Reliance industries headed by the well-known Mukesh Ambani is all set to invest 75,000 crores over a pan of 5 years to expand its petrochemical capacity. Read the entire article to learn more about this recent news piece.
Investment plan
The declaration of this investment plan was done by Mukesh Ambani during his speech at the 45 annual general meet of the company. He stated the multiple ways in which the investment plan will be useful. It will help set up a PTA plant, help in increasing polyester volume and increase the volume of vinyl chain and the chemical unit in UAE by three times.
Statement given by Mukesh Ambani
“For our O2C business, this was yet another year of superlative performance. It crossed ₹5 lakh crore in annual revenues. The EBITDA crossed ₹50,000 crore. We are committed to maximize Oil to Chemicals integration and convert our advantageous feedstock streams to high-value chemicals and green materials. I am pleased to share that over the next 5 years, we will invest ₹75,000 crore and expand capacities in existing and new value chains,” Ambani said. He further added that over the span of the next 5 years, the company will invest 75000 crores and expand volumes in new and already existing chains. This announcement brings out the dedication and allegiance of the company toward its O2C business as the company already has diversification of telecom, retail, and new energy on its plate.
About Reliance Jio
Several reports suggest that Reliance Jio has decided to set aside 2 lakh crore for introducing the 5G network in India. It further plans to provide high-speed internet service in the major cities of India by Diwali. Recent reports suggest that the Jio network claimed that it will be providing 5G services in all the cities in India by the last month of 2023. The company is all set to introduce 5G in the country very soon. It will be supported by the nationwide fiber presence, an all-IP network with no legacy infrastructure, an indigenous 5G stack, and solid partnerships across the technological ecosystem.
About Mukesh Ambani
Mukesh Ambani is one of the popular Indian industrialists. He is a role model and guru for all aspiring to make it big in the Indian market. Data in several reports suggest that he is the second richest person in India and the 11th richest in the world. He is running one of the most successful and popular companies in the country. He is the son of Dhirubhai Ambani and Kokilaben Ambani.