Reliance Industries‘ eastern offshore KG-D6 gas has helped fertilizer companies bring down cost of urea production by 18 per cent and has helped save about Rs 4,760 crore in fertilizer subsidy.
According to the Fertilizer Industry Coordination Committee (FICC), the average provisional cost for urea production in 2009 has come down from Rs 13,509 per tonne to Rs 11,084 per tonne after KG-D6 gas replaced costlier alternative fuels like naphtha.
FICC informed Fertilizer Ministry that the energy cost has reduced as a result of use of RIL gas replacing costlier alternative, sources said.
RIL is currently producing about 55 million standard cubic meters per day of gas from its Krishna Godavari basin fields. Of this over 13 mmscmd is currently being supplied to 15 units producing about 19.7 million tonnes a year of urea.
The company has achieved peak production rate of 80 mmscmd but had to scale back the output as its government-nominated customers were not drawing their allocated quota of gas.
Mukesh Ambani, the CMD of Reliance Industries Ltd., received the Penn Engineering Dean’s Medal here in Mumbai, India, on Friday, 8th January 2010. In a ceremony at the Trident Hotel he was honoured with the Dean’s Medal by Eduardo Glandt, Dean of Penn Engineering. The University of Pennsylvania has conferred this award on Mukesh Ambani for his visionary leadership in the application of engineering and technology for the betterment of society and mankind. The award is a testimony to this global visionary; who runs India’s biggest corporate house, Reliance Industries Ltd.
The keynote address for the event was made by Dean Glandt who introduced Mukesh Ambani warmly, in a well attended gathering in the Regal Room of the Trident Hotel. Amidst the attendees were industrialists, celebrities and the Indian media including Kumaramangalam Birla, Anand Mahindra and Sachin Tendulkar. In his speech Mr. Ambani announced the newest project of the Reliance Foundation – a university in India, to be headed by Mrs.Nita Ambani. He also expressed with much passion the requirement for a global paradigm shift to include a focus on real engineering instead of financial engineering in light of the recent economic crisis.
Mr. Mukesh Ambani has come a long way having started his corporate journey in 1981 when he joined his father, late Mr. Dhirubhai Ambani, the founding chairman of Reliance. He initiated Reliance’s vertical integration journey from textiles into polyester fibres and further into petrochemicals, petroleum refining and eventually oil and gas exploration and production. He then led the creation of 51 new, world-class manufacturing facilities encompassing diverse technologies that increased Reliance’s manufacturing capacities manifold.
The Jamnagar Refinery in Gujarat which is now the world’s largest grassroots petroleum refinery was the brainchild of Mukesh Ambani. Dhirubhai’s dream project Reliance Infocomm, which is now one of the largest telecommunications companies in India and has emerged as Reliance Communications Limited was also set up by Mukesh Ambani. He is currently steering Reliance’s development of a pan-India retail network, a transformational initiative connecting, rural and urban India.
In a recent study by the Harvard Business Review, Mukesh Ambani has been recognized as the fifth best CEO of the world in a review, which surveyed a total of 1,999 CEOs of large public traded companies across the globe. In the course of his career he has been conferred as many as 5 awards by NDTV, a leading news channel in India. He has also featured in the survey of ‘Top 50 Most Respected Business Leaders of the World’ conducted by PricewaterhouseCoopers in 2002 as well as 2004. At the global level Mukesh Ambani has been felicitated twice by the United States India Business Council. He is also the only Indian CEO to be invited thus far to become a Council Member of World Business Council for Sustainable Development (WBCSD) in July 2007.
