IOC poses a polymer challenge to RIL

Indian Oil Corp. (IOC) is coming up as a strong competitor to India’s largest petrochemical producer, Reliance Industries Ltd (RIL), especially in polymers. IOC is working on a strategy to add more value to naphtha produced from its refineries instead of dumping the liquid fuel in the market. RIL currently holds 75-80% of the polymer market in the country and has the power to set prices. However, this scenario could change soon, with IOC marking its big-bang entry into the polymer business by commissioning the country’s largest naphtha cracker project at Panipat last march. (May 10, 2010)