Reliance hints of fertiliser foray

Mukesh Ambani managed Reliance Industries Ltd [RIL] is planning to build the biggest greenfield fertilizer capacity in the country. The company has submitted a proposal to the fertiliser ministry to set up a manufacturing plant of global scale, up to four million tonnes.

RIL has proposed to use some of the Krishna-Godavari gas as feedstock bought at market prices. The company has been facing a huge backlash from fertiliser and power companies over the gas price it is offering them. Now, plans are afoot to take up the challenge by becoming a fertiliser player itself.

The scrip hit a high of Rs 1,932 today, 24 July 2007, also its all-time high.