Energy conglomerate Reliance Industries (RIL) said on Tuesday it has finalised a joint venture with Sibur, Russia's largest petrochemical company, to set up a butyl rubber plant in India.

The joint venture will invest $450 million to construct the facility in Jamnagar in western India, which is expected to be commissioned in the second half of 2014, RIL said in a statement.

RIL will hold a 74.9% stake in the joint venture and Sibur will own the rest.

RIL, the country's biggest company by market value, is currently in the midst of doubling its petrochemicals business, spurred by rising demand from consumer goods, automobiles, construction and organised retail sectors in Asia's third-largest economy.