Reliance Industries is investing up to $12 billion in the chemicals business to tap the market for hygiene and healthcare products and will look at developing a whole new rubber business, Chairman Mukesh Ambani said in an interview to the Economic Times.
“We will make RIL one of the world’s largest players in rubber as the whole tyre industry moves to Asia. The big trend is that if you look at next 10 years, the projections for automobile growth is all China, India and Asia focused,” the billionaire told the newspaper.
Ambani also said the company was confident of boosting gas output at its key block off India’s east coast.
On Monday, India’s upstream regulator said gas production from Reliance’s KG-D6 field had fallen further and the company had been asked to drill 11 new wells by April 1, 2012, to boost output.