IOC GETS KEY SUPPLIER STATUS FROM RIL, ESSAR
Article Abstract:
India's only Fortune 500 company, the Rs59,176 crore Indian Oil Corporation (IOC) has been chosen as the most favoured supplier by Reliance Industries Ltd (RIL) and the Essar group. An agreement made by the two companies with IOC ensures that all petro-products for them will be sourced only from IOC, with matching specifications and at prevailing market prices. Both companies are developing refineries to add a capacity of 37 million tonnes. Their main requirement would be for naphtha, aviation turbine fuel and lubricants. Together, they have a turnover of Rs15,000 crore. The offtake of lubricants would particularly help IOC as lubricants contribute 35 percent to its profit, though the contribution to the volume is only 1.2 percent. IOC made a net profit of Rs1,706 crore in 1997-98 with lubricants adding on Rs597 crore. (nr)
Comment:
India's only Fortune 500 company, the Rs59,176 crore Indian Oil Corporation (IOC) has been chosen as the most favoured supplier by Reliance Industries Ltd (RIL) and the Essar group.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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DHIRUBHAI GETS WHARTON AWARD
Article Abstract:
Mr Dhirajlal Hirachand Ambani, popularly known as Dhirubhai Ambani, the chairman of Reliance Industries Ltd, has been awarded the Wharton School Dean's medal for his achievement and public service. Dean Thomas P Gerrity of Wharton School presented the award to Dhirubhai. Several industrialists, politicians, employees and film stars were present during the awards ceremony. Among other famous recipients of the Wharton award are Shimon Peres, foreign minister of Israel, and Fidel V Ramos, former President of the Philippines. (rk)
Comment:
Chauirman of this co is awarded the Wharton School Dean's medal for his achievement and public service
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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DHIRUBHAI IN ASIAWEEK HALL OF FAME
Article Abstract:
The chairman of Reliance Industries, Mr Dhirubhai Ambani has been nominated in the Asiaweek Business Hall of Fame in the October 16 issue of Asiaweek. The other businessmen who are honoured along with him include Yamauchi Hiroshi of Nintendo, JY Joe Pillai, Jaime Zobel de Alaya of the Philippines for 1998. The journal has described Mr Ambani as 'Mr Self Reliance'. (rk)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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