Reliance plans to expand polyester business, alternative energy growth

13-Jun-08

Reliance Industries plans to expand it polyester business by pursuing greenfield investment and acquisitions in the entire value chain. The company also seeks opportunities in alternative energy, extending its conventional energy portfolio and working on bio-fuels and solar strategy. Reliance's polyester capacity rose by 25% in the year to 2.5 mln tpa after it bought the assets of Malaysian polyester maker Hualon Corp last year. The company plans to focus on speciality polyester, looking for opportunities in automotive, medical and construction fields. Reliance Petroleum, a RIL subsidiary in which U.S major Chevron Corp has a 5% stake, is setting up a 580,000 bpd refinery at Reliance's Jamnagar complex in Gujarat. Together with Reliance Industries' adjacent 660,000 bpd refinery, the new unit will make the Jamnagar complex the world's biggest. Reliance is said to commence testing its new refinery in July and commission it in September.