Reliance open to buying more polyester facilities

With the prevailing downcycle in the polyester fibre globally, Reliance Industrie (RIL) is actively looking at acquisitions abroad, and is planning to
invest $50 million for R&D in polyester fibre.

"Reliance is looking at investment opportunities in the polyester fibre sector. The company is investing $50 million for R&D in polyester fibre," Nikhil Meswani, executive director of RIL, said today.

Meswani, speaking on the sidelines of a textile seminar organised by KSA Technopak, said the company would increase polyester fibre capacity to one million tonne as part of backward integration.

"Reliance is looking at new items to concentrate and will continue to grow in the polyester sector. Total exports of the company has increased to $5.3 billion in 2004-05 from $50 million in 1997," he said.

Meswani said India is expecting over Rs 20,000 crore investments in the textile sector this fiscal as global majors are keen on having a pie of the growth story. "Over $25 billion of investment is expected in the country for the next few years with textile exports reaching $5 billion. This will create 12 million new jobs," he said.