RIL to invest $9 billion in Jamnagar

Indias Reliance Industries (RIL) plans to invest US$8-9 billion over three to four years at its petrochemical and refinery complex in Gujarat and sees acquisitions and initiatives in agriculture and rural areas as key growth drivers. Speaking at RIL’s 33rd Annual General Meeting, Chairman and Managing Director Mukesh Ambani said the company is committed to achieving its targeted retail roll-out initiative, which, contrary to perceptions, would actually benefit mom & pop stores. The world’s fourth largest paraxylene producer, RIL will enhance capacity in Jamnagar to 4.5 million tons per annum (MTPA) from 1.9 MTPA to grab 15%  of the global paraxylene market. (October 12, 2007)