Mumbai, 18 June, 2014

Reliance Industries (RIL) chairman Mukesh Ambani on Wednesday said that his company will invest Rs 1,80,000 crore in next three years.

Briefing shareholders about the group’s performance and future strategies for growth, Ambani said Reliance will launch its much awaited 4G broadband network in the next few months.
“Reliance Jio will be launched in phased manner in 2015,” he said, adding, “Rs 70,000 crore being invested in 4G broadband.”

Ambani also informed the company shareholders that Reliance Retail has become India’s largest retailer by revenue.

Speaking about gas pricing, the RIL chief said market price will be the key to developing gas resources of the east coast.

RIL is selling gas from its eastern offshore KG-DWN-98/3 fields at the old rate of $4.2 per million British thermal unit even after its term had expired. RIL has served arbitration notice on the Centre disputing the decision to postpone the implementation of revised price guidelines due to the EC order.

Any delay in the implementation of the new gas price (almost double the current $4.2/mmBtu if the Rangarajan formula is applied), which was to be effective April 1, would be bad news for gas producers such as ONGC, Oil India, Reliance Industries and Cairn India.

Ambani also said Reliance will start production from coal-bed methane block in Madhya Pradesh in 2015-16.

Reliance Industries Ltd shares were trading 0.12 per cent to 1,091.35 at 11.55 am.