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MUMBAI, June 19, 2014
Reliance set to roll out 4G broadband services in 2015
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To invest Rs.1.80 lakh cr in the next 3 years
Reliance Industries Ltd (RIL) has announced plans to invest Rs. 1.80 lakh crore
($30 billion) in three years in petrochemicals, refining, retail and broadband b
usinesses with an aim to be among the Fortune 50 companies by the time it comple
tes 40 years of corporate journey in 2017.
RIL Chairman and Managing Director Mukesh Ambani said this while unveiling his v
ision for the company at the annual general meeting in Mumbai on Wednesday.
In the past 37 years, we invested Rs.2.40 lakh crore, and in this current three y
ears investment cycle, we will be investing over Rs.1.80 lakh crore. We are curre
ntly at the mid-point of largest investment programme in Reliances history, Mr. Am
bani told shareholders.
The next three years are transformational in RILs journey. By the time we finish t
he four decades since our first public offering, we will again be a radically di
fferent company, Mr. Ambani said.
RIL, which is at present debt-free, would raise debt of Rs.60,000 crore in the n
ext two years and by the time this investment cycle was finished, it would once
again be debt-free in 2017-18 on a much larger basis, the RIL Chairman said.
Speaking on the KG-D6 fields, Mr Ambani said We have met with success with furthe
r discoveries in KG-D6 and CYD5 blocks. We are now in the process of carrying ou
t our appraisal of the discoveries to access their potential. Timely regulatory
approvals and market-based gas prices are the key to developing these resources.
Mr. Ambani said, We are a matured corporate and we are committed to create value.
We are convinced that what we are doing is right and we will gain trust (of opp
onents) through transparency.
In organised retail, RIL said that this business had already achieved market lea
dership and the company would further expand in existing markets and explore new
er markets. He said Reliance Jio would start offering 4G broadband service in 20
15, and it would be one of the largest job-creating and wealth-creating business
initiatives in India. About Rs.70,000 crore had already been invested in this b
usiness, and 10,000 people were working across the country.
Millions of new entrepreneurs and jobs can be expected to spring up in secondary
and tertiary sectors in new and innovative digital enterprises and services. The
boundaries of these start-ups and services are only limited by our imagination,
Mr. Ambani said. The day also witnessed the induction of Nita Ambani, wife of Mr
. Ambani, into the board of RIL. Shareholders of the company approved her appoin
tment at the AGM.
Aims to be among Fortune 50 companies in 2017
Will raise debt of Rs.60,000 crore in the next two years
Will be one of the largest job-creating business initiatives
Inducts
Nita Ambani
into the board of RIL
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