Reliance Industries shares have gained almost 1 per cent in early trading on the news that it signed an agreement with Abu Dhabi National Oil Co (ADNOC) to build a multi-billion-dollar chemical project in Ruwais. This marks the Reliance Group's first investment in a greenfield overseas project. At 10:30 am, Reliance Industries shares were trading at Rs 2,105, higher by 0.8 per cent, on the BSE.
"This is a significant step in globalising Reliance's operations, and we are proud to partner with ADNOC in this important project for the region," Mukesh Ambani said in the statement.
The planned project at TA'ZIZ Industrial complex will have a capacity to produce 940,000 tonnes of chlor-alkali, 1.1 million tonnes of ethylene dichloride and 360,000 tonnes of PVC on an annual basis.
Last week, Mr Ambani had announced the appointment of Saudi Aramco chairman Yasir Al-Rumayyan as a director in Reliance's board.
The BSE Sensex and NSE Nifty were trading higher by 0.5 per cent each at the time.