Reliance Industries ups O2C play as competitive intensity grows

Adani, TCG among key rivals in the sector

Mukesh Ambani-led Reliance Industries (RIL) may have to contend with competition sooner than later in oil-to-chemicals (O2C), its largest business segment.

On Monday, the country’s most-valuable company announced a surprise Rs 75,000-crore investment in O2C, mainly to expand capacities in existing and new value chains.

This included investment in areas such as purified terephthalic acid (PTA), polyethylene terephthalate (PET), polyvinyl chloride (PVC) and carbon fibre. The push comes amid plans by rival groups such as Adani and The Chatterjee Group (TCG) in the sector.

Adani group sources said that by November 2024, a 1,000-kilo-tons-per-annum (KTPA) PVC plant would be commissioned.