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Reliance to raise polyester capacity

India's biggest petrochemicals maker Reliance Industries Ltd said on Tuesday it is raising polyester staple fibre capacity by 40,000 tonnes per annum.

It is building a new plant at Hazira, in the western state of Gujarat, the company said in a statement.

Reliance, which is also an oil refiner, did not give details about the cost or when the project would be completed.

The new unit will boost the total production capacity of polyster filament and staple fibre to nearly 850,000 tonnes a year, it said, adding Germany's Zimmer AG has been awarded the contract.

Shares in Reliance were up 1.64 per cent at Rs 291.70 at the Bombay Stock Exchange whose key index was 0.8 per cent higher in afternoon trade.

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