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
Subscribe to WSJ: http://online.wsj.com?mod=djnwires