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Gandhinagar, May 17 (IANS) Reliance Industries Ltd (RIL) and Russian petrochemical company SIBUR will set up a joint venture to produce butyl (synthetic) rubber at RIL's Jamnagar site to meet the growing demand from the auto industry.The two firms have signed a memorandum of understanding under which SIBUR will provide proprietary technology for butyl rubber polymerisation and its finishing, and RIL will supply monomers and provide world class infrastructure.'Reliance is committed to serving the Indian rubber industry. This industry is growing rapidly on the back of automobile demand in India and the subcontinent. This step reinforces RIL's commitment to the synthetic rubber industry in India,' said an RIL spokesperson.SIBUR president Dmitry Konov said: 'The creation of new capacity in close proximity to the Asian markets provides both SIBUR and Reliance with exciting opportunities. Rubber consumption in Asia has shown strong growth in recent years, triggered by increased volumes of tyre production'.
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