Reliance ties up with Nova Chemicals for energy-efficient buildings

Mumbai: Reliance Industries Limited has signed a letter of intent with Nova Chemicals to form a  joint venture in the area of building and construction. Reliance would hold 51 per cent and Nova 49 per cent in the proposed JV.

NOVA Chemicals would be a technological partnership for Reliance for deploying green building and construction technologies to design, engineer, fabricate and build a range of energy-efficient structures for the Indian sub-continent.

Under the LoI, NOVA will provide turnkey facilities to build structures for RIL as per its requirements, and for other customers, initially within the Indian subcontinent.

''India has a $60 billion construction market that is growing at about 20 per cent per year. The potential for energy efficient buildings in India is very exciting and these systems are an excellent fit for Reliance Retail's strategy.'' said Kamal Nanavaty, resident. Reliance Industries Limited.

''This new venture will enable us to work with Reliance to build a large, profitable business based on our proprietary `Performance Styrenics' building and construction systems,'' said Chris Pappas, NOVA Chemicals President and COO.

These unique building and construction systems and component parts, based on expandable polystyrene, minimise resource consumption while decreasing on-going energy demand by as much as a third. The components of the system include structural and non-structural roof, decking and wall panels.