Reliance plans to double Jamnagar capacity, eyes overseas acquisition

18-Nov-09

Reliance Industries Ltd (RIL)is eyeing overseas acquisitions, aggressive exploration campaign and investments in petrochemicals to drive growth. The company aims to scale heights in its core business of conventional energy - petrochemicals, refining and oil and gas exploration, while it invests in new ventures like retailing and alternative energy. RIL plans to augment its petrochemical facilities at Jamnagar by adding 2 mln tpa of olefins and matching downstream capacities, almost doubling capacity from current levels. The recent economic slump has offered company the chances to optimise capital costs, schedules as well as implementation method for these projects. RIL is said to be looking at acquiring petrochemical and oil refining assets in the US and may also be looking at venturing into shale gas busines.