Reliance to invest Rs75,000 crore in increasing petrochemical production, setting up new UAE facility

30 Aug 2022 , 08:10 AM

Mukesh Ambani, the chairman of Reliance Industries, announced a petrochemical investment of Rs75,000 crore over the following five years.

At the 45th AGM, Ambani announced that fresh investments will go toward establishing a PTA factory, increasing polyester production, tripling vinyl chain production, and building a chemical facility in the United Arab Emirates.

The news shows Reliance’s dedication to the O2C (oil-to-chemicals) market at a time when the group has been concentrating on diversifying its telecom, retail, and new energy businesses.

This was another year of exceptional performance for our O2C company. EBITDA exceeded Rs50,000 crore, according to Mukesh Ambani.

He commended the Oil & Gas team for a remarkable turnaround, with output increasing by 9 times and revenues exceeding $1 billion.

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