Reliance Petroleum Updates on Project Status

Reliance Petroleum Ltd has announced that the Board of Directors of the Company at its meeting held on July 16, 2007, has approved the following disclosures, which were reviewed by the Audit Committee:

1. The status of the Project as on June 30, 2007 is in accordance with the major milestones stated in the Prospectus dated April 28, 2006.

2. The Company had raised Rs 8,100 crore through Initial Public Offering. As on June 30, 2007, the Company has utilised Rs 21,063 crore for the Project against a projected utilisation of funds of Rs 13,812 crore. The variation is mainly due to payments in advance under project contracts for continued efficient and speedy implementation of the Project. The progress of the Project implementation is satisfactory and the Project is expected to be commissioned by December 2008.

3. There were no investor complaints pending as on April 01, 2007. During the quarter, the Company received 211 complaints and resolved 208 complaints. 3 complaints which were outstanding as on June 30, 2007 were replied / resolved on the next working day.

Source : Equity Bulls

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