Creeping acquisition along with buy-back: Ambani

MUMBAI, APRIL 19. Reliance Industry Ltd., which had announced a buy-back of its shares at Rs. 303 per share recently, would continue with its creeping acquisition. Last year, it was five per cent, Mr. Anil Ambani told presspersons on Tuesday while announcing the results for 1999-2000.

To a specific query whether the company was entering the insurance sector, Mr. Ambani said, ``We are looking at all options for entering general and life insurance once the Insurance Regulatory Development Authority starts functioning.''

As for of Reliance Petroleum, Mr. Ambani said the company had applied to the Government for permission to market its products on its own and was also looking at other options following the presentation of the Petroleum Ministry's Vision 2025 report.

The company would commence export of high speed diesel from the Jamnagar Refinery, once the Oil Coordination Committee approval is received, he added.

- PTI

Our Corporate Desk adds:

RIL, in its explanatory notes to the results announced on Tuesday, has stated that the net profit of Rs. 2,403 crores includes Rs. 328 crores, being exchange difference arising on repatriation of foreign assets worth Rs. 3,472 crores.

The company has also changed the basis of providing depreciation in certain assets from straight line method to written down value method. Consequent to this change, there is an additional charge of Rs. 881 crores for depreciation in respect of previous years which has been adjusted against the amount withdrawn from the general reserve. Hence this has no impact on the profit for the latest year. The company has also re-valued its plant and machinery located at Patalganga and Naroda manufacturing complexes during 1997-98.

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