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India’s Reliance Industries on Thursday announced an investment of Rs. 1.5 trillion in core business of petrochemicals and oil and gas as well as in retail and telecom sectors in the next 3 years.
Addressing company shareholders, Reliance Industries Limited (RIL) chairman and managing director Mukesh Ambani said, “Reliance has embarked upon its largest investment programme in its history.”
The investments span oil and gas exploration and production, refining and marketing, petrochemicals, retail and broadband and digital services, he said.
RIL is aiming to be “among top 5 petrochemical producers in the world,” he said adding the petrochem capacity is being expanded to 25 million tonnes from 15 million tonnes per year.
While RIL’s partnership with UK’s BP has started delivering results with a significant gas discovery being made 2 km below the currently producing fields in KG-D6 block, the company is now looking at quickly bringing into production satellite fields in the flagging block and nearby areas.
“We are making these investments at a time when the global economy is facing one of its most challenging period in modern times. Most of economies are faced with slowdown, high unemployment and lack of visible growth triggers,” he said.
He also said revenues for RIL’s investments in US shale gas ventures has doubled.