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RIL Board approves 3bn cracker project in Jamnagar

Feb '07
To set up largest integrated 2 MMTPA petrochemical complex RIL Board approves 12 Crore Preferential Warrants to promoters Dr. R A Mashelkar appointed Director on RIL Board.

The Board of Directors of the Company met and took the following decisions:

1. Confirm the decision taken on 9th November, 2006 to raise US $2 billion to finance the capital expenditure plan for oil and gas business through External Commercial Borrowings by way of debt.

2. Raise further equity by way of preferential issue of 12 crore warrants exercisable into equal number of equity shares of Rs.10 each of the Company to the Promoters as per SEBI guidelines for Preferential Issues, subject to shareholders approval.

An amount equivalent to 10% of the price would be paid on allotment of warrants and the remaining 90% would be paid at the time of subscription to equity shares on exercise of rights attached to the warrants within a period of 18 months. On exercise of such rights the paid up capital of the Company will increase from Rs 1393 crores to Rs 1513 crores.

3. Build one of the largest integrated cracker and petrochemicals complex with a total capacity of 2 mmtpa in the SEZ at Jamnagar. This cracker will use refinery off gases and other byproducts as feedstock to manufacture ethylene, propylene and its downstream commodity and speciality derivatives.

The proposed facility will be built at a capital cost of US $ 3 billion and is expected to go on stream by 2010 -11. This unique integration with the refinery will place the proposed cracker complex at par with the most efficient producers of olefins and derivatives in the world including those in the Middle East and will enable the Company to achieve one of the most competitive cost positions.

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