Reliance Industries Ltd to strengthen plastics business with new integrated cracker

20-Jun-14

The CMD of Reliance Industries Ltd (RIL) informed the shareholders at the company's 40th AGM that RIL plans to invest Rs 1.8 lakh crore (US$30 billion) across businesses- petrochemicals, refining, retail and telecom - in this current three years’ investment cycle. Stressing that petrochemicals business will benefit from the highest allocation of capital among its three energy businesses, Ambani said that will strengthen its plastics business by building a new integrated cracker capacity, which would rank among the most competitive being built anywhere in the world this decade. Through feedstock integration and operating efficiencies, Reliance Industries aims to compete effectively with new capacities in both North America and the Middle East. “We will also add to the aromatics chain by upgrading refinery light-ends into new paraxylene facility and alongside commission downstream PTA and polyester capacity. We are also building a new business in rubbers capitalising on feedstock integration and rapidly growing domestic markets,” Ambani added. The investment in petrochemical business will be targeted at adding value to the refinery streams and feedstock and will be focussed on the growth potential of the Indian market.