21 May 2010 – Reliance Industries Ltd. (RIL), India’s largest private sector company, and SIBUR, Russia’s leading petrochemical company, have signed a Memorandum of Understanding (MoU) to set up a joint venture in India. This new joint venture will produce butyl rubber at Reliance’s integrated petrochemical site in Jamnagar, India.
According to the MoU, SIBUR will provide proprietary technology for butyl rubber polymerisation and its finishing, while RIL will supply monomers and provide the JV with world class infrastructure and utilities.
Commenting on the initiative, RIL Spokesperson said, “Reliance is committed to serving the Indian rubber industry. This industry is growing rapidly on the back of automobile demand in India and the sub-continent. This step reinforces RIL’s commitment to the synthetic rubber industry in India. It is also a significant milestone in taking forward the vision of our Chairman, Mr. Mukesh D. Ambani, for the Elastomer industry.”
“The creation of new capacity in close proximity to the Asian markets provides both SIBUR and Reliance with exciting opportunities. Rubber consumption in Asia has shown strong growth in recent years, triggered by increased volumes of tyre production,” Dmitry Konov, President of SIBUR, said.
CONTACT
Media Center
SIBUR LLC
+7 (495) 937-17-26
Manoj Warrier
Neucom Consulting
+91 98214 14954
manoj.warrier@neucomconsulting.com
Tushar Pania
Reliance Industries Limited
+91 98200 88536
tushar.pania@ril.com
