News: Reliance Ind to invest $15 b in Gujarat

(RTR 12/01/2007) Ahmedabad - Reliance Industries Ltd. plans to invest Rs 67000 crore ($15 billion) in creating energy infrastructure in the state of Gujarat, its chief, Mukesh Ambani, said on Friday.

Ambani said in addition to a $6 billion refinery, already under construction in a special economic zone in the state, Reliance would set up a polypropylene plant, and a coal and lignite gasification project.

There would also be a port, city gas distribution projects and a natural gas pipeline.

Reliance, which is also the world's top polyester producer, is setting up a 540,000 barrel per day (bpd) refinery through its subsidiary Reliance Petroleum Ltd. next to an existing 660,000-bpd unit in Gujarat's Jamnagar. "Apart from this, we intend to firm up our initiatives in agriculture and farming," Ambani said at an annual investors meet organised by the Gujarat government.

Shares in the company closed 3.5 per cent higher at Rs 1,340.10 in a strong Mumbai market.

"Reliance's investment in Gujarat alone will generate direct and indirect employment opportunities for approximately 200,000 people," Ambani said.

Reliance has a market cap of nearly $ 40 billion.