Ambani expands RIL's polyester and PP horizons

12 June 2008 10:52  [Source: ICIS news]

MUMBAI (ICIS news)--India’s Reliance Industries Limited (RIL) plans to consolidate its position as a major polyester producer by pursuing greenfield investments and acquisitions in the entire value chain, chairman Mukesh Ambani said on Thursday.

"The company is committed to building its polyester growth platform," he said at the firm's annual general meeting, adding that RIL accounts for a 7% global market share in the polyester, fibre and yarn business.

Ambani said Reliance's polyester capacity rose 25% to 2.5m tonnes/year after it bought the assets of Malaysian polyester maker Hualon Corp last year.

He also said that on commissioning of its 900,000 tonne/year polypropylene (PP) plant in Jamnagar, the company would become the world’s third largest PP producer in the world.

“The petrochemicals business would be driven by new capacities that RIL would be bringing on stream in the context of buoyancy in demand,” he added.

Shares of the company were down 0.69% to Indian rupees (Rs) 2,244 ($52.54) at 9:14 GMT on the Bombay Stock Exchange.

($1 = Rs42.71)

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By: Isha Jha
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