Reliance Industries pledges investment in telecoms business
Reliance Industries has said it will begin rolling out 4G telecoms services in India by 2015.
The company – owned by India’s richest man Mukesh Ambani – has pledged to invest $11.7 billion into its telecoms business, and will also expand businesses in the media and retail sectors to offset slowing growth in its core energy unit.
Reliance marked its return to telecoms by acquiring spectrum in India’s 4G government airwaves auction in 2010, but has not made many advancements in the space since then, with the technology largely unproven in the country.
Ambani told shareholders that the company will begin rolling out services in several phases throughout 2015.
“The objective is to ensure that everything we offer is futureproof and world class,” said Ambani. “Limited field trials with our initial set of services for broadband are already underway.
Overall, Reliance is planning to invest $30 billion over three years into all its operating businesses.