'East Coast of India will be oil-rich zone'

Can do what Gulf of Mexico did for the US: Mukesh Ambani.

Mukesh Ambani, the chairman of Reliance Industries Ltd, feels India's east coast can do to the country's fortunes what the Gulf of Mexico did to the US "" it never looked back after companies struck oil there.

"In the future, the east coast of India will be an oil rich zone which can be compared with the Gulf of Mexico. This is fundamentally good for India and, therefore, it is equally good for Reliance," Ambani said today during the Indian Institute of Management, Ahmedabad function "Confluence 2005".

Reliance had, a few years ago, discovered large reserves of gas in the Krishna Godavari Basin in the east coast. "We explore at a depth of 6000 feet today which was till recently considered a monopoly of just four or five global oil majors," Ambani said.

Ambani also sent out clear signals about the group's intentions to push aggressively into biotechnology and agriculture in the near future.

"Biotechnology and genome research are going to be the next big thing," he said, adding: "With the development of bio-sciences and life sciences clubbed with IT, genetics and genome are redefining life and will have a sure-shot impact on human civilisations, which should be very well perceived as future business opportunities and every one of us will have to manage this change."

Ambani has already made a beginning in the field. Reliance Life Sciences Pvt Ltd, incorporated in January 2001, is scouting for business opportunities in the domains of medical biotechnology, plant biotechnology, industrial biotechnology, contract research and clinical trials.

Touching upon agriculture, Ambani said, "In India, agriculture is going to emerge as the biggest area of opportunities for business. The channels in the sector will be reorganised. It will be supported by technological tools such as information technology and bioscience and biotechnology. I believe agriculture is going to be the biggest industry for India."

Reliance has started toying with the idea of growing fruits, vegetables and other plants such as aloe vera near Jamnagar. Last summer, the company had launched mangoes in the market under the brand RIM Mangoes.

Talking about growth centres of the future, Ambani said, "Put together, USA, Japan and Europe are currently clocking a growth of 4.5 per cent, which is likely to fall to 1-1.5 per cent in the next two decades. That's the time when India will start reaping the fruits of globalisation as people across the world will demand more and more from India."

Despite handing over the group's telecom business to younger brother Anil in a family settlement a few months back, Ambani did not fail to highlight the rapid strides made by the country in the sector.

"From five million, we have become a nation of 75 million cell-phone users to which every month at least 2 to 2.5 million users are added. We have leapfrogged from a nation of no-phones to one of mobile phones. And we firmly believe that what is good for India, is good for Reliance."