On 26th April 2017, Mukesh Ambani-led Reliance Industries Limited (RIL) entered into a license agreement with Germany-based Resysta International GmbH. With this partnership, RIL bagged exclusive rights of production as well as marketing of a Natural Fiber Polymer Composite (NFPC), RelWood™, in India.
According to the Chief Operating Officer (COO) of Petrochemicals, RIL, Mr. Vipul Shah, with the strategic agreement with Resysta, RIL is planning to exclusively produce the RelWood™ compound so as to meet the growing demand for a real alternative to tropical wood.
He believes that the partnership indicates RIL’s dedication towards sustainable projects based on innovative technology. He added that along with the top German innovator Resysta, RIL is looking forward to offering a technologically advanced product as the alternative to real wood to the Indian consumers.
Located near Munich, Germany, Resysta International GmbH was established in 2011. It is a privately-headed technology company which co-operates with top industry partners around the world to leverage the huge potential of the exclusive Resysta material in its various wood replacement applications.
Resysta successfully developed a water and weather-resistant material which portrays the look and feel of wood. Moreover, the fully recyclable material is procured using a renewable resource, does not rot over a long duration, and is unaffected by termites.
It also has the capability to withstand the sun, wind, and salt water. The innovative material was required to combat the shrinking rainforests crisis as well as address the substandard quality of wood composite products that were used earlier.
This is based on a unique technology through which natural fiber is dispersed within the polymer matrix. Owing to the partnership, RIL will be using RelWood™ as the raw material for producing sheets and different profiles utilized in a large number of replacement applications of wood and plywood. The initiative will help prevent deforestation and offer water-resistant, durable, and recyclable raw material to Indian consumers.
The Chief Executive Officer (CEO) of Resysta International, Bernd Duna, stated that currently, Resysta is licensing its technology across the globe. According to him, RIL is Resysta’s perfect partner for India. He believes that the local manufacturing of Resysta Compound will enable the products to become easily available and more environmentally friendly. Since RIL is a leading manufacturer of petrochemicals in India, it is ideally poised to manufacture at par with Resysta’s high global standard. In partnership with RIL, Resysta looks forward to continuing its success story in India, he added.
The largest Indian private sector company, RIL, has a consolidated turnover of INR 330,180 crore and a net profit of INR 29,901 crore for the financial year 2016-17.
Moreover, RIL is the first Indian private sector company to make it to Fortune’s Global 500 list of ‘World’s Largest Corporations’. Currently, RIL is on the 215th rank with regard to revenues, and 126th rank with regard to profits.
Mukesh Ambani led RIL also ranks 238th in the FT Global 500 list (2015) of world’s largest companies by Financial Times. Furthermore, RIL stands at the 21st position on the Forbes Global 2000 list (2016). RIL’s businesses include petroleum refining and marketing, hydrocarbon exploration and production, retail, petrochemicals, and 4G digital services.
RIL went into a partnership with Germany-based Resysta International to manufacture an innovative alternative to natural wood in India.