In a bid to double the gas out put from its D6 block in the Krishna Godavari basin, the Mukesh Ambani’s Reliance Industries has proposed to invest $5.2 billion in its facility. The Krishna Godavari basin is in the Bay of Bengal.

Doubling the output would mean that the gas field would be made capable of providing 80 million cubic meters (2.8 billion cubic feet) of gas a day. This would be equivalent to 450,000 barrels of oil, translating into 25 per cent of India’s current daily imports.

The Mukesh Ambani-owned behemoth is the country’s largest firm in the private sector. The company also plans to either sell bonds or take out a syndicated bank loan to raise $2 billion to make the project take effective shape. Reliance Industries believes that there are reserves of more than 14.5 trillion cubic feet in the block.

The company currently holds a 90 per cent stake in the deepwater D6 block. The remaining 10 per cent is owned by Canada based company Niko Resources.

The company had during the last year registered sales of $20 billion. Reliance Industries currently produces a wide range of products, ranging from polymers to petroleum to garments.

With its expansion plans going full steam, the company would kick start its retail stores business in Hyderabad in a few days. The company to be called Reliance Retail is all set to open supermarkets across the country’s landscape.