Stating that RIL would be the world’s largest petrochemical complex with an annual capacity of two million tones of olefins with matching downstream capacities, Mr Ambani said the project is anticipated to be completed ahead of schedule and at nearly half the investment cost of international refineries of similar size. ”By 2012, RIL will build the world’s largest integrated combined cycle coke gasification complex with a capacity of six million tones a year at Jamnagar,” he remarked.

According to Mr Ambani, with this expansion, RIL will have 15 per cent of global paraxylene capacity and the expansion would enable the company to build a leadership position in the global polyester business. At the same time, the company hopes to influence India-based strength to pursue inorganic growth opportunities in Asia for textiles and in Europe and North America for PET, he said.

While Reliance has already invested $2 billion at Jamnagar, the company will be pumping in an additional $4 billion of risk capital in the coming years to realize hydrocarbon potential of India. According to Mr Ambani, the first gas discoveries in Krishna Godavari are expected to be in production in the second half of 2008-09, where the gas production rate will be equivalent to about half a million barrels of crude oil per day. This will be around 30 percent of India’s current oil import.

Following an acquisitions strategy, Reliance has made acquisitions in Malaysia and Africa recently. In addition, keeping an eye on innovation, RIL will be building a Reliance Centre for Technology at Navi Mumbai to go with an Innovation Council at Pune that will have several Nobel Prize winners and global thought leaders.

RIL CMD further said that the company shareholders have seen the value of their stock growing exponentially. Between March 2002 and October 11, 2007, the market capitalization of the company grew from Rs. 41,989 crore ($8,604 million) to Rs. 382,259 crore ($97,267 million).

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