In an obvious dig at Anil Ambani group firm RNRL, Mukesh Ambani has said RIL, as a "responsible corporate citizen", has refrained from reacting to the media propaganda on the gas dispute.
"We would like to assure all our stakeholders that our objective is to act in a manner that is fully in consonance with our respect for the law and is protective of the national interests," the industrialist told in his annual letter to RIL shareholders.
The company's annual report for 2008-09 quoted Ambani's letter to shareholders, but it did not name as to who was behind the media campaign.
Anil Ambani group had in August this year launched a five-part advertising campaign in a number of national dailies, wherein it had alleged a nexus between the Petroleum Ministry and RIL to undermine the interests of RNRL.
"As a responsible corporate citizen, RIL has chosen to refrain from reacting to the propaganda in the national media with regards to the KG-D6 gas court case," RIL Chairman and Managing Director Mukesh Ambani noted in the letter.
RIL and RNRL are locked in a long-running legal battle over supply of gas from the Mukesh Ambani-led firm's KG-D6 fields to the Anil Ambani group firm. The Supreme Court began hearings yesterday on the case, in which the two parties have cross-appeals related to a June 15 Bombay High Court ruling.
In his letter, Mukesh said: "This has been a truly transformational year at RIL. The successful commissioning of the KG-D6 oil and gas production fields and the safe start-up of the world-class, complex refinery in the Special Economic Zone at Jamnagar catapults RIL into the league of integrated energy companies globally.
"... RIL is set to radically change India's energy landscape. Gas production from KG-D6 will double India's indigenous production while the new refinery will make India a major supplier of 'green-fuels' to the world," he added.
"We had committed to reward our shareholders on the successful completion of our two world class projects," Ambani said, adding that the board has proposed bonus shares and dividend for shareholders.
"The year 2008-09 was undoubtedly one of the most challenging periods in recent history. The credit crisis, heightened volatility in commodity prices and an economic meltdown led to unprecedented turbulence that impacted individuals and businesses alike the world over....
"Your company responded to these challenges in a timely manner and delivered record revenues and net profits. We focused on improving efficiency, leveraging on the quality of our assets and remaining nimble.
"The world is expected to need about 50 per cent more energy in 2030 than it does today. The ongoing evolution in environment concerns will necessitate thrust on 'green fuels', which will further enhance the strength of modern energy companies like RIL," he said.