Reliance Industries to Increase Its Investments in Malaysia
Filed Under: Business | Posted: 12/18/2012 at 5:18AM
Comments | Region: India
RD Udeshi, RIL’s President (Polyester Chain) announced about the company’s keenness on investing more capital in Malaysia. Consequent to his meeting with the visiting Minster of International Trade and Industry, Datuk Seri Mustapa Mohamed in Mumbai, he told his reporters about his plans to invest more. He also mentioned that they have been planning to explore new domains over there including petrochemical and other sectors, in which they specialize.Mukesh Ambani led Reliance Industries Limited, India’s largest private sector company is deemed as the largest yarn producer in the world. The conglomerate has already made its mark in Malaysia through Recron Malaysia, a key player in the Global Polyester and Textile Market.
Catering to the provision of world-class yarn of wide range including polymers, PET, Resins, Yarns& Fabrics, it is the world’s largest combined Polyester and Textile Company.
VIMAL, Reliance‘s flagship brand had earlier changed the face of the textile industry in the country. The company’s presence across the country, emphasis on the value for money concept and innovation has enabled it to spin a new era in fabrics. Its manufacturing division at Naroda, Ahmedabad is considered as one of the largest and advanced textile complexes in the world.
It recently boasted of new discoveries including fresco anti- microbial and antibacterial work- wear apparel fabrics, home furnishing and auto textiles, silk- amino suiting fabrics, fire retardant and water repellent tent fabrics for defence/ police services, insect and mosquito repellent nets, etc.
Reliance has always been keen on exploring and expanding. Mustapa mentioned that Malaysia has always been a preferred destination for the company to invest and hence, it is taking additional efforts to enhance bilateral trade and investment relations with it. He also mentioned that the MIDA (Malaysia Investment Development Authority) has been an outstanding single point agency. It has been efficient and cooperative in resolving problems like gas and power oriented ones.
It has previously infused a capital of around $ 400 million for the acquisition of manufacturing assets in Nilai and Melaka. The conglomerate has also acquired BP’s oil and gas processing plant in Kuantan for USD $ 230 million. Based on the deal, BP sold its interests in purified terephthalic acid production in Malaysia to Reliance Global Holdings PTE Limited, Singapore.