Mukesh Ambani-spearheaded Reliance Industries, on Thursday said that its growth plans included greenfield investments and acquisitions besides adding 9 lakh tonnes per annum to its polypropylene capacity at its Jamnagar refinery.
We will consolidate our position by pursuing greenfield investments and acquisitions in the entire value chain, RIL`s chairman and managing director, Mukesh Ambani, told shareholders at the company`s annual general meet here.
The company will commission a 9,00,000-tonne per annum polypropylene facility this year at its new refinery in Jamnagar, making it the world`s third-largest producer.
The company`s new 2.5 million tonne per year paraxylene manufacturing facility in Jamnagar would provide a platform for growth in the polyester business in India and overseas, he said.
In September, Reliance acquired Malaysia-based Hualon Corp, thus increasing its polyester capacity by 25 per cent to 2.5-million tonnes per annum.
Today, Reliance is a formidable player in the polyester fibre and yarn business with a global marketshare of 7 per cent. “Our capacity is more than double the capacity of our nearest competitor globally,” Ambani said.
Reliance to explore alternative energy segment
“The second potential avenue for growth and transformation is in alternative energy,” RIL chairman Mukesh Ambani said during the company`s annual general meeting here.
“This is a natural extension of our conventional energy portfolio.”
He said further details would be shared “once the company has a concrete value creating plan in place”.
Ambani added Reliance would commission two very large projects in the second half of this financial year, a move that will enable the company to become major global energy player.
The two projects — New Jamnagar refinery and east-west pipeline project — are focused on the energy growth platform and would help transform the country`s energy security.
India needs energy security for sustaining its high growth and in the process reliance is poised for a historic leap, Ambani said.
“Reliance is all set to become one of the world`s leading energy giants from India`s number one company,” he added.
Source: Zee News