Reliance to invest $12 bn in chemicals business: report

Reliance to invest $12 bn in chemicals business: report
Reliance Industries Chairman Mukesh Ambani, reported that the company would be making an investment up to USD 12 billion in the chemicals business to capture the market for hygiene and healthcare products and is eyeing to develop a new rubber business.

He also added, "We will make RIL one of the world's largest players in rubber as the whole tyre industry moves to Asia". Ambani reported that in the next 10 years automobile growth will be largely in areas like China, India and Asia.

Meanwhile, the company is also confident that the gas output will be enhanced at its key block off India's east coast. However, India's upstream regulator has reported that the gas production from Reliance's KG-D6 field had declined and for improving output the company will be drilling 11 new wells by April 1, 2012.

Read more about: ril, oil and gas, bse, nse
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