Reliance Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on February 24, 2007, inter alia, to review the decision taken by the Board of Directors at its meeting held on November 09, 2006 to raise US $ 2 Billion to finance capital expenditure plan in the Oil and Gas Exploration and Production Business and to discuss raising of further resources to finance the on-going capital expenditure across several new projects through Syndicate Loans, Non-convertible Debentures, Convertible Debentures, External Commercial Borrowings, Foreign Currency Convertible Bonds, Preference Shares, Warrants or any other instruments.
The Reliance Group, founded by Dhirubhai H. Ambani (1932-2002), is India's largest private sector enterprise, with businesses in the energy and materials value chain. Group's annual revenues are in excess of USD 22 billion. The flagship company, Reliance Industries Limited, is a Fortune Global 500 company and is the largest private sector company in India.
The Group's activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles and retail.
Reliance enjoys global leadership in its businesses, being the largest polyester yarn and fibre producer in the world and among the top five to ten producers in the world in major petrochemical products.
Reliance Industries Ltd, India