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Category: Business

Reliance facing crisis

Sandeep | 8 August 2006, 6:31pm

Reliance is facing the heat with growing world wide oil prices touching new highs. With our government subsidising the rates, it is becoming virtually impossible for Reliance to maintain such low prices and still earn profits. After investing 10,000 crores on the so called Reliance network of petrol pumps, the rising oil prices is a big blow for the ambitious business plan. Reliance Industries reportedly are incurring a 10 crore loss every day. Most of the 1500 Reliance pumps are running just 2 hours a day and the dealers are not able to repay the loans. With oil prices expected to reach 100 dollars a barrel expect the Reliance share prices to go down in the next quarter. All Stock holders beware of the results. It is not just Reliance but Essar oil company is also facing a crisis situation.

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