New Delhi, Dec 4: Country's largest gas transmission and marketing firm GAIL (India) Ltd and Mukesh Ambani-led Reliance Industries Ltd (RIL) today entered into an agreement to explore opportunities for setting up petrochemical complexes in feedstock-rich countries like the West Asia, Russia and former Soviet Union (FSU).
A memorandum of understanding (MoU) was signed by RIL Executive Director Nikhil R Meswani and GAIL Director (Business Development) A K Purwaha. The agreement was exchanged by Choubey and RIL Chairman and Managing Director Mukesh Ambani.
Describing this as a major development, GAIL CMD U D Choubey said, ''This is an important milestone for both the companies.'' Dr Choubey said GAIL and RIL will set up a special purpose vehicle (SPV) for setting up petrochemical complexes abroad.
''The Working Group is examining such opportunities in the West Asia, Russia and FSU countries,'' a statement said.
Speaking on the occasion, Mr Ambani said, ''The decision will enable us to look for opportunities globally on a competitive scale for the petrochemical business which will further strengthen India's position on the global map.''