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11

Indian Petrochemical Giant Decided to Change the Course

India's largest petrochemicals and oil company Reliance Industries Ltd. plans to invest

India's largest petrochemicals and oil company Reliance Industries Ltd. (RIL) plans to invest $25 billion in non-oil business, particularly in retailing, Indo-Asian News Service reported Tuesday.

"Organised retailing would be the next big idea in Reliance Industries' future plan," the company's chairman Mukesh Ambani said.

The company has set up a subsidiary, Reliance Retail Ltd., to venture into retailing with an equity capital of 100 billion rupees ($2.32 billion).

RIL is interested in selling consumer products like fruit and grocery, consumer durables, farm implements, apparel and footwear in neighborhood convenience stores, supermarkets and speciality stores.