Mumbai/IBNS, March 11 -- Shares of Reliance Industries rose over 1 percent on Wednesday after Donald Trump, President of the United States, announced plans to build a new oil refinery in the country backed by investment from the Indian conglomerate.

The proposed refinery - the first to be built in the United States in nearly 50 years - will be located in Texas.

He thanked partners in India and their largest privately held energy company, Reliance Industries, for the investment.

Trump added that his administration's "America First" policies - including faster permits and lower taxes - had helped attract major investments back into the country.

According to him, the refinery will be located at the Port of Brownsville and will supply fue...