Reliance Industries (RIL) share price rose 1 percent intraday on August 5 after the company said it was doubling its polyethylene terephthalate (PET) recycling capacity to 5 billion by setting up a facility in Andhra Pradesh.
The company "is doubling its PET recycling capacity by setting up a recycled polyester staple fiber (PSF) manufacturing facility in Andhra Pradesh", RIL in a release.
Srichakra Ecotex India Pvt Ltd will exclusively build and operate the new recycled PSF–Recron GreenGold and PET flakes wash-line in Andhra Pradesh.
With the addition of Srichakra capacity, RIL will convert about 5 billion used PET bottles into value-added fibres, it said.
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"The expansion of PET Recycling capacity is part of Mr Mukesh Ambani’s vision to transform our legacy business into sustainable, circular and net zero carbon materials business and support the entrepreneurs to take risk throughout the value chain," said Vipul Shah, COO- Petrochemicals Business, RIL.
At 1031 hours, Reliance Industries was quoting at Rs 2,109.70, up Rs 6.15, or 0.29 percent on the BSE.
The share touched a 52-week high of Rs 2,368.80 on September 16, 2020 and a 52-week low of Rs 1,830 on January 29, 2021. It is trading 10.94 percent below its 52-week high and 15.28 percent above its 52-week low.
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