The largest private group in India, Reliance Industries Ltd.(RIL) unleashed expansion plan worth Rs 49,000 crore. The plan also includes raising petroleum refining capacity at its Jamnagar plant at the cost of Rs 25,000 crore.
RIL Chairman, Mukesh Ambani proudly informed shareholders that after completion of expansion plan of the Jamnagar facility, it would become world's single largest oil refinery.
Ramping up of the crude output to 1.2 million barrels a day (bpd), primarily for exports, is likely to be completed by the second half of the financial year ending March 2009, he said.
Ambani added that the year-round gas production would start from the Krishna Godavari basin in the financial year 2009-10, which entails investment to the tune of Rs 17,600 crore in upstream oil and gas over the next few years.
RIL would also fund Rs 2,500 crore to set up new 280,000-tonne-per-year polypropylene plant, another Rs 3,000 crore would be funded to scale up the company's polyester production capacity with Rs 1,000 crore for Nocil and Dyechem facilities, Ambani said.
The company is likely to make the new plant fully functional by March 2006, and would increase polypropylene capacity to 1.43 million tons a year.
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