India's Reliance to set up petchem unit

The board of Reliance Industries Ltd. approved a plan to set up a new petrochemicals unit and issue 120 million warrants to its owners to expand its equity base. Reliance Industries is the world’s top maker of polyester yarn and fiber and also runs a 660,000-barrel-per-day refinery in the western Indian state of Gujarat. After the conversion, it would increase the firm’s paid-up capital to Rs15.13 billion (US$343.16 million) from Rs13.93 billion (US$315.94 million), the statement said. (February 26, 2007)