Addressing the company's 7th annual general meeting in Jamnagar on Saturday, Ambani disclosed that after commissioning of the mega refinery, which is scheduled for the second half of 1999, RPL will generate revenues in excess of Rs 25,000 crore every year.

The fully integrated complex, which includes an 18.5 million tonne petroleum refinery, a petrochemicals complex, power plant, and a captive port, has already completed over 97 per cent of the overall engineering project, with over half a million man-hours of work put in every day. Ambani said import substitution by rpl's products would save valuable foreign exchange of over Rs 6,000 crore annually apart from contribution of an equal amount to the exchequer by way of varioustaxes.

The chairman said that given RPL's global competitiveness and world class operations, the company would generate substantial value for all its shareholders in the future. Procurement and deliveries of all super over dimensional consignments (ODC) have been completed, and all bulk deliveries are nearing completion. In the area of construction, the majority of civil construction works have already been completed. The company has already completed work on over 86 per cent of the concreting assignments. The project management team at the Jamnagar project has a strength of 4,500 people, while around 60,000 labourers are deployed at the site.

In the crude/hydrotreating complex, major underground works have been completed. Structural erection work is at its peak.