Reliance and GAIL sign deal to set up overseas petrochem plants

05-Dec-07
Reliance Industries and India's state owned gas transporter GAIL (India) Ltd. have signed an initial deal to jointly set up petrochemicals plants overseas, to be executed through a special purpose vehicle. The two companies have set up a working group to examine prospects in and study opportunities for setting up projects in countries that were rich in petrochem feedstock - the Middle East, Russia and other countries, as well as for cooperation in the local market. This agreement will enable the two to partner and explore opportunities globally on a competitive scale for the petrochemicals business which will further strengthen India's position on the global map.
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