Reliance Industries aims to increase KG gas production: Ambani

Jun 07, 2012 |

Reuters

mumbai

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Reliance Industries hopes to produce an additional 30 million cubic metres per day of gas at its KG D6 field off India's east coast, chairman Mukesh Ambani said.

The additional production will be realised through further exploration and development at the field, Ambani told shareholders at the company's annual general meeting on Thursday.

The energy-focused conglomerate reported its second consecutive quarterly drop in profit during the three months to March, its shares are near a three-year low, and its rising cash pile has fuelled investor disquiet.

RIL into share buyback spree
Reliance Industries has bought back 27 million shares to date, 22.5 per cent of its share buyback target, Ambani said.

Reliance announced in January it would buy back up to 120 million shares at a maximum value of Rs 104.4 billion, its first share buyback since 2005 and the biggest ever in India.

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