Reliance Industries profits soar

The company is owned by the Ambani brothers

Net profits at one of India's biggest companies, Reliance Industries, rose 20% last year to $2bn (£1.1bn).

Production of petrochemicals, oil and gas rose 6% and its exports of manufactured goods rose 28%.

The results come ahead of the stock market flotation of the group's subsidiary, Reliance Petroleum.

Reliance Industries is owned by two of India's leading businessmen, Mukesh and Anil Ambani, who have long been arguing over how to split the group.

The feud started in 2002 following the death of Dhirubhai Ambani, one of India's most famous entrepreneurs, who founded Reliance 46 years ago.

Positive response

The group's share price rose almost 3% following the release of the latest financial figures, though it soon slipped back to end the day up 1.91%.

"It has been a very good year in an extremely challenging environment," said chairman and managing director of Reliance Industries, Mukesh Ambani.

"What is even more gratifying is the growth in our profits from a little over $1bn to over $2bn in a span of just 24 months."

Reliance Industries was headed by the Ambani brothers until last year, when a dispute over ownership issues between the two led to a division in the company.

The older brother Mukesh currently controls the oil, gas and petrochemicals business while younger brother Anil has control of the telecom, electricity and finance arms of the group.