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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Reliance Industries Ltd    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

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Modi says India set to double oil refining capacity in five years, earlier than expected

11/21/2020 | 03:47am EST
India's Independence Day celebrations at the historic Red Fort in Delhi

MUMBAI (Reuters) - India plans to nearly double its oil refining capacity in the next five years, Prime Minister Narendra Modi said on Saturday, offering a much more aggressive timeline than previously despite the coronavirus pandemic blighting the economy.

The country's energy minister was quoted http://www.ficci.in/ficci-in-news-page.asp?nid=23094 in June as saying India's oil refining capacity could jump to 450-500 million tonnes in 10 years from the current level of about 250 million tonnes.

But addressing a petroleum university's convocation, Modi said "work is being done to nearly double the country's oil refining capacity in the next five years".

The convocation was also addressed virtually by billionaire Mukesh Ambani, whose Reliance Industries Ltd operates the world's biggest oil refinery in Modi's home state of Gujarat.

Modi said India was also aiming to raise the share of natural gas in its energy-consumption mix by up to four times. The cleaner-burning fuel currently accounts for about 6% of the energy consumed in the country.

India would achieve its targets of increasing renewable energy capacity to 175 gigawatts by 2022 and 450 gigawatts by 2030 ahead of schedule, Modi added. The country had renewable energy capacity of about 75 gigawatts at the end of 2018.

(Reporting by Abhirup Roy; Editing by Lincoln Feast.)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -3.01% 54.78 Delayed Quote.8.12%
RELIANCE INDUSTRIES LTD -1.18% 1937.45 Delayed Quote.-1.24%
WTI -3.39% 51.97 Delayed Quote.9.44%
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Financials
Sales 2021 5 228 B 71 525 M 71 525 M
Net income 2021 443 B 6 061 M 6 061 M
Net Debt 2021 424 B 5 807 M 5 807 M
P/E ratio 2021 29,0x
Yield 2021 0,34%
Capitalization 12 301 B 168 B 168 B
EV / Sales 2021 2,43x
EV / Sales 2022 1,80x
Nbr of Employees 195 618
Free-Float 50,4%
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 2 196,07 INR
Last Close Price 1 937,45 INR
Spread / Highest target 29,0%
Spread / Average Target 13,3%
Spread / Lowest Target -31,9%
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Managers and Directors
NameTitle
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
Dinesh Suresh Vijayvergia General Manager-Finance & Accounts
Nikhil Rasiklal Meswani Executive Director
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