Reliance Industries has commenced implementation of its planned world-scale projects in India across the polyester chain
Reliance Industries (RIL) has commenced implementation of its planned world-scale projects in India across the polyester chain. This is RIL's largest capacity expansion in the sector and is aimed at consolidating its position as the world's largest integrated polyester producer. These investments in new polyester capacity will also strengthen India's position as a global manufacturing hub for textiles and fibre.
The global supply constraints, substantial price increase and uncertain outlook for cotton availability is creating considerable substitution opportunities for polyester products like polyester filament yarn (PFY) and polyester staple fibre (PSF). It is expected that polyester will capture around 80% of incremental global fibre demand of around 2.9 million tons per annum over the medium to long term. Demand for polyethylene terephthalate (PET), which is already India's fastest growing polymer is also poised for exponential growth due to continued demand in the bottling, packaging and food & beverages sectors. With its strong manufacturing presence in India & Malaysia, cost leadership position and wide product range, Reliance is uniquely positioned to benefit from this market growth.
RIL has planned its capacity expansion in phases over the next few years. This includes: A planned capacity of 2.30 million tons of PTA at Dahej with the ability to increase it by another 1.15 million tons of PTA at a later stage. These plants will be integrated with the paraxylene plants at Jamnagar for raw material and will in turn cater to the new polyester plants being constructed simultaneously. The company has also planned 395,000 tons of PFY and 140,000 tons of polyester texturised yarn at Silvassa and 540,000 tons of PET at Dahej with the option to add 540,000 tons of PET at the same location at a later stage.
All the above projects are under various stages of implementation ranging from technology licensing, basic engineering and obtaining the necessary regulatory approvals. This capacity addition will further strengthen Reliance's leadership position in the polyester sector.
On Wednesday, RIL ended 1.44% up at Rs1,021.70 on the Bombay Stock Exchange, while the benchmark Sensex increased 2.25% to 19,696.86.
CIBIL’s membership base now crosses 500 which comprise over 200 cooperative banks
To expand its membership base and encompass cooperative banks in its fold, CIBIL- India's leading credit information company, today announced its association with four leading cooperative bank associations across Maharashtra. These include Kolhapur Zilla Nagari Banks Sahakari Association, Pune Zilla Nagari Sahakari Banks Association, Ahmednagar Zilla Nagari Banks Association and Satara Zilla Nagari Sahakari Banks Association.
With this development, CIBIL's membership base now exceeds 500 members, which includes over 200 cooperative banks. With information on over 200 million consumer trades and 7 million commercial trades, CIBIL is very well positioned to provide its members with world-class credit risk management tools. Within a short span of six years, CIBIL has grown into India's leading credit information company and has proven to be a reliable partner in risk management to its members.
At present, over 500 credit grantors across India are members of CIBIL. These include over 300 banks, 27 housing finance companies, 10 financial institutions, 2 credit card companies, 8 state financial corporations and 170 non banking financial companies (NBFCs).
Arun Thukral, managing director, CIBIL, said "We are honoured to be the chosen partner of these four cooperative bank associations and we are now working with them to assist them in implementing and utilising optimum benefits of credit information."
Members find it beneficial to use credit information in their lending decisions. This advantage helps them make faster and more reliable decisions across the customer lifecycle. Credit information sharing also benefits borrowers. Financially disciplined borrowers are able to avail credit faster and at better terms.
Servalakshmi Paper is engaged in the business of manufacturing printing & writing paper and newsprint
Servalakshmi Paper is entering the capital markets with an initial public offering (IPO) of 6000 lakh. The price band for the issue has been fixed at Rs27 at lower level and Rs29 at upper level.
Servalakshmi Paper is engaged in the business of manufacturing printing & writing paper and newsprint. The company's production unit situated at Kodaganallur village, Tirunelveli district, Tamil Nadu with total installed production capacity of 90,000MTPA. In printing and writing segment, they produce coated, uncoated, copier, cream wove, SS Maplitho, computer stationary and text/note book papers.
The issue opens on 27 April 2011 and closes for subscription on 29 April 2011. The equity shares of the issue are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE).