Reliance eyeing acquisitions, rural push
Reliance Industries Ltd plans to invest $8 billion to $9 billion over three to four years at its petrochemical and refining complex in Gujarat, Chairman Mukesh Ambani said on Friday.
Reliance, India's most valuable company with a market value of $97 billion, also sees acquisitions and initiatives in agriculture and rural areas as key growth drivers, Ambani told shareholders at the company's annual general meeting.
"Reliance is actively pursuing an acquisition mode of growth," he said, adding it was shifting strategy of building businesses from scratch as it faced intense competition, limited market opportunity and rapid changes in technology.
He said the company would extend its petrochemicals business to high growth markets such as Russia and Egypt.
Its subsidiary Reliance Petroleum Ltd's project to build a 580,000 barrels per day refinery (bpd) at the Jamnagar complex in Gujarat will be completed ahead of schedule by the end of next year, he said.
Ambani said Reliance Industries' paraxylene capacity would jump to 4.5 million tonnes a year from 1.9 million in two phases. Paraxylene is used to make polyester and plastics.
The company is spending about $5.2 billion to develop two gas fields off India's east coast to produce up to 80 million standard cubic metres of gas per day from the second half of 2008 through 2009.
"It (exploration and production) is set to fundamentally transform Reliance's earnings profile," Ambani said.
PROVEN RESERVES
He said the company's proven and probable reserves from its fields globally were about 4.4 billion barrels of oil equivalent and it had set a target of 10 billion.
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