Reliance Industries Ltd.

Giving into Oil Ministry's demand, Reliance Industries has agreed to share the KG-D6 accounts with the national auditor under the terms of the production sharing contract (PSC), ahead of a crucial meeting of the block's management committee, as mentioned in a media report. Oil Minister Jaipal Reddy assured that the government would speed up approvals for various proposals in four blocks if the company would provide its KG-D6 block audited accounts data for last month.

The management committee (MC) of Reliance Industries' KG-D6 would meet on Tuesday to consider declaration of commerciality of the D29, D30 and D31 discoveries in the KG-D6 block, which were submitted for government's approval in February 2010.

On the standalone basis, the company has posted a fall of 20.98% in its net profit at Rs 4473.0 crore for the quarter ended June 30, 2012 as compared to Rs 5661.0 crore for the same quarter in the previous year.  However, total income has increased by 14.23% at Rs 93779.0 crore for quarter under review as compared to Rs 82096.0 crore for the quarter ended June 30, 2011.

The Reliance Group, founded by Dhirubhai H. Ambani, is India's largest private sector enterprise, with businesses in the energy and materials value chain. Group's annual revenues are in excess of $ 30 billion. The flagship company, Reliance Industries, is a Fortune Global 500 company and is the largest private sector company in India.