Reliance and GAIL sign deal to set up overseas petrochem plants

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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