OREANDA-NEWS. Reliance Industries Limited (RIL) today reported its financial performance for the quarter / nine months ended 31st December, 2014. Highlights of the un-audited financial results as compared to the previous year are:

Corporate Highlights For The Quarter (3Q FY15)

In December 2014, RIL signed a shipping deal with one of the world's largest and reputed shipping companies MITSUI O.S.K. LINES, LTD ("MOL") for transporting Liquefied Ethane from North America to India. MOL will supervise the construction of six Very Large Ethane Carriers (VLECs), ordered by Reliance. MOL will also operate and manage the vessels after they are built and delivered. RIL, with this strategic tie-up with MOL, has achieved a key milestone for the successful implementation of Ethane import project to feed crackers in India.

In December 2014, RIL and Shandong Ruyi Science and Technology Group Co. Ltd, China ("Ruyi") (through its wholly owned subsidiary), have executed definitive agreements for a joint venture in textile business. As per the definitive agreements, RIL will transfer its existing textile business into a newly incorporated company ("JV"), for which RIL will receive cash consideration. RIL will own a majority 51% in the proposed JV, with the balance 49% owned by Ruyi. The proposed transaction is subject to obtaining requisite approvals.

In December 2014, RIL and the Mexican State Owned Company, Petroleos Mexicanos ("PEMEX") have entered into a Memorandum of Understanding (MOU). As per the MOU, RIL will cooperate with PEMEX for assessment of potential upstream oil and gas business opportunities in Mexico and jointly evaluate value added opportunities in International Markets.

In November 2014, Reliance Jio Infocomm Limited ("RJIL"), a subsidiary of RIL has signed a USD 1.5 Billion Syndicated Term Loan facility aggregating to USD 1.5 Billion (the "Facility"). The facility is guaranteed by RIL and will be used to refinance the syndicated term loan facilities aggregating to USD 1.5 Billion tied up by RJIL in 2010.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "Our focus on operational efficiency and the superior configuration of assets helped us deliver an industry-leading performance in the refining and petrochemicals business despite sharp decline in crude and feedstock prices. The performance also highlights the robustness of our risk management and proficiency of people and processes across the integrated chain. We continued to advance our refining and petrochemicals business capital investments, which will come to fruition over the next 4-6 quarters. These investments demonstrate our commitment to creating value through the business cycle. During the quarter, Reliance Retail registered Y-o-Y growth of 19% in turnover with improved margins and profitability".