Reliance Industries Limited to begin expansion of petrochemical plants in India
Reliance Industries Limited (RIL) announced plans to set up a petrochemicals plant project expansion in India at the cost of US$400 million. The project will look at setting up petrochemical units, a gasification plant and refinery off-gas cracker, among others. The Mukesh Ambani-led group has cited plans for expanding its Jamnagar facility so as to double its petrochemicals production within the coming years. The Jamnagar phase three expansion project, popularly called as the J-3 mega petrochemicals project, is the latest of the ambitious plans RIL has in store as it looks at advancing its position in the global market. Reliance Industries has approached Italy-based insurance and finance group SACE Spa, which has guaranteed a US$400 million equivalent loan for the expansion and upgrading of its petrochemical plants. The announcement of this latest undertaking was made at the signing ceremony hosted at SACE’s headquarters in Rome, Italy. Commenting on the occasion, Alessandro Castellano, SACE CEO, said, “SACE’s guarantee is both a relevant growth catalyst and an important leverage for the competitiveness of Italian exporters, along with quality and price of products. The deal confirms our partnership with a key global player like Reliance Industries and paves the way for a further promotion of trade-related business between Indian and Italian companies, particularly the large number of small and medium-sized enterprises operating in the country.” Reliance Industries Limited is the flagship company of Reliance Group, India’s largest private sector enterprise, which has businesses in the energy and materials value chain. Reliance Industries is a Fortune Global 500 company. (February 2, 2012)
