This will take RIL's total investments in the last one year to more than Rs 58,500 crore (Rs 585 billion). Subsidiary Reliance Petroleum is spending another Rs 27,000 crore (Rs 270 billion) to build a new refinery.

The integrated petrochemicals complex, billed as one of the largest integrated cracker and petrochemicals complexes in the world, will use gases and other byproducts of Reliance Industries' adjacent refinery as feedstock to manufacture ethylene, propylene and its downstream commodity and speciality derivatives. The proposed facility is expected to go on stream by 2010-11.

The company said, "The unique integration with the refinery will enable Reliance to achieve one of the most competitive cost positions."

Marketmen said Reliance had huge investment plans and might raise funds by selling shares in the company. That's why, they added, the promoters wanted to scale up their stake before dilution of equity so that they would continue to have majority control.

Reliance hasn't announced any plans to sell shares to raise funds, though it today reiterated its plan to raise Rs 9,000 crore through external borrowings to fund the development of a natural gas field off India's east coast.