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RIL in spotlight after commissioning new Paraxylene plant at Jamnagar

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Reliance Industries (RIL) announced the successful commissioning of the first phase of Para-xylene (PX) plant at Jamnagar, Gujarat. The announcement was made after market hours yesterday, 28 December 2016.

The plant with capacity of 2.2 million metric tonnes per annum (MMTPA) is built with state-of-the-art crystallization technology from BP which is highly energy efficient and environment friendly. With the commissioning of this plant, RlL's PX capacity will more than double from 2 MMTPA to 4.2 MMTPA. On commissioning of entire PX capacity, RIL will be the world's second largest PX producer with 9% of global PX capacity and 11% share of global production.

The new PX capacity will add value to the output from refineries and improve the profitability of the Jamnagar complex. PX is the building block for the entire polyester chain. The new capacity will complete the integration within RIL's polyester value chain, leading to improved margins and also strengthen its position in polyester industry globally.

Mukesh D. Ambani, Chairman and Managing Director, RIL, said the commissioning of the new PX plant marks beginning of the culmination of a series of projects including the refinery off-gas cracker, ethane import project and petcoke gasification. These projects are part of the largest contemporary investment, in excess of Rs 1 lakh crore, in Refining and Petrochemicals sector anywhere in the world. RIL's projects are on schedule and at an advanced stage of mechanical completion. The new PX capacity takes RIL a step closer to being among the top 10 petrochemical players globally, Ambani said.

Goa Carbon announced that the operations at the company's Bilaspur plant in Chhattisgarh had commenced from 27 December 2016. The company had earlier announced the temporary shut-down of this plant. The announcement was made after market hours yesterday, 28 December 2016.

Pratibha Industries announced that a meeting of the board of directors of the company shall be held on 4 January 2017, inter-alia, to consider and approve, the issue and allotment of shares on preferential basis to the lenders of the company under strategic debt restructuring (SDR) scheme. The announcement was made after market hours yesterday, 28 December 2016.

JMC Projects (India) announced that it has secured new orders worth over Rs 1457 crore. The announcement was made after market hours yesterday, 28 December 2016.

Vindhya Telelinks announced that the next board meeting of the company is scheduled to be held on 3 January 2017, to consider and approve proposal for issuance of bonds/redeemable non-convertible debentures (NCDs)/other debt securities on private placement basis, in one or more tranches, aggregating upto Rs 150 crore subject to approval of shareholders through postal ballot. The announcement was made after market hours yesterday, 28 December 2016.

Dilip Buildcon (DBL) announced that the India Rating & Research (Ind-Ra) has upgraded the company's long term issuer rating and the long term rating on its bank facilities to 'IND A' from IND A-' while resolving the rating watch positive (RWP). The outlook is stable. The agency has also upgraded the short term rating on DBL's bank facilities to 'IND A1 from 'INDA2+'. The announcement was made after market hours yesterday, 28 December 2016.

Kuantum Papers announced that Credit Analysis & Research (CARE) has reviewed credit ratings for the company's fixed deposits, long term and short term bank facilities and has upgraded the external rating to CARE BBB+; stable for long term bank facilities, CARE A2 for short term bank facilites and CARE BBB+ (FD); stable for fixed deposits. The announcement was made after market hours yesterday, 28 December 2016.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 29 2016. 08:09 IST
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