mukesh ambani: $ 2 billion new factory abroad … Reliance signs new contract … – mukesh ambani invest petrochemical plant in uae

Saudi Arabia’s Aramco has been unable to invest in Reliance Industries’ crude oil refinery after lengthy negotiations and research. As a result, investors expected the alliance with the Abu Dhabi National Oil Corporation to be abandoned. Currently the deal has given investors confidence.

The government of the United Arab Emirates and Reliance Industries have decided to build a huge petrochemical plant worth about $ 2 billion. This is the first Abu Dhabi investment by Mukesh Ambani-led Reliance Industries. The Abu Dhabi government’s TA’ZIZ and Reliance Industries have teamed up to set up a factory to convert hydrocarbons into a variety of manufactured goods, as demand for plastics raw materials around the world is currently on the rise. The factory, which is being built with Reliance Investment, is being developed under the name TA’ZIZ EDC & PVC. The new alliance will manufacture chloro-alkali, ethylene dichloride (EDC), and polyvinyl chloride (PVC). The coalition said the new plant would be located in the Ta’ziz industrial area in the Al Ruwais area of ​​Abu Dhabi. The alliance aims to raise about $ 5 billion in the Abu Dhabi National Oil Company’s Ta’ziz project alone.

Reliance Industries has submitted a report to the stock exchange stating that Reliance International Limited has been formed with an investment of $ 1 million at a rate of $ 1 million. The plant is expected to be fully operational within the next 3 years.

Shares of Reliance Industries rose about 2 per cent to Rs 2,431.45 today on the back of a $ 2 billion factory investment deal announced by the Abu Dhabi National Oil Corporation and Reliance Industries Coalition.

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