Indian Company, Reliance to invest 24bn$ in Gulf

[aryan2007]

Reliance to invest $24 billion in the Gulf: Ambani
Dubai | Wednesday, Dec 12 2007 IST


India's largest industrial conglomerate Reliance Industries will invest as much as 24 billion dollars in petrochemical projects in the Gulf countries in the next ten years, company's chairman and managing director Mukesh D Ambani said.

Also, it will reposition its global operation to Dubai by strengthening its office here, he said, adding, ''Dubai will be the gateway for our future investment in this part of the world and beyond''.

In an interview to the Gulf News, the business tycoon said, ''We will increase our headcount in Dubai, which will be the nerve centre of our international operations.'' Mr Ambani, who briefly became the world's richest man edging Bill Gates in terms of the market value of his company when India's benchmark stock market index crossed 18,500 points, further said, '' We plan to set up a number of petrochemical plants in the next decade, with each costing four billion dollars to six billion dollars.'' At this rate, four refineries or petrochemical plants could require investment to the tune of 20-24 billion dollars.

''We have major commitments to the region, which is the hub of the oil and gas sector. We import 30 billion to 40 billion dollars worth of oil including the bulk from the Gulf, refine it and export gasoline worth 80 billion dollars to Europe and the US,'' said Mr Ambani whose personal wealth is estimated at 37 billion dollars, with younger brother Anil Ambani the second-richest man in India at 25 billion dollars.

By strengthening the company's position in the Gulf, he said, ''We are bringing the Indian market to the Gulf. The region's biodiversity creates a great opportunity for us as the region has the wealth and we have the knowhow.'' ''India, China and the Gulf are the future of business. That's why there is a shift among the Gulf's leadership to focus on India and China instead of Europe and the US. The Gulf region is ready for us and the future growth will come from India and China,'' he added.

Mr Ambani, who is visiting to Dubai to explore business opportunites, on Monday met His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

''Given his vision, Dubai will be completely transformed within the next five to seven years. We have great respect for Shaikh Mohammad's leadership,'' Mr Ambani said, adding that his company ''will have a role to play in that transformation''.

Reliance group has a solid base of hard cash and represents the might of corporate India, is not yet ready for big-ticket acquisitions. Reiterating it, Reliance Industries MD said,''We will need to grow and invest in our own expansion for at least 10 more years, before entering into big-time acquisitions.'' The Reliance Group, founded by Dhirubhai H. Ambani (1932-2002) who started off his career in Yemen, is India's largest private sector enterprise. Last year, it became India's first private sector enterprise to cross the two billion dollars profit mark. With 1.3 million barrels per day in refining capacity, Reliance has become a major player in the global petrochemical trade.

Investing in the Gulf could help the company save costs on transportation and logistics, and in turn help the GCC countries, which are suffering an acute shortage of refining capacity.

-- (UNI) -- 12DF4.xml
http://news.webindia123.com/news/Articles/Business/20071212/846499.html

 

[fatman17]

eliance to invest $24 billion in the Gulf: Ambani
Dubai | Wednesday, Dec 12 2007 IST


India's largest industrial conglomerate Reliance Industries will invest as much as 24 billion dollars in petrochemical projects in the Gulf countries in the next ten years, company's chairman and managing director Mukesh D Ambani said.

Also, it will reposition its global operation to Dubai by strengthening its office here, he said, adding, ''Dubai will be the gateway for our future investment in this part of the world and beyond''.

In an interview to the Gulf News, the business tycoon said, ''We will increase our headcount in Dubai, which will be the nerve centre of our international operations.'' Mr Ambani, who briefly became the world's richest man edging Bill Gates in terms of the market value of his company when India's benchmark stock market index crossed 18,500 points, further said, '' We plan to set up a number of petrochemical plants in the next decade, with each costing four billion dollars to six billion dollars.'' At this rate, four refineries or petrochemical plants could require investment to the tune of 20-24 billion dollars.

''We have major commitments to the region, which is the hub of the oil and gas sector. We import 30 billion to 40 billion dollars worth of oil including the bulk from the Gulf, refine it and export gasoline worth 80 billion dollars to Europe and the US,'' said Mr Ambani whose personal wealth is estimated at 37 billion dollars, with younger brother Anil Ambani the second-richest man in India at 25 billion dollars.

By strengthening the company's position in the Gulf, he said, ''We are bringing the Indian market to the Gulf. The region's biodiversity creates a great opportunity for us as the region has the wealth and we have the knowhow.'' ''India, China and the Gulf are the future of business. That's why there is a shift among the Gulf's leadership to focus on India and China instead of Europe and the US. The Gulf region is ready for us and the future growth will come from India and China,'' he added.

Mr Ambani, who is visiting to Dubai to explore business opportunites, on Monday met His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

''Given his vision, Dubai will be completely transformed within the next five to seven years. We have great respect for Shaikh Mohammad's leadership,'' Mr Ambani said, adding that his company ''will have a role to play in that transformation''.

Reliance group has a solid base of hard cash and represents the might of corporate India, is not yet ready for big-ticket acquisitions. Reiterating it, Reliance Industries MD said,''We will need to grow and invest in our own expansion for at least 10 more years, before entering into big-time acquisitions.'' The Reliance Group, founded by Dhirubhai H. Ambani (1932-2002) who started off his career in Yemen, is India's largest private sector enterprise. Last year, it became India's first private sector enterprise to cross the two billion dollars profit mark. With 1.3 million barrels per day in refining capacity, Reliance has become a major player in the global petrochemical trade.

Investing in the Gulf could help the company save costs on transportation and logistics, and in turn help the GCC countries, which are suffering an acute shortage of refining capacity.

-- (UNI) -- 12DF4.xml
http://news.webindia123.com/news/Articles/Business/20071212/846499.html

cant beat that - good luck to reliance - will they employ pak expats!

 

[yarmook]

What about Pakistanis business tycoons? I recon Mr. Nawaz is Asias 5th richest person no one knows that i m not sure if am right or not,

I think Pakistanis can work out next 10 years to come up with good bug ticket corporates.

 

[Neo]

cant beat that - good luck to reliance - will they employ pak expats!

Congrats Reliance, way to go!

 

[bd_wonder]

for some reason i doubt such high numbers. but no doubt indian economy is growing in sophistication (in parts while others are left behind) and in size.

 

[aryan2007]

for some reason i doubt such high numbers.

why?

but no doubt indian economy is growing in sophistication (in parts while others are left behind) and in size.

only the agro part is a lil behind..

 

[bd_wonder]

i doubt reliance has the money to invest that much in gulf countries. it should invest in india first anyway.

 

[aryan2007]

i doubt reliance has the money to invest that much in gulf countries.

They don't need to possess that much money to invest.. anyways the anil-mukesh companies combine is worth 200bn$..

it should invest in india first anyway.

If they make more money abroad then they should invest abroad.. they run a capitalist company not a charitable trust..

 

[bd_wonder]

what do you mean they dont need that much money to invest that much?
also 200bn$ seems a bit far fetched. any non indian source for that? and no i dont want to see how much their fortunes fluctutated with stock market moodswings. i want to see how much profit they made, turnover, revenues etc

 

[patentneer]

They don't need to possess that much money to invest.. anyways the anil-mukesh companies combine is worth 200bn$..

If they make more money abroad then they should invest abroad.. they run a capitalist company not a charitable trust..

That kind of investment in Gulf can on lee be done if u hawe a market. Gulf has money, but not markets. Raising money in the Gulf, or anywhere is the issue - Gulf states have plenty of cash.

Wish Ambani would invest in Pak itself.

 

[somebozo]

ahahhahaahhahaha....as if arabis have a shortage to invest in their lifeline aka "petrochemical" and isn't reliance dependent on low interest Chinese loans??

I bet the Indian "cosmetic" nature kicked in and they wanted their 15 seconds of fame in media after rounds of news about Chinese investment in middle east for infrastructure and finished good.

 

[PRACTICAL PATRIOT]

ahahhahaahhahaha....as if arabis have a shortage to invest in their lifeline aka "petrochemical" and isn't reliance dependent on low interest Chinese loans??

I bet the Indian "cosmetic" nature kicked in and they wanted their 15 seconds of fame in media after rounds of news about Chinese investment in middle east for infrastructure and finished good.

so your great friend china allows foreign investment because they lack money???
i would expect more mature response from senior members atleast

 

[Archie]

ahahhahaahhahaha....as if arabis have a shortage to invest in their lifeline aka "petrochemical" and isn't reliance dependent on low interest Chinese loans??

I bet the Indian "cosmetic" nature kicked in and they wanted their 15 seconds of fame in media after rounds of news about Chinese investment in middle east for infrastructure and finished good.

Excellent ,bring a dead thread alive just so u can troll

By the way we dont need chinese donations unlike others ,
Another thing to note is that RELIANCE is not one company , the name is connected to 12 companies run by Mukesh and Anil Ambani
The above article is about Reliance Industries which is into petrochemical business , Has a Market cap of 90 Billion USD and cash reserves amounting to 30 Billion USD along with oil and gas assets worth 200 Billion USD
You can google it if u want

also, the article is 3 yrs old so u should look at the date before u open that troll trap of yours

By the way Reliance Power Run by Anil Ambani , the company were trolling about is Buying Power equipment worth 10 Billion USD , while Reliance communication is buying telecom equipment worth 4 Billion USD from china ,while anil ambani has only signed for loan amounting to 1.5 Bilion USD out of his total deals worth 14 Billion USD

 

[somebozo]

so your great friend china allows foreign investment because they lack money???
i would expect more mature response from senior members atleast

Ptrochecmical is off limits to foreign investors in GCC countries..at least in Saudi , Oman and UAE. Secondly investing in Syria or Central asia would yeild better returns on petro chemical than middle east..the article did not make a sense to a close economic observant.

 

[humanfirst]

@somebozo..
A lot of american,european and chinese companies have invested in petrochemical sector in middle east,yeah in Saudi,uae etc..