RIL declines after announcing separation with IL&FS on MET project

Reliance Industries (RIL) fell 0.53% to Rs 1,025.50 at 10:35 IST on BSE after the company announced mutual separation on agreement for strategic pact between its wholly owned subsidiary and IL&FS to co-promote the MET project.

The announcement was made before market hours today, 4 September 2014.

Meanwhile, the BSE Sensex was down 118.42 points, or 0.44%, to 27,021.62.

On BSE, so far 52,762 shares were traded in the counter, compared with an average volume of 3.45 lakh shares in the past one quarter.

The stock hit a high of Rs 1,033.55 and a low of Rs 1,022.60 so far during the day. The stock hit a 52-week high of Rs 1,142.50 on 16 May 2014. The stock hit a 52-week low of Rs 794 on 28 February 2014.

The large-cap company has an equity capital of Rs 3233.91 crore. Face value per share is Rs 10.

The company announced mutual and amicable separation in the agreement for strategic partnership between Reliance Ventures (RVL), a wholly owned subsidiary of RIL and Infrastructure Leasing and Financial Services (IL&FS) to co-promote the model economic township (MET) project of Reliance Haryana SEZ (RHSL) at Jhajjar, Haryana. The MET project is being developed by RHSL, a wholly owned subsidiary of RVL, in the industrial model township framework. IL&FS became a strategic partner in this project in January 2011.

The MET project will continue to be developed in the industrial model township framework on the directly purchased land. Development work has been started over 290 acres of land as an industrial colony, RIL said. Some Japanese majors have established their manufacturing units in the MET project, RIL said in a statement.

On a consolidated basis, RIL's net profit rose 13.7% to Rs 5957 crore on 7.2% growth in revenue to Rs 107905 crore in Q1 June 2014 over Q1 June 2013.

RIL's activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles, retail and broadband services.

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