RIL receives LoI from Nova Chemicals

New Delhi, May 2 (UNI) Mukesh Ambani-led Reliance Industries today said it has partnered with Canadian plastics major Nova Chemicals for jointly designing and constructing energy-efficient buildings in the country.

''The proposed new joint venture between RIL and Nova Chemicals, with RIL having 51 per cent shareholding and Nova the rest, would be a technological partnership for deploying green building and construction technologies to design, engineer, fabricate and build a range of high-efficiency structures for the Indian sub-continent,'' a company statement said.

The JV is expected to be operational by the third quarter of 2008 after finalising the formal agreements.

''India has a 60 billion dollar construction market that is growing at about 20 per cent per year. The potential for energy efficient buildings in India is very exciting and these systems are an excellent fit for Reliance Retail's strategy,'' said RIL President Kamal Nanavaty.

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