New Delhi: Reliance Industries Chairman Mukesh Ambani on Wednesday said that RIL will invest Rs 1,80,000 crore in the next three years across its businesses, including telecoms and oil and gas, over three years. That's up from last AGM's commitment of Rs 1.5 lakh crore. RIL also said it is gearing up to launch its 4G services in the next few months.
Addressing the 40th annual general meeting (AGM) of Reliance Industries, Ambani said that the company is on schedule to complete all new petrochemical projects in 24 months.
He began his address by evoking his father Dhirubhai Ambani, "I am pursuing my father's dream more strongly today."
He told the shareholders that the company "has been the largest creator of assets in India in the past 20 years.” He also announced his wife Nita Ambani's induction into the company's Board.
Besides petrochem, RIL said the FY15 and the FY16 would also focus on the company's telecom and retail investments.
RIL said its telecom subsidiary Reliance Jio's 4G LTE field trial service beginning in August 2014 and commercial services will be launched in a phased manner in 2015. Mukesh Ambani said 2015 would see a phased launch of its Reliance Jio platform with expanded field trials starting in August this year.
He said it is a Rs 70,000 cr investment and will cover 5,000 towns and 2.5 lakh villages initially.
“In the past 37 years, we invested Rs 2,40,000 crore and in this current three years' investment cycle, we will be investing over Rs 1,80,000 crore,” he said.
Ambani said he was 'proud' of the fact that RIL is highest tax payer in the private sector in the country and that it pays 4.7% of India's total indirect tax collection.
He said the petrochemical business will get the highest allocation of capital.
He claimed that Reliance currently accounts for 14.7% of total exports from India.
Reliance Retail, RIL's retail arm, is India's largest retailer in terms of revenue and added 367 new stores in FY14, Ambani informed. He said that RIL's focus in FY15 and FY16 will be on retail, petrochemical and telecom investments.