Reliance Industries Chairman Mukesh Ambani told shareholders on Wednesday that RIL is currently at the mid-point of the largest investment programme in its history and laid down plans for being one of the Fortune 50 companies.
Speaking at the 40th annual general meeting of RIL here, Ambani said the company will invest Rs 1.8 lakh crore ($30 billion) across its businesses, including telecoms and oil and gas, over three years, which is up from the last AGM's commitment of Rs 1.5 lakh crore.
He also announced his wife Nita Ambani's induction into the company's board
Ambani began his AGM address by evoking his father Dhirubhai Ambani saying: “I am pursuing my father’s dream more strongly today.”
He pointed out to shareholders that RIL “has been the largest creator of assets in India in the past 20 years”.
“By the time we finish four decades since our first public offering, we will again be a radically different company. We hope to accomplish as much in the next three years as we have achieved in the past 37 years,” said Ambani.
His biggest announcement was announcing the telecom subsidiary Reliance Jio’s 4G LTE field trial service beginning in August 2014 and commercial services will be launched in a phased manner in 2015.
He said it is a Rs 70,000 crore investment which will cover 5,000 towns and 2.5 lakh villages initially.
“In the first 30 years, Reliance built three globally competitive businesses – petrochemicals, refining and marketing and oil and gas. We are currently at the mid-point of the largest investment programme in Reliance’s history,”he added.
Reliance made a return to the telecom sector in 2010 by acquiring the only company that had won nationwide 4G airwaves in a government auction, but has yet to start services as it builds the business on an unproven and still-developing technology.
It aims to offer high-speed data as well as voice services and added more airwaves from an auction this year.