RIL has committed to invest in Abu Dhabi to set up a chemical manufacturing unit to produce ethylene dichloride, a key raw material for the production of polyvinyl chloride (PVC) in India. PVC is used in housing, infrastructure and consumer goods.
In June, the company announced that it had reached an agreement with Abu Dhabi National Oil Company for a new chemical production facility at TA’ZIZ in Ruwais, Abu Dhabi.
“The investment in RINL is not a related party transaction and the promoter / promoter group / group companies have no interest in RINL. No government or regulatory approval was required for said investment, ”RIL said on Saturday.
RIL, which operates India’s largest oil refining complex at Jamnagar, is seeking to leverage its business interests in the Middle East.
At the company’s annual general meeting in June, Ambani announced that Yasir Al-Rumayyan, chairman of Saudi Aramco and governor of the Public Investment Fund, will join RIL’s board of directors as an independent director. He called it the “start of Reliance’s internationalization,” adding that the company would soon announce more initiatives in the international market. RIL is also in talks with Saudi Aramco to sell a stake in its oil-to-chemicals business.