RIL to invest Rs 1 lakh cr in core biz in next 4-5 yrs

Mumbai: Reliance Industries on Thursday announced investment of over USD 18 billion in core businesses of petrochem and oil and gas as well as in new sectors of retail and telecom, to double operating profits in 4-5 years. Addressing company shareholders, RIL Chairman and Managing Director Mukesh Ambani said new projects in petrochemicals and refinery […]

Mumbai: Reliance Industries on Thursday announced investment of over USD 18 billion in core businesses of petrochem and oil and gas as well as in new sectors of retail and telecom, to double operating profits in 4-5 years. Addressing company shareholders, RIL Chairman and Managing Director Mukesh Ambani said new projects in petrochemicals and refinery business would come online in the next 2 to 3 years.

Investments in refinery downstream would add 30-40 per cent to margins while retail business would be a significant and profitable business for RIL within 3 years, he said. He said 4G commercial rollout plans are being finalised even as the company bets big on shale gas production with output projected to grow ten times in five years from current 30 billion cubic feet. "Even after this investment of Rs 100,000 crore, our balance sheet will be the strongest not only in India but in the world," he said.