MUMBAI, India (May 17, 2010)—Reliance Industries Ltd., India's largest private sector company, and Sibur, Russia's leading petrochemical company, have signed a Memorandum of Understanding to set up a joint venture in India.
This joint venture will produce butyl rubber at Reliance's integrated petrochemical site in Jamnagar, India.
According to the memorandum, Sibur will provide proprietary technology for butyl rubber polymerization and finishing, while RIL will supply monomers and provide the JV with infrastructure and utilities.
A Reliance spokesman said the companies have not yet decided on the ownership structure, the time-scale nor the capacity of the project.
An on-going research project will assess demand for butyl and halo butyl and how that demand is projected to increase in the sub-continent. Once that work is complete, the partners said they will decide on the details of the project.