Reliance is expanding building up the largest refinery complex of the world at Jamnagar. In 2 years the refining should be up in full swing. I believe that investing in the company would be a wise decision. I today purchased 20k worth of shares myself.
Reliance invested in the company at 60/- a year ago. (and the IPO was also at the same price) So 65 is actually a good price.
With the crude price sky rocketing, the only way to keep the margins high is to process the crudest oil. The oil which no other refinery will accept is always available at throw away prices. Employing the latest technologies and due to the colossal size RPL has an undue advantage in processing such oil.
As the oil reserves gets depleted and prices rise, more and more poor quality crude wells would be drilled and they need refineries like Reliance to process.
Reliance has a good track record of thinking big, executing on schedule. They do shady deals, but they are known to share the profits with the shareholders.
1)India is completely dependent on imports for majority of its oil needs.
2)The pricing on Kerosene, LPG and the cross-subsidies might make private refineries to look for export market (Read higher transport cost)
3)There is a 2 years of waiting period before revenue starts coming.
4)Stock Market is at Peak. So have a long patience (Read next summer)