Business Line reported that Reliance Industries, which acquired BP Plc’s Malaysian petrochemical oil and gas processing plant in Kuantan for USD 230 million in September, is bullish about its prospects in the South East Asian nation. Reliance is keen to invest more capital in Malaysia to explore new domains.
Mr RD Udeshi president of Reliance Industries met Mr Datuk Seri Mustapa Mohamed the Malaysian minister for International Trade and Industry in Mumbai. The Reliance conglomerate said to be the world’s largest yarn producer is present in Malaysia through Recron Malaysia, a key player in the global polyester and textile market. Reliance Industries had invested around USD 400 million in acquiring the manufacturing assets of Recron Malaysia in Nilai and Melaka.
Mr Udeshi said that the company is looking for opportunities in the oil and gas, refinery and petrochemical sector, which it specializes in. The Indian major plans to set up a gas cracker in India, with downstream units to better integrate polymer and polyester production.
