RIL to invest Rs.150,000 crore over 3 years

Mumbai, June 6 (IANS) Reliance Industries Ltd. (RIL) will invest Rs.150,000 crore over the next three years to expand its manufacturing, retail and 4G digital services, Chairman Mukesh Ambani said here Thursday.

He said the above said sectors have "high multiplier effects" and would lead to "secondary and tertiary economic investments and employment creation in a variety of sectors".

He was addressing RIL's 39th annual general meeting here.

"Together with our partners, we have charted an ambitious plan for the next 12 months, and we at Reliance Jio foresee making rapid progress over this period towards launching our services across India," Ambani said about the company's telecom venture, Reliance Jio.

Reliance Jio is the only company in the country, which have nationwide permits for 4G (fourth generation) services. There are reports that the company will commercially launch its 4G network later this year.

Ambani mentioned that the company was focused on its digital services but did not say when they would be launched.

"Let me assure sceptics that my continued optimism is based on the significant strides that we at Reliance have taken in the past year - towards engineering and testing a world-class broadband network, and in developing a suite of compelling and synergistic digital services."

He added that Reliance Jio team will compromise 10,000 professionals over the next year.

On oil and gas exploration, he mentioned RIL's first success this year being the discovery of significant gas reserves in the MJ1 well of the KG-D6 block.

Ambani mentioned that over the next few quarters more prospects have been lined up for exploration drilling in the KG and Cauvery basins in Andhra Pradesh.

About the petroleum sector, which has been the bedrock of RIL's growth strategy, he said that the company was expanding by 1.5 million tonnes to reach 4 million tonnes per year.

Also, a polyester filament yarn plant at Silvassa, Goa, will be commissioned during the first half of the current financial year.

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