reliance: In commitment to O2C business, Reliance to invest Rs 75,000 cr in petchem expansion

chairman Mukesh Ambani announced an investment for Rs 75,000 crore in the next five years in the petrochemical business.

On the occasion of the 45th AGM, Ambani said that the new investments will be in setting up a PTA plant, expanding polyester capacity, tripling capacity of vinyl chain and a chemical unit in UAE.

The announcement signifies the Reliance’s commitment to the O2C business at a time when the focus of the group has been on the diversification in telecom, retail and new energy.

For our O2C business, this was yet another year of superlative performance. It crossed Rs 5 lakh crore in annual revenues. The EBITDA crossed Rs 50,000 crore: Mukesh Ambani

He congratulated the Oil & Gas team for a spectacular turnaround, with production jumping 9x and revenues crossing $1bn.