Reliance Industries to invest Rs 180,000 crores in next three years

Business

oi-Sunil

By Sunil Fernandes

Updated: Wednesday, June 18, 2014, 12:39 [IST]

Reliance Industries will invest Rs 1.8 lakh crore ($30 billion) in the next three years, its Chairman, Mukesh Ambani told shareholders at the company's annual general body meeting held today.

"In the last 37 years we have invested Rs 2.4 lakh crores ($40 billion), but, in the next three years we will be investing as much as Rs 1.8 lakh crores ($30 billion)," he told shareholders.

"We are the mid-point of the largest investment programme in the company's history," he added.

Ambani told shareholders that in 2014-15 and 2015-2016 the company is focused on executing projects in petrochemicals, refining and Jio. "2016-2017 will be the first full year of benefits of these investments and the next three years will be transformational," he stated.

Elaborating on the performance of Reliance Industries, he said the company achieved the highest export turnover last year.

"Reliance accounted for 14.7 per cent of the total exports from India," he told shareholders.

Shale gas and retail were material contributors to the revenues of the company, he said. "We are on schedule to complete all petchem projects in the next 24 months," he revealed.

The shares of Reliance were marginally up by 0.60 per cent at Rs 1095, even as Mukesh Ambani was addressing the shareholders of the company.

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