New horizons for Indian chemical giant Reliance Industries : polyester and polypropylene

Fiscal year 2009-2010 will be the next big year for Reliance Industries, when new ventures will start  earning money. That's the promise of Mr Mukesh Ambani, chairman and general manager made to shareholders at the Reliance annual general meeting. Reliance's old businesses, which seems to have been forgotten in the retail blitz, are all set to come to the party, reports MoneyControl.

Mr Ambani mentioned a fundamental transformation in the polyester business, 25 years after it was started. Reliance is shifting focus from meeting the needs of the textile industry to also providing solutions to the packaging, paper and construction industries. A new range of technical and performance polyesters will be sourced mainly from in-house R&D.  

He also said, "Our aim is to sustain the global leadership position of Reliance in the polyester business, not only on manufacturing, but also on diversity in the end use sectors, geographic presence and product innovation."

On the petrochemicals front, polypropylene will be the focal point for Reliance. Once the second refinery at Jamnagar becomes operational in 2008, Mr Ambani said, his company would emerge as the fourth largest producer of polypropylene in the world, backed by a robust linkage with refinery C3 hydrocarbons feedstock.

A Reliance Industries' shareholder, Mr Chetan Damani said,  "Shareholders are very happy with all the announcements today."

© Eurasian chemical market, 2005-2023