The Ambanis had in the past couple of months reportedly acquired about 2.1 crore shares from the market (via the creeping acquisition route), taking their holding to 40 per cent from 38.30 per cent at the end of March 2000.Ambani also said that RIL promoters control voting rights, of seven per cent, for the company's GDR. The Ambanis hence effectively control 51 per cent of the voting rights of RIL's outstanding equity.

Ambani also said that Reliance had made a total investment of nearly Rs 800 crore taking its holding in BSES to 26.68 per cent following the closure of the open offer. The investment has been funded via internal accruals. The BSES acquisition is expected to add Rs 100 crore to RIL's income statement, he said. Reliance also plans to consolidate the BSES financials from the current financial year on the equity accounting method.

Similarly, RIL will also consolidate Reliance Petroleum's financials under the equity accounting method, a move that will fully reflect the value of RIL's investment in RPL. On the group's interest in Indian Petrochemical Corporation (IPCL), he said that the last communication from the government on this was received in October 1999. Reliance and the IOC-Chatterjee combine are believed to be the only players in the fray for IPCL. Ambani, however, did not rule out Reliance's interest in Hindustan Organic Chemicals and maintained that the group will "look at whatever creates value" for it.

The Cabinet Committee on Disinvestment had on June 23 recommended a 33 per cent dilution in the government holding in HOC which is presently 58.61 per cent.

Ambani also said that the Reliance group planned to enter both the general and life insurance segments, adding that health insurance also formed part of the overall strategy. Other areas that are being closely studied include biotechnology, though Ambani did not elaborate on this.