after itdecided to buy out several outlets being operated by the dealers. The source toldET that the outlets operated by the dealers will continue to function. RIL achieveda fair amount of success in the petroleum retail market, gaining a market share of over 14% in no time.

RIL s outlets were selling almost four times the average sales of PSU outlets tillMay 2006. The sales volumes of RIL outlets fell significantly after the priceincrease. Over 50 lakh customers who had been patronising RIL outlets-known for their quality and quantity assurance- switched to other outlets.

The price differential between private and public companies kept widening because of oil bonds for state-owned oil marketing firms and discounts fromupstream oil companies. At present, RIL sells petrol and diesel at between Rs 6and Rs 14 more than PSUs. This drove away customers, forcing the pumps to godry.

Even with this differential, RIL is incurring substantial losses in retail marketing.Further, this in turn has affected the operations and consequent revenues of thecompany. Its market share, which stood at 14%, has dropped to nil after the pricedifferential with PSUs.

Asked if the company would consider selling off its petroleum retail operations,given that the government cap on pricing continues, We remain committed to the

petroleum sector and will not sell our retail operations. The lack of a level-playingfield between the public and private sector remains an area of concern, and we look forward to the its restoration as soon as it is possible so we can to resume our


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retail petro operations, said the source. RIL, along with other private sector firmslike Essar Oil and Shell, is lobbying hard for equal treatment with OMCs,including access to oil bonds issued by the government to underwrite thesubsidycost of selling petroleum products at a concessional price.

Reliance Petroleum loses Rs. 515 cr. on exports of petrol, diesel

Reliance Petroleum (RPL) lost Rs. 515 crores on "forced" exports of 2.725 milliontones of petrol and diesel during 2000-01 fiscal as "it was denied fair access to thedomestic controlled market".

RPL lost Rs. 468 crores on "forced" exports of 1.597 million tones of diesel andRs. 47 crores on export of 1.128 million tones of petrol in 2000-01, the companysaid in a presentation to Mr. Ram Naik, Union Petroleum Minister. The denial of fair access to the domestic controlled market was forcing it to export petroleum

products at lower price, the presentation said adding only 38 per cent of petrol and84 per cent of diesel produced by RPL was absorbed domestically as againstalmost 100 per cent by other public sector refiners.RPL said capacity expansionof national oil refineries by 22 million tones, after commissioning of its 27 milliontones Jamnagar Refinery in Gujarat in July 1999, had resulted in oversupply

situation and adversely affected product off take from its refinery.

The presentation claimed that RPL was being treated as a balancing (swing)refinery with products absorbed only when PSEs do not produce or they are shutdown.

"On every occasion the penalty for RPL increases, since RPL is forced to exportlargely when prices are adverse," the company said demanding equitable domesticabsorption of controlled products (petrol, diesel, LPG and kerosene) and a level

playing field vis-a-vis public sector refineries.

Accusing the Government of backtracking on its February 26, 1999, pledge to treatRPL on par with its public sector rival, RPL said "all PSE refineries/expansionshad been given full domestic absorption even if they were commissioned after RPL." Without naming them, the Reliance representation criticized failure of Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) andHindustan Petroleum Corporation (HPCL) in off taking product from its refinery


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despite Government assurance that IOC would off take 50 per cent of Jamnagar production while the rest would be done by BPCL and HPCL.

"Products with negative tariff protection - kerosene for public distribution system(PDS) and domestic LPG (cooking gas) - are selectively absorbed from RPL while

products with compensating tariff protection - diesel and petrol - are not fullyabsorbed. RPL is compelled to export these products at heavy penalties," the

presentation said.

During July-September 2000, RPL exported 4.44 lakh tones of diesel at a loss of Rs. 29 cores over the domestic price. It lost Rs. 1 core on export of 3.41 lakh tonesof petrol during the same period, the presentation said.

In October-December 2000, the company lost Rs. 365 crores on export of 9.28

lakh tones of diesel and Rs. 45 crores on export of 3.72 lakh tonnes of petrol, whilein the last quarter of 2000-01 fiscal, the company lost Rs. 75 crores on export of 2.24 lakh tones of diesel and Rs. 17crores on export of 2.95 lakh tonnes of petrol.

Power ministry blames oil officials for NTPC-RIL deal

The power ministry is blaming the petroleum ministry for dragging its

feet on the issue of getting Mukesh Ambani-controlled RelianceIndustries (RIL) to sign a formal agreement for selling natural gas tostate-owned generation utility NTPC Ltd.

"We have been writing to the petroleum ministry repeatedly sinceSeptember but it has not shown the required alacrity. Reliance hasinfluence in the top levels of the government and our fear is that the

petroleum ministry may help it to wriggle out of the commitment madeto NTPC," a top power ministry official told The Times of India.

Power secretary RV Shahi had first written on the issue to hiscounterpart in the petroleum ministry, SC Tripathi, in September. Thiswas followed by several other letters, including one in which he soughtreview of RIL's exploration licence.Admitting that the conditions in theagreement set by NTPC were tough, the official said it was an open


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tender and RIL knew what it was getting into when it bid for the tender to supply gas for17 years.

RIL had accepted the condition - and in its words, "assurance from NTPC" - that this concern will be addressed. RIL wants the liabilitycapped at $250 million and has offered first right to NTPC on gas fromits other fields as well as a commitment to supply alternative fuel atnatural gas prices prevalent on the day of signing the agreement.

"What is to stop Reliance from paying its capped liability and sell thegas at a higher price too theirs." the official asked and said thecompany's valid concerns have been taken care of. "If supply failure is

due to natural calamity, NTPC will understand. But if failure is becauseRIL has committed others more gas than it has, then it is man-madesituation it will have to bear unlimited liability."

Inspection reports on Reliance sent to Sebi

The Department of Company Affairs has sent inspection reports on

Reliance Industries, in which it detected violation of the Companies Act by Reliance Petroleum, to Sebi.

"Sebi had requested relevant information once we completedinvestigation into the Reliance case and we have sent these reports to themarket watchdog,"

During its investigation, DCA had found that Reliance Petroleumviolated the Companies Act by not circulating information aboutdealings in shares of Reliance Industries and another group company inits balance sheet for 1994-95.The inspection of the books of accounts,ordered by DCA in September last year, concluded that the company(RPL) has thus violated provisions of section 211 read with Schedule VIof the Act. No information relating to dealing in shares of RIL and RCL


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was furnished in the balance sheet circulated amongst theshareholders."In its submission to DCA inspection, Reliance Petroleumadmitted that "unfortunately, however,a printing error had crept inresulting in omission of one line at the end of Page No 13 in the printedaccounts... This omission is sought to be blown out of proportion by thecomplainant to say that the company circulated two sets of balancesheets for the year ended 31 March 1995."Following complaints fromBSP MP Rashid Alvi that RPL had violated the Act and diverted publicmoney (about Rs 1,000 crore) for speculative activities, DCA orderedfull-fledged inspection of RPL and limited inspection of five other groupcompanies including RIL on to priority basis.

Sebi probes trading in Reliance Petroleum

Market regulator Securities and Exchange Board of India (Sebi) isinvestigating the alleged insider trading activities in the shares of Mukesh Ambani-run Reliance Petroleum.

On November 24, 2007, Reliance Industries raised Rs 4,023 crore by

divesting a 4% stake in Reliance Petroleum, the company had said after the stake sell.

While actual date for the stake sale is not known yet, the stock price of Reliance Petroleum had moved by a wide margin between late October and early November. On the Bombay Stock Exchange, the scrip pricehad moved from Rs 167.95 on October 22 to Rs 269.70 on November2,a rise of over 60% in just 10 trading sessions. During the corresponding

period, BSE sensex had moved up by about 13%.

Reacting to the statement by Bansal, in a written statement, RelianceIndustries said the company and its group firms "have complied with allrules and regulations and will cooperate and provide all the necessaryinformation to the concerned authorities."


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BP and Reliance Create New Joint Venture

Reliance Industries (RIL) and BP announced the incorporation of India Gas

Solutions Pvt. Ltd., a 50:50 joint venture company which will focus on globalsourcing and marketing of natural gas in India. The joint venture company willalso develop infrastructure to accelerate transportation and marketing of naturalgas within the country. India Gas Solutions Pvt. Ltd. will be funded with equalequity from BP and RIL.

The company's Board comprises six members with equal representation from BPand RIL. Kris Sliger from BP will be appointed Chairman and RIL's Bibhas Gangulywill be appointed Vice-Chairman. The executive team comprises Hiten Mehta(BP), Chief Executive Officer; Suresh Manglani (RIL), Chief Financial Officer; AmitMehta (RIL), Chief Operating Officer and Brian Dodson (BP), Chief CommercialOfficer.

speaking on the occasion, Sashi Mukundan, Region President and Country Head,BP India said, 'Our vision is to see the RIL-BP joint venture company emerge as amajor participant in meeting India's growing gas demand . The need for assured

gas supplies to fuel this growth is crucial and the RIL - BP partnership is in aunique position to contribute significantly in this respect.'

'The incorporation of the joint venture company is a significant step in therelationship of RIL and BP and further establishes the commitment of both theparties to the Indian market' said PMS Prasad, Executive Director, RIL. 'Demandfor gas has been growing at an exponential rate and we anticipate natural gas toemerge as the preferred choice of fuel given its properties as a cleaner andsustainable fuel source'.

India Gas Solutions will commence operations with 30 employees seconded fromBP and RIL, with deep experience in the gas business, both in India andinternationally. This joint venture will assume the administration of the existing


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gas contracts to KGD6 customers, and will also pursue other opportunities,including LNG import.

Of late, Reliance Power has entered into a deal with British oil giant BP. The deal

will cost $7.2 billion. Reliance Power Project Deal with BP is a key strategic dealwith RIL, the biggest business enterprise in India.

This is the third biggest merger and acquisition contract in India. The deal,dependent on regulative go-aheads, contains RIL's famous D-6 gas field in theKrishna-Godavari watershed away from the shoreline of Andhra Pradesh. Reliancewill keep on maintaining a bulk stake of 60-70% in these acreages.

On 21 February 2011Reliance Industries Limited and BP to participate across thegas value chain in India

BP to take a 30 per cent stake in 23 oil and gas blocks

Reliance Industries Limited and BP announced a historic partnership between thetwo companies. Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, and Mr. Robert Dudley, BP Group Chief Executive,signed the relationship framework and transactional agreements in London.

The partnership across the full value chain comprises BP taking a 30 per cent stakein 23 oil and gas production sharing contracts that Reliance operates in India,

including the producing KG D6 block, and the formation of a 50:50 joint venture between the two companies for the sourcing and marketing of gas in India. The joint venture will also Endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India.

The partnership will combine BP s world -class deepwater exploration and


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development capabilities with Reliance s project management and operationsexpertise.

Mukesh Ambani said: We are delighted to partner with BP, one of the largestenergy majors and one of the finest deep water exploration companies in the world.This partnership combines the skills of both companies and will be focused onfinding more hydrocarbons in the deep water blocks of India and significantlycontribute to India s energy security.

For BP, Reliance is a natural partner in India, given its strong position in the Indianmarket. This partnership meets BP s strategy of forming alliances with strongnational partners, taking material positions in significant hydrocarbon basins andincreasing our exposure to grow ing energy markets, said Mr. Carl -HenricSvanberg, Chairman of BP.

BP will pay Reliance Industries Limited an aggregate consideration of US$7.2 billion, and completion adjustments, for the interests to be acquired in the 23 production sharing contracts. Future performance payments of up to US$1.8 billioncould be paid based on exploration success that results in development of commercial discoveries. These payments and combined investment could amountto US$20 billion.BP s confidence in India is eviden t from the fact that the transaction constitutesone of the largest foreign direct investments into India.

The 23 oil and gas blocks together cover approximately 270,000 square kilometers . This will make the partnership India s largest private sector hol der of exploration acreage.

So that the joint venture can capitalize on Reliance s outstanding projectmanagement track record and operations expertise, Reliance will continue to be theoperator under the production sharing contracts, whose blocks lie in water depthsranging from 400 to over 3,000 metres. These currently produce about 1.8 billioncubic feet of gas per day (bcf /d), over 30 per cent of India s total consumption,and over 40 per cent of India s total production


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India is one of the fastest growing economies in the world. By allying ourselveswith Reliance, we will access the most prolific gas basin in India and secure a

place in the fast growing Indian gas markets, creating a genuinely distinctive BP position, said Bob Dudley. BP looks for ward to a long and successful working partnership with Reliance.

Completion of the transactions is subject to Indian regulatory approvals and other customary conditions.

Notes to editors:

BP has been working with Reliance since December 2008 on the D-17deepwater block in the Krishna Godavari (KG) basin on the east coast of India. BP, with a 50 per cent interest, operates the block and Reliance

holds the remaining interest. Reliance Industries Limited (RIL) is India s largest private sector company

on all major financial parameters with a turnover of Rs 2,00,400 core(US$44.6 billion), cash profit of ` Rs 27,933 crore (US$6.2 billion), net

profit of Rs 16,236 crores(US$3.6 billion) and net worth of Rs 1,37,171crore (US$30.6 billion) as of March 31, 2010.

RIL is the first private sector company from India to feature in the FortuneGlobal 500 list of 'World's Largest Corporations' and ranks 100th amongstthe world's Top 200 companies in terms of profits. RIL ranks 68th in theFinancial Times FT Global 500 list of the world's largest companies. RILis rated as the 15th Most Innovative Company' in the World in a surveyconducted by the US financial publication - Business Week incollaboration with the Boston Consulting Group. For more details go towww.ril.com.

BP has a strong presence in India in addition to its interest in block D-17.Castrol India Limited is a market leader in the retail automotive lubricant

business, including car engine oils, premium 4-stroke motorcycle oils andmulti-grade diesel engine oils. Castrol India also operates in the industrialand marine lubricants markets. Tata BP Solar, a joint venture between BPSolar and the Tata Group, has been operating in India since 1989. It is aleader in the Indian solar energy market, manufacturing solar cells, solar


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PV modules and systems. BP employs around 8,000 people (both directand indirect staff) in India, with its main centers of employment inMumbai, Delhi, Bangalore, Calcutta and Chennai.

According to BP s Energy Outlook 2030, energy cons umption in Indiahas grown by 190% over the past 20 years and is likely to grow by 115%over the next 20 years, a rate of over 4% per annum. Gas is expected to bethe fastest growing fossil fuel, with demand growing at a rate of nearly5% a year between 20 10 and 2030. India s gas consumption was 5.0 bcf/din 2009 and is estimated to have been 6.1 bcf/d in 2010 (comprising 4.9

bcf/d production plus 1.2 bcf/d LNG imports). Total Indian gasconsumption is projected to grow to12.5 bcf/d in 2025, and exceed 15

bcf/d in 2030.

The aggregate gross profits attributable to BP s 30 per cent share of the 23 production sharing contracts to be acquired is Rs. 1336 Crores (c. US$300Million), as derived from the aggregate EBIT under the productionsharing contracts for the financial year ending 31 March 2010.


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RELIANCE INDUSTRY AFTER MERGER

Reliance-BP start drilling at D6 post 16 months of approval

Reliance Industries (RIL) and its D6 partners BP and Niko Resources have started drilling work at one of the satellite fields in the block in an effort toenhance output from country's largest gas fields, suggest media reports.

(RIL) and its D6 partners BP and Niko Resources have started drilling work at oneof the satellite fields in the block in an effort to enhance output from country'slargest gas fields, suggest media reports.

Though RIL and its partners have not officially made any announcement, it is thefirst well where drilling work has begun after 16 months of getting approvals toinvest USD 7.2 billion. Once the development activity is completed at this satellitefield, it is expected to add another 10 mms cmd to the block's production by mid2016.

Last year, BP picked up 30% stake in 21 oil and gas blocks of RIL including thegas discovery areas of KG-D6 and NEW-25 in Mahanadi basins. But it wasawaiting the ministry's approval to start work on the project. The is part of the$1.529 billion plan to develop four satellite gas fields around the now producingDhirubhai-1 and 3 or D1&D3 fields in the Krishna Godavari basin KG-D6 block.

This will be the first development well to be drilled since BP came into RIL'sacreage. RIL-BP had lost the last four- month weather window available for drilling in Bay of Bengal as approvals did not come in time. They started spuddingthe well when the weather window opened this month.

Simultaneously, The Comptroller and Auditor General (CAG) and RIL are atloggerheads over the former doing a field examination instead of auditing the

production sharing contract (PSC) through the books of the company.
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RIL has in the past, said that CAG cannot conduct performance audit of privateoperators, it can do a performance audit of production sharing contract (PSC),covered under section 16 of the CAG's Act. Disagreeing with RIL, CAG in itsearlier statement said that profit Petroleum is non-tax revenue credited to theConsolidated Fund of India and such audit would involve examination of allrecords including those of the operator which are relevant to their audit

Reliance India BP Bag Egypt Crude Oil Supply For 2013In December 12, 2012 Indias leading oil and gas player, Reliance Industries

Limited (RIL) and BP (Britains Oil Major) have successfully bagged the Egyptscrude oil supply tenders, for 2013. The offer from Egypts Ras Gharib Terminalmakes RIL the winner of bulk (18 cargos) that renders it around 1.5 million tonesof heavy crude. With this order put into effect, BP will receive around 15 cargos in2013. BP had announced last September about its commencement of work onnatural gas production project in Egypts Mediterranean basin. Others who havewon the contract include Vitol, Dynacom and Petraco.

Egypt s natural gas production is known to surge by twenty percent with thisoffshore project brought to play. Along with this announcement, it was also madeknown there were two more discoveries in Nile Delta in August that could further

add to its production.

The announcement came after the declaration of Export Import Bank of USextended its support to RIL by sanctioning it a loan of $ 2.1 billion worth of loanand guarantee. This transaction is deemed to the single - largest ever one offered toa company including the direct loan amount and the guarantee offered.

RIL won the Egypt crude oil supply contract, irrespective of the fact that the BPhad announced its selling of natural oil gas to Japan, based on the US Domestic gas

prices that are higher than the usual gas oil prices for the first time. This contractwill have the price for the BP gas source from the production in Egypt andCaribbean region.

According to sources, the company might infuse a colossal amount of $ 10 billionin Egypt period for over a period of five years. The association RIL- BP is alsoknown to invest around $ 7.2 billion in India. Based on the contract, the Cabinet


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Committee on Economic Affairs had confirmed a purchase of around 30% participating interest in the 21 oil and gas blocks of RIL including its mainstay,KGD6 block, by BP.

The two energy giants have been jointly drilling on a satellite discovery that borders the gas fields in the KGD6 block. BP recently announced that it isoptimistic about the growth potential of its Indian partnership, after its 16-month

journey with RIL. The association has served to be beneficial for both the partiesas RIL avails access to sophisticated technology, enabling it to leverage itshydrocarbon assets in a better way and on the other hand, it allowed BP to foray inIndia and expand its footprint globally.

BP-RIL promises to pro p up Indias gas reserves by15tcf

In December 02, 2012UK s BP Plc has written to the government that it can add 15 trillion cubic feet(tcf) to India s gas reserves in the short and long run along with its partner Reliance Industries Ltd (RIL). These gas reserves, BP said, can help the countryunlock $150 to $225 billion in import substitution

In the short run, BP has assured the government of doubling its existing gas

production of around 29 million metric standard cubic meter per day (mmscmd) to60 mms cmd in the next 3-5 years.

There is currently more than 5 tcf of discovered gas resources in our KG D6 and NEC 25 blocks, which are awaiting approvals, BP told petroleum and natural gasminister Veerappa Moily. These discoveries could add another 25 -30 mmscmd of

potential production in the next 3-5 years following approvals and will unlock $50-$75 billion of value to the nation in import substitution.

In the long run, BP said it has identified some prospects with RIL, which if successful, can add over 10 tcf of yet-to-find resources with the potential to unlock $100-150 billion of value through import substitution. Together, BP promises tounlock $225 billion for the country.

To firm up its investment plans, BP has sought a clarity on pricing of gas in India post March 2014. At present, gas from KG-D6 fields is priced at $4.2 per unit andis due for revision from April 1, 2014.


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BP has also told Moily that with its experience in exploration and partnership withReliance, it will maximize recovery in already discovered fields in KG D6 and

NEC 25, besides adding value through new exploration in the blocks along the eastcoast.

Reliance Industries, BP complete $7.2-billion deal

Reliance Industries announced completion of its 30 per cent stake sale in 21 oil andgas blocks, including the showcase KG-D6 block, to British energy giant BP Plcfor over USD 7 billion.

Industrialist Mukesh Ambani-led Reliance Industries (RIL) said in a statement thatthe completion of the deal has paved the way for commencement of its strategic

alliance in India with BP. "This significant step will commence the plannedalliance which will operate across the gas value chain in India, from explorationand production to distribution and marketing

"The completion of the deal delivers one of the largest ever foreign directinvestments into India," RIL said.

RIL will get USD 7.2 billion for the stake sale in 21 blocks and could get further USD 1.2 billion as performance payments based on exploration success resultinginto development of commercial deliveries.

Commenting on the completion of the deal, RIL Chairman and MD MukeshAmbani said: "The alliance with BP will boost our efforts to realize the true

potential of India's hydrocarbon reserves."

"The globally renowned expertise of BP and the in-depth domestic experience of Reliance make for a formidable alliance which will deliver unparalleled value for the country in its pursuit of energy security," he added.

RIL said that the two companies would also form a 50-50 joint venture for sourcing and marketing of gas in India which will also accelerate the creation of infrastructure for receiving, transporting and marketing natural gas.

BP Group CEO Bob Dudley said: "This major investment is directly aligned withour strategy of creating long-term value by forming alliances with strong national

partners, gaining material positions in significant hydrocarbon basins andincreasing our exposure to growing energy markets."
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RIL is India's largest private sector company with a turnover of Rs 2,58,651 crore(USD 58 billion) and net profit of Rs 20,286 crore (USD 4.5 billion) in the lastfiscal ended March 31, 2011.

It had on February 21 agreed to sell 30 per cent stake in 23 out of its 29 oil and gas blocks to BP. Earlier this month, the company said that it has received thegovernment approval for sale of stake in 21 blocks.

However, the approval has been held back for two blocks, one a deep sea area off the Orissa coast and the other an on land block in Assam, over technical issues.

What the BP deal does for RelianceBP said that it would pay $7.2 billion to buy into India's fast growing oil and

natural gas business, the company's second big deal in two months.

BP will take a 30 percent stake in 23 oil and natural gas fields operated byReliance Industries, India's largest private company. The two companies said theywould also create a 50-50 joint venture to buy, transport and market natural gas,which is increasingly in demand in India as the country's economy grows at nearly9 percent a year.BP signed an agreement with Rosneft of Russia to drill in the Arctic. That deal,

worth $7.8 billion, was the first big investment by BP after its oil spill in the Gulf of Mexico last year.

In recent years, India, which imports most of its oil, has opened vast swathes of itsterritory to oil and natural gas development. Reliance, which is led by India'srichest man, Mukesh Ambani, has become India's largest producer of natural gas

because of a rich offshore field in the Bay of Bengal near the state of AndhraPradesh.

The deal must be approved by Indian regulators, which could take time. Indianofficials have yet to approve a deal announced in August by the London-basedVedanta Resources to buy a controlling stake in Cairn India, an oil producingsubsidiary of Cairn Energy, which is based in Edinburgh. Officials say they want

better terms for Cairn's Indian partner, the state-owned ONGC, as a conditionapproval.


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Robert Dudley, who was appointed BP's chief executive after the Gulf of Mexicospill, visited India in October and met with Prime Minister Man Mohan Singh, aswell as other officials. BP already has a joint venture with Reliance on one

offshore field, and it has a partnership to make solar panels with the Tata Group, alarge Indian conglomerate.

"This partnership meets BP's strategy of forming alliances with strong national partners, taking material positions in significant hydrocarbon basins and increasingour exposure to growing energy markets," BP's chairman, Carl-Henric Svanberg,said in a statement

Mr. Dudley has tried to put the Gulf of Mexico disaster behind BP by focusing thecompany on increasing its business and regaining investor trust. While improvingBP's safety record remained a priority, he said that he also wanted to double BP'sexploration spending by investing in projects in developing economies.

For Reliance, the deal provides cash and, perhaps more important, oil and naturalgas expertise that it needs as it explores and produces in fields that cover 270,000square kilometers, or about 104,000 square miles. The output on Reliance's most

productive natural gas field in the Bay of Bengal has declined in recent months,which has worried analysts and policy makers who are counting on the field tofuel power plants and fertilizer factories.

In addition to its interests in Indian exploration, Reliance has been investing inshale gas fields in the United States, including a joint venture with Atlas Energy todrill in the Marcellus Shale.

Mr. Dudley had pledged to rebuild the company's reputation after the oil spill inthe Gulf of Mexico. In his first step as chief executive, he reorganized thecompany's critical exploration and production business, removing the unit's chief,and set out to establish a global safety division.

To help cover the estimated $40 billion in damage claims resulting from the spill,


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BP has moved to sell about $30 billion in assets, including its share of PanAmerican Energy, an oil producer in Argentina, to the Bridas Corporation for $7.1billion.

BP said this month that its earnings rose 30 percent in the fourth quarter, to $5.6billion, from $4.3 billion the period a year earlier, helped by higher oil prices. Thecompany lost $3.7 billion last year, compared with a profit of $16.6 billion in2009. BP also restored its dividend in the fourth quarter.


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Chronology

Key Dates 1948 Gujarat native Dhirubhai H. Ambani, aged 16, travels to Aden and

begins working as a clerk at a service station. 1958 Ambani returns to India and sets up an import-export business,eventually focusing on the textile market, which becomes Reliance Textiles.

1966 Reliance launches textile manufacturing, building its first factory. 1977 Reliance goes public in one of India's first and largest public offerings. 1981 The company begins construction of a polyester filament yarn facility

in Patalganga. 1986 After Ambani suffers a stroke, sons Mukesh and Anil take over day-to-

day direction of the company; the company launches its first petrochemicals production as part of a vertical integration strategy.

1991 Reliance Refineries Ltd. is established in preparation for further vertical integration.

1993 Reliance Refineries goes public and changes its name to ReliancePetroleum.

1997 Reliance Petroleum launches construction of India's largest oil refineryat Jamnagar.

1999 Reliance wins a bid for 12 exploration blocks auctioned off by theIndian government.

2002 Reliance locates the largest Indian natural gas field in decades;

Dhirubhai Ambani dies at age 69; Reliance Petroleum is merged intoReliance Industries. 2004 Reliance discovers a new natural gas field in the Bay of Bengal; the

company acquires Germany's Trevira, becoming the world's leadingmanufacturer of polyester.

2006 Reliance Industries is broken up between the Ambani brothers. 2007 Gail India Ltd and Reliance Industries Ltd (RIL) signing a Memorandum

of Understanding (MoU) for cooperation in gas sector. 2007 Reliance Industries Ltd has signed Technical Evaluation Agreement in

2005 which has been converted to Hydrocarbon Production andExploitation Contracts with Agenda National de Hydrocarburos (ANH) of Colombia for two Off shore blocks, Borojo (pronounced as Boroho) Northand Borojo South.

2008 Reliance Industries makes Another Gas Discovery in Shallow Water Block in the Krishna Basin.


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2009 Reliance Industries has discovered natural gas reserves in a well drilledon its NEC-25 block in Mahanadi basin, off the Orissa coast.RelianceIndustries has raised around Rs 3,188 crore through sale of 1.50 croreequity shares of the company.

2010 Haryana Special Economic Zone (SEZ), Reliance Industries (RIL) hasroped in a partner , in a bid to re-energize its dormant . 2011febuary BP and Reliance industry limited merge

REFERENCES

economictimes.indiatimes.com WWW.gulfoilandgas.com [email protected] www.bp.com www. indiainfoline.com http://www.indiaprwire.com/pressrelease/oil-energy/ http://www.mapsofindia.com/reliance-power-projects/bp-reliance-

deal.html www.ET.com financialtimes.com

Advanced Stretegic Management

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