Reliance Industries has formed Reliance Petroleum Ltd., a 100% subsidiary of the company. Mukesh Ambani plans to revive Reliance Petroleum after a gap of almost 13 years as part of the planned mega IPO to part finance its new refinery and petrochemicals project at Jamnagar. Reliance Petroleum would be entering the capital market with its Initial Public Offering (IPO) in the first half of FY 07 to raise US$1.1-1.3bn (Rs50bn to Rs60bn).
Reliance Petroleum is to set up an export oriented Refinery (27 MMTPA) and Polypropylene Plant (1 MMTPA) in a Special Economic Zone (SEZ) in Jamnagar at an estimated cost of US$6bn (approximately Rs 270bn). The project is to be funded by debt of US$3.5bn (about Rs160bn) and equity of US$2.5bn (about Rs110bn).
24-Jan-06 
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