Reason is given here
Reliance Industries, one of India’s largest trading conglomerates, has a presence in many businesses. In this context, Reliance has announced that it will close its Nagothen plant till August 25. This has raised many questions.
When to be resume again?
Reliance has said it will close its Nagothene manufacturing division for a week to ensure its reliability and integrity of operation. Reliance’s plant is expected to be operational again from August 25.
Supply from other sites
Reliance said in a statement to the Stock Exchange that even if production is halted for a week, goods will be supplied from existing stockpiles and other production sites to make up for it.
Supply from other sites
Reliance said in a statement to the Stock Exchange that even if production is halted for a week, goods will be supplied from existing stockpiles and other production sites to make up for it.
Products
Nagoten is a petrochemical manufacturing company. The plant also produces gas-based products such as ethylene oxide, ethylene glycol, linear low density high density polyethylene, hexene-1 and more. In 2018, Reliance received approval to expand its petrochemical complex at Nagothen at an estimated cost of Rs 2,338 crore.
Saudi Aramco – Reliance deal
Reliance is in talks to sell 20% of its $ 20-25 billion stake in the oil business to Saudi Aramco, the world’s largest oil exporter. However this is constantly being delayed by the corona. Meanwhile the stock market is on holiday so its stock price has not changed. It had gained 0.39% in the previous session to close at Rs 2,172.65.
