Financial Daily from THE HINDU group of publications
Wednesday, Aug 18, 2004
Financial Daily from THE HINDU group of publications Wednesday, Aug 18, 2004 |
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Corporate
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Announcements Reliance plans to tap European construction sector Our Bureau
Chennai , Aug. 17 RELIANCE Industries has begun to explore market opportunities in the European construction industry for its modified polyester fibre, even as it is trying to popularise the product in India. Reliance wants to tap the global construction industry for modified polyester fibre said Mr M.K. Goyal, Head of Business Development at the company. It has made a "soft launch" in West Asia and carried out a test market in some European countries. Modified polyester fibre is used fro improving the quality and longevity of concrete. Reliance markets it in India under the brand name, Recron 3S. The Indian construction industry has not yet taken to polyester fibre in a big way. Mr Goyal was in Chennai along with an official from Union Government-promoted Construction Industry Development Council and Dr Parviz Soroushian, Professor at Michigan State University's Civil Engineering Department, to popularise the product. Reliance's key competitors in the global market are from US and Korea, said Mr Goyal. Currently, Reliance is the only domestic manufacturer of polyester fibre for construction, and is able to sell it at a one-fourth the price of imported products, he added. Mr Goyal said the total turnover of the construction industry in India is about Rs 2,50,000 crore every year, and it is growing at about 8 per cent. He was upbeat about polyester fibre's potential because of the long-term cost advantages it could provide.
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