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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LIMITED

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

11/21/2020 | 03:47am EDT
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.)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.44% 73.22 Delayed Quote.41.20%
RELIANCE INDUSTRIES LIMITED 0.45% 2225.65 Delayed Quote.12.11%
WTI 0.78% 71.41 Delayed Quote.47.13%
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Sales 2022 6 628 B 89 403 M 89 403 M
Net income 2022 589 B 7 942 M 7 942 M
Net cash 2022 44 748 M 604 M 604 M
P/E ratio 2022 25,5x
Yield 2022 0,36%
Capitalization 14 131 B 191 B 191 B
EV / Sales 2022 2,13x
EV / Sales 2023 1,81x
Nbr of Employees 236 334
Free-Float 50,4%
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Number of Analysts 31
Average target price 2 265,34 INR
Last Close Price 2 225,65 INR
Spread / Highest target 92,5%
Spread / Average Target 1,78%
Spread / Lowest Target -39,3%
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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
K. Sethuraman Group Secretary & Chief Compliance Officer
Savithri Parekh Joint Secretary & Compliance Officer
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