Reliance Industries to invest $30 bn in 3 years

Mumbai, June 18 (IANS) Reliance Industries Limited (RIL) plans to invest Rs.180,000 crore ($30 billion) across its businesses including oil and gas, retail and telecom, chairman and managing director Mukesh Ambani said Wednesday.

Addressing shareholders at the 40th Annual General Meeting, Ambani said the company has outlined its expansion strategy across the businesses and aims to become a Fortune 50 firm in the next 2-3 years. This was 37th AGM since Reliance became a listed company.

"In the past 37 years, we invested Rs.240,000 crore and in the current three years' investment cycle, we will be investing over Rs.180,000 crore," Ambani said.

"We are currently at the mid-point of the largest investment programme in Reliance's history," he said.

Ambani said the next three years would be transformational in RIL's history.

"The next two years, 2014-15 and 2015-16, will see us focused on executing and progressively bringing these projects on-stream in petrochemicals, refining, retail and Jio," he said.

"The year 2016-17 will be the first full year in which the complete benefits of all these investments will be available to our shareholders, customers and society," he added.