Home Business Reliance’s Oil-To-Chemicals Business Did Well In FY22, To Invest Rs 70,000 Crore To Expand Capacity: Mukesh Ambani

Reliance’s Oil-To-Chemicals Business Did Well In FY22, To Invest Rs 70,000 Crore To Expand Capacity: Mukesh Ambani

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Reliance’s Oil-To-Chemicals Business Did Well In FY22, To Invest Rs 70,000 Crore To Expand Capacity: Mukesh Ambani

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Mukesh Ambani, chairman and managing director of Reliance Industries Ltd (RIL), on Monday said the financial year 2021-22 was another year of superlative performance for its oil-to-chemicals (O2C) business. He added that the company is committed to maximising oil-to-chemicals integration and converting its advantageous feedstock streams to high-value chemicals and green materials.

He added that the business crossed Rs 5 lakh crore in annual revenues and its Ebitda hit Rs 50,000 crore during the financial year.

“We are committed to maximise oil-to-chemicals integration and convert our advantageous feedstock streams to high-value chemicals and green materials. Over the next five years, we will invest Rs 75,000 crore and expand capacities in existing and new value chains,” Ambani on Monday said, while addressing the 45th annual general meeting of Reliance Industries Ltd (RIL).

He said that in the polyester value chain, the company will build one of the world’s largest single-train PTA plant of three MMTPA (metric million tonnes per annum) capacity at Dahej. The company will also invest in a 1-MMTPA PET plant at Dahej. Both PTA and PET will be targeted for completion by 2026.

“We will also reinvest in polyester filament yarn (PFY) and polyester staple fibre (PSF). Polyester expansion with capacity of over 1 MMTPA will be completed in phases by 2026,” Ambani said.

In the Vinyl chain, he added that the company will more than triple its existing capacity by adding world-scale plants at Dahej and Jamnagar in India, and also in the UAE. it will aim to complete 1.5 MMTPA of feedstock integrated PVC expansion at Dahej and Jamnagar in phases by 2026.

“We will also add capacities to make EDC and PVC at Ruwais, in the UAE, as part of Ta’ziz Chemical Zone. The joint venture with ADNOC and ADQ will target to fulfil domestic demand of the region. With these expansions, Reliance will rank among the top-5 producers of PVC globally,” the RIL chairman said.

Ambani also said that consistent with the company’s vision for new materials, it will build in phases India’s first and one of the world’s largest carbon fibre plants at Hazira with a capacity of 20,000 MTPA, based on Acrylonitrile feedstock.

“We will commence Acrylonitrile production next year and aim to complete the first phase of the carbon fibre plant in 2025,” he added.

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