By Saurabh Chaturvedi 
 

MUMBAI--Reliance Industries Ltd. (500325.BY) would invest 1.80 trillion rupees ($30 billion) in three years to expand its businesses which range from gas production and oil refining to selling groceries and vegetables, Chairman Mukesh Ambani said Wednesday.

Mr. Ambani, while speaking at an annual meeting with shareholders, said most of the investments will be in the company's petrochemicals business. The other businesses, which include exploration and production, retail, telecommunication and media, would get the remaining share of the investments.

The company would also look to expand its retail business and launch its fourth-generation telecommunication services in 2015, he added.

Reliance's investment plan is bigger than what the company had announced in recent years. At last year's shareholder meeting, Mr. Ambani had said the company would invest 1.5 trillion rupees in three years while a year prior to that, the group had set out an investment plan of 1 trillion rupees over a five-year period.

"Next three years will be transformational," Mr. Ambani said. "We hope to accomplish as much in the next three years as we have achieved in the past 37 years."

Stock markets were unimpressed. The company's shares were last trading 1.46% lower at 1074 rupees on the Bombay Stock Exchange.

The latest plan underscores the growing optimism among Indian businesses which are preparing to expand operations as the economy gradually comes out of prolonged slowdown. The landslide victory for the Bharatiya Janata Party, led by its pro-business leader Narendra Modi, at national elections concluded last month has added to the optimism.

Write to Saurabh Chaturvedi at saurabh.chaturvedi@wsj.com

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