New Delhi: India’s largest conglomerate Reliance Industries said on 24 February said that it will build a $3 bn (Rs13270 crore) petrochemical factory in Western Gujarat .
The plant, which will make ethylene, propylene and other special derivative products, is expected to be operational by 2010-11 in Jamnagar town. It will have a capacity of 2 mn tonnes per year, the company said.
Reliance Industries Limited also has a refinery in Jamnagar, where it produces 33 mn tonnes a year of refined products viz. petrol, diesel, kerosene and liquefied petroleum gas and petrochemicals.
The company’s board approved a preferential allotment of 120 mn warrants to its promoters to raise further equity.
The board also cleared the company’s earlier decision to raise $2 bn from overseas markets to finance a capital expenditure plan for its oil and gas business.
Reliance has dominated India’s economy for decades with activities in petrochemicals, oil and gas, refining, power, insurance and telecommunications.