RIL eyes overseas buys to drive growth

Mumbai, Nov 17 (PTI) Reliance Industries, India's most
valuable company, is eyeing overseas acquisitions, aggressive
exploration campaign and investments in petrochemicals to
drive growth, Chairman Mukesh Ambani said Tuesday.
RIL is aiming global scales in its core business of
conventional energy - petrochemicals, refining and oil and gas
exploration, even as it invests in new ventures like retailing
and alternative energy.
"Global growth by acquisitions" is key to growing its
energy business, Ambani told company shareholders. "Our
efforts would be to grow the conventional energy" business
through greater "global scale."
Though Ambani did not elaborate, his comments assume
importance as RIL is said to be looking at acquiring
petrochemical and oil refining assets in the US and may also
be looking at venturing into shale gas business.
"The business transformation initiative would create a
RIL that is able to scale up existing businesses; adds new
business both organically and inorganically," he said.
RIL shares fell 0.65 per cent to Rs 2133.75 in volatile
trade that saw the stock market closing flat.
On the domestic front, the company will pursue aggressive
exploration and production of oil and gas as it believes the
"business would give the company a much higher growth
trajectory in the coming years."
The company also plans to set up a petrochemical complex
in Jamnagar in Gujarat that would nearly double its currently
capacity to 4 million tons a year. MORE PTI