RIL to become debt-free by end-FY12: Mukesh Ambani

Reliance Industries Ltd. (RIL) will become debt free at the end of the current financial year (2011-12), according to Chairman Mukesh Ambani. He made this remark while addressing the Annual General Meeting (AGM) of RIL in Mumbai. The enterprise value of RIL is at US$75bn, he added. The market capitalisation of RIL has grown at 77% CAGR over the last 33 years, Mukesh Ambani said. RIL has free cash of Rs. 42,393 crores on its balance sheet, he said.



Efforts are underway to comprehend the complexity of the KG-D6 reservoirs, Mukesh Ambani said. The KG-D6 block would be jointly assessed by RIL and BP, he told shareholders at the AGM. The KG-D6 block in the Krishna Godavari basin off India's east coast has supplied 1.2 trillion cubic feet (tcf) of natural gas since the start of production in April 2009, Mukesh Ambani said. RIL expects to ramp up gas production from the KG-D6 block in a sustainable manner, he said.

The Broadband Wireless business has transformational potential and it will be the next big leap in digitalisation in the country, according to the RIL Chairman. The company will create end-to-end solutions in the digital space, he told shareholders. RIL will build a national broadband infrastructure in the future, he said, adding that the company is currently conceptualising the digital products.

RIL is planning aggressive investments in the retail business, Mukesh Ambani said. Addressing the company's AGM, he also said that Reliance Retail is the largest food retailer in India. He said he envisaged Reliance Retail to be an undisputed leader in India. Reliance Retail will be the pivot of all the company's consumer-facing businesses going forward, Mukesh Ambani said. Reliance Retail will soon launch Cash & Carry format stores, he said.