Mumbai: Reliance Industries Limited, RIL board has approved setting up of retail stores at the cost of $750 million. RIL is also going to implement refinery, polypropylene projects at Jamnagar.
The proposal to set up hyper markets, super markets, convenience stores and specialty stores in select cities and towns across the country was approved by the board in a meeting on Monday, the company informed the Bombay Stock Exchange.
The board also approved the raising of equity capital by the newly-incorporated Reliance petroleum, a wholly-owned subsidiary of the company, which will be implementing the refinery (27 MMTPA) and polypropylene (1 MMTPA) projects at the special economic zone in Jamnagar, Gujarat, at an estimated cost of $6 billion.
Reliance Petroleum would raise equity capital either through placement of equity shares with private equity investors and/or through initial public offering.
Reliance Petroleum would continue to be a subsidiary of the company even after the completion of raising of equity, a company release said.
(With Agency inputs)
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