GAIL, RIL sign MoU for exploring abroad
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.''
UNI