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RIL to commission $35 bn projects in FY17

Projects like petrochemical expansion that will place RIL among top 10 global producers

Policy Pulse
Publish Date: Aug 5 2016 12:28PM | Updated Date: Aug 5 2016 3:30PM

RIL to commission $35 bn projects in FY17

 The Reliance Industries (RIL) hopes s to commission projects with investment of $35 billion in 2016-17. 

 
These include projects like petrochemical expansion that would place RIL among the top 10 global producers in that sector, the company said in its annual report for 2015-16. 
 
RIL has also asked for shareholders' approval to raise Rs10,000 crore through non-convertible debentures (NCDs) this fiscal year. 
 
"In the polyester chain, we added substantial volumes in an effort to further integrate our business ...Reliance is confident of placing all our incremental output from the new projects in the domestic markets to meet India's growing demand," chairman Mukesh Ambani said in a letter to shareholders. 
 
RIL said its petrochemical plant expansion would provide the company the capacity and earning potential of a top pro ducer in the world. It is also upbeat on the impending launch of the Reliance Jio Infocomm telecom service. 
 
During the year, RIL and its subsidiaries arranged long-term foreign currency facilities of about $6.3 billion. RIL, which repor ted a gross refining margin of $10.8 a barrel in 2015-16, ma naging to outper form the Singapore benchmark with a premium of $3.3 a barrel, expects mar gin pressure, but ho pes to perform better than the benchmark.