Reliance Industries (RIL), one of the major diversified companies, has reportedly received approval from the Ministry of Environment & Forests (MoEF) to drill eight additional exploratory wells in Tamil Nadu. It is a conditional approval as the Ministry listed several conditions in the order. The company is planning to invest about Rs 800 crore to drill these new wells.
RIL has been awarded exploratory rights for hydrocarbons prospecting in the DY-III-D5 offshore block under the New Exploration Licensing Policy-III. The Block is located in the Bay of Bengal off the east coast of India between Puducherry and Karaikal off Tamil Nadu.
Reliance Industries has businesses across India, engaged in energy, petrochemicals, textiles, natural resources, retail and telecommunications. It is India’s largest private sector company, with a consolidated turnover of Rs 296,091 crore, cash profit of Rs 40,737 crore and net profit of Rs 27,630 crore for the year ended March 31, 2016.
