Still no news regarding India’s Reliance Industries proposed acquisition of the US petrochemicals giant LyondellBasell Industries.
If they do one of our readers and occasional blog contributor will be happy that a company that he predicted would become one of the world’s leading petrochemicals companies is putting its money where, er, Leslie’s mouth is.
Leslie McCune, managing director of Chemical Management Resources Ltd tipped Reliance way back in October. Here is a excerpt from his blog post:
My bets are that the Indian company Reliance will be in the 2014 Top 10 list. Mr Ambani and Co have done an excellent job at bringing up the refinery/petchem complex in Jamnagar and we can see interesting alliance opportunities for the ambitious Reliance team in Asia and the Middle East.
Well done Leslie – if you can provide ArabianOilandGas.com with next week’s lottery numbers we’d really appreciate it.
And just to whet everyone’s appetitive, here are some facts about India’s largest listed company courtesy of Reuters.
- Reliance Industries has a market value of around $75 billion. It has interests in refining, petrochemicals, oil and gas exploration, textiles and retail.
- Mukesh Ambani controls the company and is ranked as India’s richest man with a net worth of $32 billion.
- Reliance was split into two different companies in 2005 after the relationship between Mukesh and his younger brother Anil turned bitter following their father’s death.
- Reliance recently commissioned the world’s largest oil refinery complex in the state of Gujarat. A new 580,000 barrels per day (bpd) refinery will be built alongside an existing 660,000 bpd facility.
- Reliance is building a huge petrochemicals complex at Jamnager in India that will double its current capacity to 4 million tonnes per annum.
