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RIL to focus on lifesciences, biotech as strategic thrust

BS Corporate Bureau in Mumbai

Reliance Industries Ltd considers lifesciences and biotechnology businesses as 'strategic initiatives' which will give it 'long-term leveraging opportunity'.

Currently, Ambani's interest in these businesses is routed through Reliance Lifesciences, a family held firm.

RIL Chairman Mukesh Ambani said, "The business is close to my heart, as it is a first wave business where India has the advantage of starting out with the rest of the world. That's a wonderful strategic advantage."

Ambani said RIL got heavily involved in the petrochemicals business in the 1980s, 40 years after the world had made its giant strides in the field.

"But still we managed to catch up and now we rank among the top five petrochem players in the world," Ambani said.

"With biotechnology and lifesciences, we are starting out with the rest of the world and we are already in an advantageous position. We are one of the seven countries in the world to own stem cell lines and probably the first country in the world to have developed heart cells. We have a clear strategic advantage and we see ourselves building on that," Ambani said.

Earlier, Reliance Lifesciences' officials had said they are in the process of developing biodegradable plastics and such other polymers.

Even Vice-Chairman and Managing Director Anil Ambani had said earlier at a press conference that Reliance is in the process of developing a plastic which will enable foods to be stored at room temperature for weeks on end.

He had painted a picture of the group's biotechnology venture extending its interest into polymers and plastics.

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