Mukesh Ambani, owner of country’s biggest private sector company, Reliance Industries Limited (RIL) stated that India’s future is digital in 39th Annual General Meeting (AGM) held in Mumbai on 6th June. He also charted out his up-coming investment plans by announcing that the company plans to invest around Rs 1.5 lakh crore over the next three years. The investment will be used in its energy, petrochemical and telecom sector. Throwing more light on the much- awaited launch of 4G-services under the brand name: Reliance Jio Infocom, Mukesh Ambani said that he envisages India’s future to be digital. He added that in near future everything done digitally is transformed to a value-creating and life-enriching experience across all strata of the society. Reliance Jio Infocom will drastically change the lives of 1.2 billion citizens of the country.
Furthermore while addressing the company shareholders he added that this is the largest investment programme in the company’s history. The investments will duly benefit oil and gas exploration and production, refining and marketing, petrochemicals, retail and broadband and digital services.” Reliance is making significant investments in all five businesses simultaneously- exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G” he said.
Reliance Jio Infocomm is the country’s first company to have license for 4G services. Ambani said that it has already invested around Rs 18,000 crore in the telecom sector and further details about the product and the launch will be shared in the next AGM in June 2014. “Together with our partners, we have charted an ambitious plan for the next 12 months, and we at Reliance Jio foresee making rapid progress over the period towards launching our services across India,” he said.
Reliance Jio Infocomm has finalized its key vendors, device partners, manufacturer and technology partners and infrastructure partners for the initial launch of its services pan-India. Jio Infcom is planning to recruit 7,000 more people and reaching a headcount of 10,000 by next year. It will build on affordability and providing an unparallel range of services that do not exist today. He said,” In the coming years Reliance Jio’s next generation digital infra and services platform will catalyze a transformation and will embrace almost every facet of India’s economic growth and social progress.”
Mukesh Ambani, pouring a word of caution said that they are making these huge investments at a time when globally economies are facing major down-turn. Most economies are facing threats like high unemployment, slowdown and lack of visible growth triggers.
Apart from telecom sector, Reliance is also eyeing on major expansion in petrochemical and retail sectors.