RIL To Invest $30 Billion Over 3 Years

Reliance Industries Ltd (RIL) has announced an investment of $30 billion over a period of three years across its sprawling businesses.
RIL chairman Mukesh Ambani also said that it would start offering high-speed 4G services next year to enhance revenues. “The next two years... will see us focus on executing and progressively bringing the projects on-stream in petrochemicals, refining, retail and Jio,” he said at the company’s annual general meeting.

“(FY) 2016-17 will be the first full year in which the complete benefits of all these investments will be available to our shareholders, consumers and the society,” he added.

Reliance Jio, RIL’s telecoms arm, hopes to launch 4G mobile and broadband services in 2015. Ambani told shareholders that Reliance was investing $12 billion in the telecom business and it would soon get returns.

Reliance earns most of its revenues from its energy empire but in recent years, it has ventured into new businesses. Its retail wing has developed into the country’s largest supermarket chain.

Ambani also announced the appointment of his wife, Nita Ambani, to the company’s board. A new act has made it mandatory for the listed companies to have a female director.