At the 40th annual general meeting of Reliance Industries Limited, chairman Mukesh Ambani said the company will invest Rs 1.8 lakh crore ($30 billion) across its businesses, including telecoms and oil and gas, over three years. That's up from last AGM's commitment of Rs 1.5 lakh crore.
He began his address by evoking his father Dhirubhai Ambani, "I am pursuing my father's dream more strongly today."
He told the shareholders that the company "has been the largest creator of assets in India in the past 20 years". He announced his wife Nita Ambani's induction into the company's Board.
The biggest announcment has been him announcing the telecom subsidiary Reliance Jio's 4G LTE field trial service beginning in August 2014 and commercial services will be launched in a phased manner in 2015.
He said it is a Rs 70,000 cr investment and will cover 5,000 towns and 2.5 lakh villages initially.
"In the first 30 years, Reliance built three globally competitive businesses – petrochemicals, refining and marketing and oil and gas. We are currently at the mid-point of the largest investment programme in Reliance's history,"he added.
He made an oblique reference to the allegations hurled by AAP founder Arvind Kejriwal last year. He said, "Reliance saw several false allegations, half-lies last year. We have weathered ill-informed campaigns and have put facts on social media for everyone to see."
Ambani said he was 'proud' of the fact that RIL is the highest tax payer in the private sector in the country and that it pays 4.7% of India's total indirect tax collection.
He said the petrochemical business will get the highest allocation of capital.
He claimed that Reliance currently accounts for 14.7% of total exports from India.
Reliance Retail, RIL's retail arm, is India's largest retailer in terms of revenue and added 367 new stores in FY14, Ambani informed. He said that RIL's focus in FY15 and FY16 will be on retail, petrochemical and telecom investments.