No Objection to CAG Audit : Reliance Industries

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INDIACSR News Network

MUMBAI:  Reliance Industries Limited (RIL),  India’s largest private sector company  today said that it has no objection to CAG Audit. “RIL has at no time contested the Government’s right to conduct an audit by any agency, including the CAG as provided in Section 1.9 of the Accounting Procedure of the PSC. “ RIL said in the statement .

“At all times RIL has fully co-operated with any auditor appointed by the Government including in several cases where the Government had already exercised its audit rights earlier or where such audit was beyond the period stipulated in the PSC.”, company added.

“We are private operators functioning under a PSC. We have seen press statement made by the CAG as reported by the media. We appreciate the fact that the CAG is in agreement that it does not conduct performance audit of private operators and expect that no such performance related audit issues applicable to the Government will be applied to any such audit. As always RIL is fully confident of its technical capabilities and welcomes comments on operational matters if such comments come from experts having the requisite knowledge of the complexities of deep water operations in Oil and Gas sector.” RIL said.

Reliance Industries Limited (RIL) is India’s largest private sector company on all major financial parameters with a turnover of INR 339,792 crore (US$ 66.8 billion), cash profit of INR 31,994 crore (US$ 6.3 billion) and net profit of INR 20,040 crore (US$ 3.9 billion) as of March 31, 2012.

RIL is the first private sector company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Corporations’ and ‘World’s Top 100 companies’, ranking 99th in terms of revenues and 130th in terms of profits in 2012. RIL ranks 68th in the Financial ‘Times FT Global 500’ list of the world’s largest companies. RIL is ranked amongst the ’50 Most Innovative Companies – 2010′ in the World in a survey conducted by the US financial publication – Business Week in collaboration with the Boston Consulting Group (BCG). In 2010, BCG also ranked RIL as the second highest ‘Sustainable Value Creators’ for creating the most shareholder value over the decade in the world.

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