Reliance Petro capex Rs 21,975cr till Sept

Reliance Petroleum has utilised Rs 21,975 crore as on September 30, 2007 as against a projected utilisation of Rs 16,974 crore as stated in the IPO prospectus dated April 28, 2006.

The audit committee of the company, which met today, said variation is mainly due to payments in advance under project contracts for continued efficient and speedy implementation of the project.

According to a release issued by RPL to the BSE today, based on the progress made till date, the project is expected to be completed ahead of December 2008.

The company is putting up a Rs 27,000 crore export-oriented refinery at Jamnagar.