New Delhi: The Reliance Anil Dhirubhai Ambani Group, India's third-largest industrial empire, will traverse greater heights in the years to come, chairman Anil Ambani told his employees, thanking them all for their dedication and resilience.
"In less than five years of existence, and faced with formidable odds, we have created India's third largest business house on all key financial and operating parameters, with a leadership position across most of the business sectors and segments in which we operate," Ambani said.
"Knowing all of you as I do, I am confident that you will move ahead with even greater passion, resolve and commitment to take our young group to greater heights," he said in a letter to the million-strong group of employees and their families.
The 50-year-old industrialist said he was aware that many of the employees may have heard or read about different, and often conflicting, interpretations about the verdict delivered by the Supreme Court on the Reliance gas dispute.
"We respect the judgment and note that the Supreme Court has safeguarded the interests of over 2.5 million Reliance Natural Resource shareholders by laying down guidelines for an expeditious finalisation of the gas supply agreement," he said.
"We now look forward to an expeditious and successful renegotiation with Reliance Industries, within the stipulated period of six weeks, to secure gas supply for the group's power plants in line with the Supreme Court order."
Ambani said it was even more important today for the employees of his group to act in the best interests of its shareholders, and above all their country, as envisioned by the group's legendary founder Dhirubhai Ambani.
"My heartfelt thanks to each one of you - a one-million-strong group, comprising employees and members of their immediate families - for your unflinching support and commitment during this period."
Ambani said Reliance Power, one of the flagships of the group, was committed towards its gas-based power and will provide 8,000 mw of clean, green electricity, in line with the government's declared gas utilisation policy.
The policy lays down that consumption of natural gas for the power sector is amongst the highest priorities for the nation, second only to the fertiliser sector.
"Reliance Power is committed to emerging as India's largest private sector power producer, with fast-track execution of over 35,000 mw of greenfield power generation capacity."
He also assured that the group will continue to work towards the all-round development of the power sector in India.
"In the short history of the Reliance Anil Dhirubhai Ambani Group so far, we have repeatedly shown the resilience, will power, and inherent strength of character, to grow in the face of multiple challenges."
Referring to the Supreme Court's verdict, Ambani noted that the petition filed by Reliance Natural Resources was not only held maintainable, orders were also served with powers to modify the gas supply arrangement with his older brother's Reliance Industries and make it workable.
He said the court also held that the family memorandum of understanding signed June 18, 2005 will form the backdrop and remain the "guiding force" of such a scheme of gas supply arrangement, including the obligation of Reliance industries to supply gas.
"The gas supply arrangements need to be suitable not only to Reliance Industries, but also the shareholders of Reliance Natural Resources."
First Published: Monday, May 10, 2010, 22:45