VENTURE CAPITAL POST

India's Reliance Industries (RELI.NS) is considering investing about $13 billion to build new projects, including a 400,000 barrels per day (bpd) refinery at its Jamnagar complex to boost profit by processing cheap, heavy grades.

The company, controlled by billionaire Mukesh Ambani, last year sought the approval of the environment ministry to invest 773 billion rupees ($12.8 billion) to build a new refinery and some polymer units, and to switch the fuel for a 450 megawatt power plant from gas to coal, according to a copy of the proposal obtained by Reuters.