Reliance Industries Ltd.

Reliance Industries (RIL) is keen on buying Cairn India's Rajasthan crude oil for processing at its only- for-exports Jamnagar refinery in Gujarat and has approached the government for its approval for the same.

Currently, RIL purchases 80,000 barrels per day (bpd) or 4 million tonnes a year crude from Rajasthan, that it processes at its old 33 million tonnes a year domestic tariff area (DTA) refinery on the West Coast. It has now applied to the government to buy another 30,000 bpd of Cairn crude for turning it into fuel at its 29 million tonnes SEZ (Special Economic Zone) refinery adjacent to the old unit.

The company's net profit declined by 13.6% to Rs 4,440 crore for the quarter ended December 31, 2011, from Rs 5,136 crore in the corresponding year-ago quarter. Turnover rose by 42.39% to Rs 85,135 crore for the quarter under review from Rs 59,789 crore for the same quarter last year.