Sales of gas lift results Reliance, M & A key
MUMBAI – Reliance Industries major energy should post a second consecutive increase in quarterly profit, buoyed by higher production of gas from fields off the coasts of India and an early resumption of refining margins. Indian conglomerate leading listed, controlled by billionaire Mukesh Ambani, was the screening of foreign acquisitions, and progress on this front will determine its prospects.
Reliance, valued at $ 78 billion, recently said it would pay $ 1.7 billion to form a joint venture with one of the most promising areas of natural gas deposit with the U.S. Energy Atlas.
The agreement follows two unsuccessful attempts to buy companies abroad like Reliance seeks to expand its presence outside of India, penetrate new markets and broaden its activities, which include refining, oil exploration and gas and petrochemicals.
“The company has already invested in its own projects such as the gas fields in India and will generate significant cash flow,” said Deepak Pareek, an oil and gas analyst at Mumbai-based Angel Broking.
“Much of this money should be pumped into growth opportunities abroad and that is exactly what is done with Atlas.
Bankers say more transactions abroad could be in sight.
The result of a gas dispute with Reliance Long Term Natural, headed by Anil Mukesh’s younger brother, will also affect the prospects of the company.
source:reuters
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