January 24, 2006

Reliance is Back

Mukesh Ambani announced plans to raise $1.3bn from the capital market and its entry into the retail sector.

RIL’s capital raising plans is intended to finance an enormous expansion of its Jamnagar refinery, consisting of a 27mt export oriented refinery and a 1mt polypropylene project, to be located at the Jamnagar special economic zone. The Rs 27,000-crore ($6bn) project will be part financed by a $1.1bn to $1.3bn (Rs 5,000-6,000 crore) IPO in the first half of this year, most likely around April-May.

Dizzy numbers..
More info in Economic Times

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