TERM PAPER ON
FAILURE OF RELIANCE PETROLEUM
SUBMITTED TO:
SUBMITTED BY:
Mr. Prince Vohra
Reg no. 11002347 Roll no. B39
ACKNOWLEDGEMENT I am thankful to Mr. Prince Vohra who provided me with the opportunity and guided me in successful completion of my term paper. Under her valuable guidance, constant interest and encouragement, who have devoted their ever-precious time from their busy schedule and helped me in completing the term paper. Special, Special, continual assistance while completing the term paper was provided by the friends. I wish to acknowledge my special thanks to them for their help and cooperation in order to complete this project. I am also thankful to those who have helped me intellectually in preparation of this term paper directly or indirectly. indirectly. I am deeply indebted to the various sources of information information from relevant sites from internet and books.
TABLE OF CONTENTS SR. NO.
PARTICULARS
PAGE NO.
1.
About the company
4
2.
Mission statement ,goals and company’s info
5-6
3.
RIL’s SEZ refinery
7-8
4.
Performance review
9
5.
Review of literature
10-12
6.
Objectives and opportunities
13
7.
Advantages in India and growth strategy
14
8.
Threats and shut down of retail outlets
15
9.
Breaking up in 2006
16-17
10. Several risks in RPL
18
11. Abstraction of study
19
12. Conclusion
20
13. References
21-22
About the Company: RELIANCE PETROLEUM LIMITED (RPL)
1991, Reliance industries set up a new subsidiary, Reliance Refineries Private Ltd. The subsidiary later changed its name to Reliance Petroleum Limited, and in 1993 launched a public offering, which at that time was India's largest ever IPO. Reliance continued to pioneer financing channels in India. In 1993, for example, the company became the first Indian company to raise capital on the foreign market, through a Global Depositary Depositary Receipt(GDR) Receipt (GDR) issue in Luxembourg. The company completed a second successful GDR issue in 1994. The company used the new capital in part to expand its petrochemicals petrochemicals wing, building the world's largest multi-feed cracker at the Hazira site. The company also added production plants for monoethylene glycol, polyethylene, and purified terephthalic acid. The new units launched production in 1998. Reliance's opportunity for entry into petroleum refining came in 1997, when when the India Indian n oil oil indust industry ry reache reached d a stat statee of near near coll collaps apse. e. Unabl Unablee to fund fund furthe further r explor explorat ation ion opera operati tions ons,, and and lacki lacking ng the the capit capital al to expand expand its its exist existing ing produc producti tion, on, the government was forced to liberalize the sector. In that year, Reliance announced a plan to build one of the world's largest and most modern petroleum refining complexes complexes in Jamnagar, Jamnagar, Gujarat, at a cost of some $6 billion. The government agreed to the plan, and granted the company the right to import petroleum directly, rather than going through Indian Oil, which helped Reliance greatly drive down operating costs. Const Construc ructe ted d in recor record d time time,, the Jamnag Jamnagar ar site site was was comm commiss issio ioned ned in 199 1999. 9. Th Thee site' site'ss production capacity was double that of any other Indian refinery and ranked among the top five in the world. The addition of the new facility also placed Reliance Reliance at the top rank of the country's private-sector companies. In 2002, Reliance Petroleum was merged into Reliance Industries, which then became one of the country's top three companies, including stateowned entities.
Mission Statement Refining Life Redefining Growth
Goal To harness an emerging value creation opportunity in the global refining sector.
Company’s info Employees: 12,540(in 2006-07)
Employee growth: 3.5%
Indi Indiaa and and Reli Relian ance ce Indu Indust stri ries es rely rely on each each othe other. r. Th Thee comp compan any y is Indi India' a'ss larg larges estt petrochemical firm and among the country's largest companies (along with the likes of Indian Oil and the Tata Group). Oil refining and the manufacture of polyolefins (polyethylene, polypropylene, PVC, etc.) account for nearly all of Reliance's sale
Principal Subsidiaries:
Reliance Industrial Investments and Holdings Ltd.; Reliance Infrastructure Limited; Reliance Middle Middle East East DMCC DMCC (U.A.E (U.A.E.); .); Relian Reliance ce Netherl Netherlands ands B.V.; B.V.; Relianc Reliancee Petrole Petroleum um Limited Limited;; Reliance Retail Limited; Reliance Strategic Investments Limited; Reliance UK Ltd. (50%); Reliance Ventures Ltd.
Principal Competitors: Competitors:
Indian Indian Oil Corpora Corporatio tion n Ltd.; Ltd.; Hindust Hindustan an Petrole Petroleum um Corporat Corporation ion Ltd.; Ltd.; Bharat Bharat Petrole Petroleum um Corpo Corporat ratio ion n Ltd. Ltd.;; Indian Indian Petr Petroch ochem emica icals ls Corpo Corporat ratio ion n Ltd. Ltd.;; Manga Mangalo lore re Refi Refiner nery y and Petrochemicals Ltd.; Kochi Refineries Ltd.; Chennai Petroleum Corporation Ltd.; Parker Agrochem Exports Ltd.
Management:
It is headed by Dhirubhai Ambani’s son, Chairman Mukesh Ambani.
Promoters:
Reliance Industries Limited (RIL) owns 70.38% & Chevron India owns 5% of the equity share capital.An offer in 2008 made to Chevron to increase its share in equity share capital further by 5%.
Corporate rankings:
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It featured in the Fortune Global 500 list of ‘World's Largest Corporations' for the fourth consecutive year.
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Ranked 269th in 2007 having moved up 73 places from last year.
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Featured as one of the world's Top 200 companies in terms of Profits.
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Featured among top 50 companies with the biggest increase in Revenues.
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In September,2008 September,2008 it was the only Indian Company which was featured in forbes top 100 list.
RIL’s SEZ Refinery RIL commissioned commissioned its new refinery in the SEZ at Jamnagar. This refinery has the capacity to process 580,000 barrels of crude oil per stream day. The facility also has the capacity to produce 0.9 million tonnes of polypropylene per annum. The new refinery is the sixth largest in the world and has a Nelson Complexity Index of 14.0, making Jamnagar the largest and most complex refinery site in the world. This refinery has more than 40 process units apart from a large network of off sites, utilities and other Infrastructure facilities. The SEZ refinery has a unique design and path breaking configuration with ‘Clean Fuels’ process plant. It is designed with high level of flexibility flexibility to change grades based on economy and to capture margins based on market dynamics. dynamics. The new SEZ refinery is the first refinery refinery in India to produce Euro-IV grades of gasoline and diesel. The refinery has been the first in India to produce large number of US grade gasoline such as R-BOB, R-BOB, RFG, US conventional, 95 Oxy-free and Ultra Low Sulphur Diesel (10 PPM Sulphur) which are being supplied to the US and European markets. The new refinery has some of the world’s largest units: •
FCC with Rx Cat technology for maximum propylene production
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Coker – with most advance safety features.
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Alkylation plant (based on Sulphuric acidtechnology)
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Light Cycle Oil (LCO) hydrocracker
The refinery complex is designed for total water conservation. It has its own desalination plant and carries out complete recycling of effluent with zero discharge. discharge. It has a state-of-thestate-of-theart centralised control centre, laboratory, fire station and a large green belt. The green belt has been developed across the boundary of the refinery and has got 2.3 million trees and 0.8 million mangroves. It has over 1 million mango trees – probably the largest mango plantation in Asia. It has been an exemplary, historical and a flawless start-up of a chain of plants in a safe, secure and an incident free manner. The activities were carried out in a seamless manner such that not even a single day was lost between construction completion and commissioning of
the refinery. All units were commissioned in shortest possible time schedule in spite of the tight interdependencies between various units.
The refinery attained a significant milestone by fully stabilizing the operations in a record time. All its process units have successfully demonstrated their ability tooperate smoothly and safely, safely, producing producing high quality quality transpo transportat rtation ion fuels. fuels. All key processing processing units units at the refinery are operating at their peak design capacity. The refinery has successfully processed more than 60 types of crude oils, including difficult crude oils within a few months of its start-up, thus reflecting superior quality of assets and capabilities. Viewed in the context of market conditions, this is a significant achievement and reflects RIL’s ability to produce and place high quality, value-added products in a challenging market environment.
Performance Review
The consoli consolidati dation on of Relian Reliance ce Petrole Petroleum um Limite Limited’s d’s refinin refining g assets assets with with RIL’s RIL’s existin existing g refinery in Jamnagar gives RIL a capacity of 1.24 MBPD, which is about 1.6% of the world’s refining capacity. What set RIL apart in the context of global refining is the complexity and the scale of its refineries. The two Jamnagar refineries that RIL operates are not only among the largest in the world, but also are the most complex, with an average complexity of more than 12.0 on the Nelson Complexity Index. Following the merger, RIL now owns 25% of the world’s most complex refining refining capacity and has become the world’s largest producer of ultra-clean ultra-clean fuels at a single location. To support India’s strong growth with a drop in global demand, RIL surrendered the Export Orientated Unit (EOU) status for its 660,000 barrels per day refinery. This has maintained high utilisation. Since inception a decade ago, RIL has been able to outperform the benchmark Singapore complex complex refining refining margin. margin. Margins have been compara comparable ble with with other other comple complex x refiners refiners globally and significantly higher than refiners in China, where margins are regulated by the Government. There are two ways in which RIL has been able to outperform the benchmark index. The complexity of the Jamnagar refineries allows the Company to process heavy and sour crude from all over the globe reducing its feed costs. RIL also has the ability to place products in the markets of Europe, Asia and USA to generate the best margins. RIL processed 60.9 million tonnes of crude and clocked an average utilisation of 98.3%, signifi significant cantly ly higher higher than than the average average utilisa utilisation tion rates rates for refineri refineries es globall globally. y. Exports Exports of refined products were at $ 20.9 billion. This accounted for 32.8 million tonnes of product as compared to 22.6 million tonnes in the previous year.
REVIEW OF LITERATURE , Economic times: RIL executes approximately 14,000 retail outlets. Many of them are bought from operating dealers and purchase PSUs (public sector units).RIL gained success in very little time in petroleum retail market and hold over 14 % of the market shares. But after sometimes they have to shut-down their petroleum retail outlets because of high rise in the prices of crude oil, government stops providing subsidies which leads to further increase in prices. prices. Government Government also refuses refuses to provide provide surviva survivall packages packages to the differen differentt refinery refinery companies. They have to sell their petrol and diesel at quite high prices as compared to government government prices. Sales volumes of RIL outlets fell significantly significantly after the price increase. About 50,000 customers switched to other dealers. Further difference in PSU and reliance prices has affected the operations and consequent revenues of the company.
Article (04 October 2010) : Reliance started its commercial production of oil from the wells of off the east coast in September 2008 with crude output of 34,041 barrels. But now daily production production is falling day by day. CNBC-TV18 reported reported also mentioned the meeting of reliance reliance with British petroleum to consider the factors that can help in exploring the capacity of reliance.
Article: All the petrol pumps established by reliance with a huge investment of Rs. 5.000 crore were closed in March 2008 just because of increase in the prices of crude oil and more prices as compared to PSU units. But the company is thinking to reopen the closed petrol pumps again in joint venture with state owned retailers like IOC, BPCL and HPCL.The main reason behind this joint venture is to jump the high crude prices and to share the subsidy burden and secondly it cannot supply fuel from its Jamnagar Jamnagar refineries as they have attained 100% EOU status. Meanwhile, Reliance has opened some outlets in Gujarat and Maharashtra by buying fuel from MRPL and Essar. It will help them to resume their business again and to earn revenues on the investments. ,
Reliance cannot Digital Inspiration: With Crude touching the $ 110 mark, it obivious that Reliance sell the petroleum products at a discounted price. As the prices in India are regulated by the Government, be it reliance or any other top class company cannot sell at a discounted price. It makes sense for the company to close down the retail outlets. As PSU companies will not increase the petrol prices as this is the Election year. Some resolution need to be found out by Government and because as Reliance closing of so many petrol pumps it will create huge unemployment unemployment in the country which will further create a serious problem. So reliance reliance should open their petrol pumps in rich areas as south Delhi and south Mumbai where customers with BMW and Mercedes Mercedes want pure oil for the engines engines of their cars. They do not want to have contaminated oil. So they easily pay high prices for the good fuel for their cars.
Ashu Mittal (Ramnagar (Nainital)): According to him PSUs were not able to compete with private players as reliance in petroleum sector because their quality was not up to them. But government wanted to reduce its fiscal deficit so they stopped proving subsidies and survivals to the private players. By denying support to private sector pumps, the government is forcing consumers to buy from PSU pumps only, if he/she is to avail the subsidy. Thus the advantage of subsidy is actually being snatched by Dealers of PSU pumps and the consumer has to be satisfied with quality & quantity, whatever is delivered. If this way, the government is not practicing restricted trade practices? The subsidies in fertilizer is given to all, whether private or PSU. Why same principal is not applicable to petroleum products? Moreover by closing the retail outlets by Reliance all its Dealers had become unemployed as the work they were doing to earn their livings had also gone due to bad govt. policies. This is not a good act by the Congress Govt. at the centre. People of this country are been forced to purchase bad quality/quantity quality/quantity of fuel from PSU's in this 21st century. Government should do something to motivate the private sector by bringing some policy to help private players in petro retail sector.
NK Srivastava (Haridwar) : In the failure of reliance petroleum political leaders also play a very important and active role as some of them are the members or owner of PSU petrol pumps directly or indirectly. indirectly. Many of the retail outlets of PSUs are owned by leaders of political parties directly or indirectly. This could be one of the reasons for political parties, not allowing level playing field to private sector retail outlets . The PSU pumps are not able to face the competition with private sector pumps and thus fear loss of commission. By denying support to private sector pumps , the government is forcing consumers to buy from PSU pumps only ,if he/she is to avail the subsidy. Thus the advantage of subsidy is actually being reaped by dealers of PSU pumps and the consumer has to be satisfied with quality & quantity, whatever is delivered. If this way, the government is not practicing restricted trade practices? The subsidies in fertilizer is given to all ,whether private or PSU. Why same principal is not applicable to Petroleum products?
Curt s. on 04.02.08 : According to him rising prices should not be the main reason to shut down the petroleum retail outlets. He does not consider the increasing prices for the problems of reliance. According to him , on the contrary, most oil companies around the world have achieved astonishingly high profits, measured in $billions, which were the highest in the history. And we also need to consider the fact, that all these companies are global corporations, which could create their balance sheets almost as they would have wished to look like and that the real profit was even much higher. Higher is the price of oil, higher is the absolute value of the commission – profit margin (not the percentage – this remains the same, or even lower, but absolute-overall value). We should not forget to mention, that there is also a substantial ‘income from financing’. Reliance is a multi million business – economy of large numbers – large scale economy, which is very different as any low scale retail business. He think Reliance failed because of: - bad strategic/corporate management and execution - bad financial management (currency prediction/trading, daily deposit trading, financial leveraging to lover overall costs) - bad cost control - maybe, even bad HR
Retail Reporter @ 8:33 AM : Reliance petroleum continue to sold its products at higher cost as compared to HPCL and BPCL. By doing this r etailers etailers have the option of suspending operations by getting a 12.5% PA return over investment on their deposits.RIL deposits.RIL promised to cover the differences in costs of reliance petroleum and government.
Objectives •
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Study of the reliance petroleum. Analyze the different reasons of failure of the company.
Opportunities By 2050, the world vehicle traffic is expected to triple and in two decades the air traffic is expected to double. With this expected increase in demand by 80% for petroleum and other products, the company is entering into the global market to prove itself. The present plant under completion in Jamnagar is located in a SEZ, the plant is 100% export oriented.
Creating additional refining capacity of about 110 million tonnes per annum during the near future will require an investment of over US $ 22 billion. With such phenomenal growth in this sector, there is ample scope and opportunity for the transfer of technologies required and export of capital goods, etc., to India. The technologies required will be for upgrading the bottom of the barrel and to meet the predominant demand for middle distillates and also to improve the quality of petroleum products petroleum products to make them environment-friendly and globally competitive. competitive. Most of the new refineries refineries will be located on the coasts while the major centers of demand for the petroleum products are in the inland locations, particularly in North/NorthWest regions. Therefore, Therefore, there are opportunities for building inland refineries in the country. Thee refi Th refine neri ries es in the the coun countr try y are are also also allo allowe wed d forw forwar ard d inte integr grat atio ion n in the the fiel fields ds of p petr etroch ochemi emica cals, ls, etc. etc.,, for bette betterr value value-ad -addit ditio ion, n, whic which h opens opens up anothe anotherr vast vast area area for for investment. India has a strong commitment to pursue an energy policy which will take due account of the environmental considerations. Accordingly, the country is adopting more environmentally benign measures with regard to usage and quality of fuels. Lead phasing-out & benzene benzene reduction reduction in gasoline gasoline,, sulphur sulphur reducti reduction on and cetane improve improvemen mentt of diesel diesel are amongst the prominent measures that are under implementation/consideration. Such quality
upgradation of fuels will call for adopting latest/state-of-the-art technology requiring huge investments of the order of US$ 2500 million by way of providing reformulated gasoline producing units, hydrocrackers, hydro - treaters, hydrodesulphurisers, etc.
Advantages in India: India has large reserve of trained and highly skilled manpower at a relatively much lower cost compared with advanced countries. Further, with a large population base and a currently very low per capita capita consump consumptio tion n of petroleu petroleum m product products, s, India India is amongst amongst the fast emergin emerging g markets. The country has also acquired enough experience in the installation and efficient operatio operation n of petroleu petroleum m refineri refineries es in the last 35 years. years. It is, therefore, therefore, considere considered d that the operating cost will be low and the value-addition in Indian refineries will be of a very high order and that the setting up of refineries in India for the domestic market as well as for exports would be economically attractive.
Growth Strategy The major elements of RPL's growth strategy for the future will be maximizing production from existin existing g assets, assets, enhancin enhancing g global global competit competitiven iveness, ess, entering entering the business business of retail retail marketing marketing of petroleum petroleum products in India, investing investing in pipeline distribution infrastructure infrastructure and accessing global markets. RPL is the first Indian company to offer an opportunity to all shareholders shareholders for participating participating in an international international offering of its shares. Capital cost per barrel produced is USD 10,000. When compared to the capital cost of other companies which is at USD 25,000 is very less and is promising for the investors to give better returns.
Threats:
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Cyclical industry Huge gestation period Growing market No control over raw material Global exposure
Shut Down of Retail Outlets •
Surging crude prices: prices : High crude prices led to weakening of product cracks and refining margins across regions. The industry also witnessed a sharp reduction in refining runs and operating rates in addition to prolonged maintenance maintenance shutdowns and permanent closures. It also witnessed the highest ever annual decline in oil demand.
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Government nt stops stops providin providing g subsidie subsidiess to the Absence Absence of governme government nt subsidies subsidies:: Governme private crude oil players. This leads to rise in the prices of oil of private players .On the other hand government provide some discounts on its own oil prices. So it became impossible for the private players to compete with government lower rates.
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Kept out of the ambit of the government-sponsored survival package: It has become unviable to transport fuel from depots to retail outlets as the throughput from retail outlets has almost become zero.
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Differential between private and public companies kept widening: It is because of oil oil bon bonds ds for state state-ow -owne ned d oil oil marke marketi ting ng firms firms and disco discount untss from from upstr upstrea eam m oil oil companies.
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RIL sells petrol and diesel at between Rs 6 and Rs 14 more than PSUs: At present, RIL sells petrol and diesel at between Rs 6 and Rs 14 more than PSUs. This drove away customers, forcing the pumps to go dry.
Breaking Up in 2006 Dhirubhai Ambani died in 2002, and the Ambani brothers took over as heads of the company. In that year, the company increased its dominance of the country's petrochemicals sector through its acquisition of main private-sector rival Indian Petrochemicals Corporation. Also in 2002, Reliance launched a diversification effort, targeting the telecommunications sector, especially the fast-growing cellular phone market. Reliance set up its own phone service, Reli Relianc ancee Info Info commu communic nicati ation, on, in that that year. year. Yet Yet the the petro petroleu leum m indust industry ry remai remained ned the company's major growth focus. In 1999, the Indian government auctioned off 25 blocks for exploration; exploration; bids were given in the form of royalty percentage percentage offers. Reliance won 12 of the blocks and promptly set in place its own team of exploration experts, backed by oilfield services from Halliburton Halliburton and Schlumberger. Schlumberger. Reliance's investment quickly paid off with the discovery of natural gas reserves estimated at some 14 trillion cubic feet, the largest natural gas field discovered in India in decades, in the Krishna-Godavari Basin in the Bay of Bengal. In 2004, the company struck again, locating a new gas field in the Bay of Bengal, off the Orissa Coast. Buoyed Buoyed by its successf successful ul explorat exploration ion efforts, efforts, Relianc Reliancee unveiled unveiled an ambiti ambitious ous expansio expansion n p prog rogra ram m for the the second second half half of the 2000s 2000s.. Th Thee compan company' y'ss plans plans inclu included ded a $6 billi billion on extension of the Jamnagar site, doubling it in size and making it the world's largest ans complex refinery refinery by 2009. The company also announced that it intended to spend $10 billion on further oil exploration efforts, targeting the international market. In this way, the company hoped to increase its production tenfold by the end of the century. At the other end of the petroleum petroleum market, the company launched a $1.5 billion expansion of its Reliance gas station chain, with the goal of 6,000 stations. The company also expanded internationally, becoming the world's leading manufacturer of polyester yarn with the acquisition of Germany's Trevira. In addition, the company boosted its telecommunications telecommunications wing, acquiring acquiring U.K.-based FLAG Telecom, an operator of a 50,000-kilometer underwater fiber-optic cable network.
In the meantime, rising tensions between Mukesh and Anil Ambani came to a head in late 2005, when a long-simmering disagreement over company strategy broke out into an open and highly publicized feud. In the end, a truce was brokered by the brothers' mother, who proposed a breakup of Reliance Industries into two roughly equal components. Mukesh Amban Ambanii rema remain ined ed as head head of the compa company ny's 's petro petroleu leum, m, petroc petrochem hemica ical, l, and texti textile less operations, and Anil Ambani regrouped the company's telecommunications, energy, capital finance, and other operations into a new company. The breakup of the company took place in 2006. As a result, Reliance Industries emerged as a focuse focused d and and highly highly integ integrat rated ed petro petroleu leum m and petro petroche chemi mical calss chall challeng enger er to the the globa globall heavyweights.
Retain Underperform on RPL Several risks in RPL
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Further weakening of refining margins after RPL start-up. RPL’s capacity is large enough to add 1% to global diesel and gasoline supply at full capacity There is a risk that minimum alternate alternate tax (MAT) may be imposed on units in special economic zones (SEZ) like RPL. If done it will mean RPL will have to pay tax at 11% despite the 5-year tax holiday. This will mean downside of 7- 8% to RPL’s FY10FY12E EPS Problems in stabilizing refinery. Track record of the Reliance group in implementing and commissioning projects is impeccable but problems can never be ruled out
Abstraction of study
Purpose: To properly examine the company, its earlier success, reasons for downfall, threats and opportunities and finally break up of company.
Research Methodology: As it is a Secondary research, it involves the summery, collection and synthesis of existing research where the data is collected from various websites of news papers, reliance industry and previous research reports. So, secondary research saves lots of time and money.
This is study study speci specifi fies es the reaso reasons ns of the fail failure ure of a reli relianc ancee petro petrole leum um and Findings: Th describes the impact of government policies on the company’s policies. It finds out reasons why reliance petroleum failed despite of the strong positions of reliance industries in India.
Limitations: Research only covers the some aspects of the study. Another limitation is the shortage of time to consider all the relevant topics of the study.
CONCLUSION Reliance petroleum opened its own retail outlets with a huge investments of Rs 5000 crore at various places across India. But suddenly it announced to close down all of its retail outlets. The main reason behind this was the lack of support from government. Government of India controls the prices of petrol and diesel in India. So, all the petroleum retail outlets have to sell their petroleum products at discounted prices. Government provides subsidies to the Public sector oil companies but it refused to provide subsidies to the reliance petroleum ltd. Even the biggest of the companies cannot sell their products at discounted rates because it is not possible to sell at losses at long term. So reliance petroleum had to close down its stores. Though it tried to open them again by trying to make a deal with IOC, BPCL and HPCL but the effort was not successful.
References •
http://www.scribd.com/doc/23835206/Reliance-petroleum
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http://www.scribd.com/doc/6655871/Reliance
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http://www.ril.com/html/business/refining_marketing.html
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http://www.metrojoint.com/blog_more/Reliance_Industries_to_shut_down_petrol_pu mps/pid/28666/userid/34445
http://www.domainb.com/companies/companies_r/Reliance_Industries/20101004_cru de_production.html
http://economictimes.indiatimes.com/Reliance_Industries_to_shut_its_retail_petrol_p umps/articleshow/2896626.cms
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http://www.labnol.org/india/corporate/reliance-industries-faces-further-front-endfailure-to-close-its-petroleum-retail-chain/2683/
http://www.labnol.org/india/corporate/subsidy-burden-prompts-reliance-to-sell pumps-to-govt-oil-companies/7987/
http://economictimes.indiatimes.com/News-by-Industry/RIL-may-sell-out-fuel pumps-to-IOC/articleshow/4269287.cms
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http://india.retailmantra.com/2006/09/ril-to-bail-to-out-reliance-petrol.html
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http://www.team-bhp.com/forum/shifting-gears/37419-reliance-shut-petrol pumps.html
http://projectsmonitor.com/MonthlyArchive.asp?Month=1&Year=2008
