Reliance announces Rs1000b investment in 12-18 months

GANDHINAGAR, Jan 11 (PTI): Reliance Industries Chairman  Mukesh Ambani today announced Rs 1000 billion investment  across businesses in the next 12-18 months and said India was  on the path to become the world's fastest growing economy.

The investments will be in expanding petrochemical  production capacity as well as in launch the much-awaited 4G  broadband services while contributing to Make in India and Digital India initiatives.

Ambani, the world's richest energy billionaire, speaking  at the 7th Vibrant Gujarat Summit here, said Prime Minister Narendra Modi's clarion call for boosting domestic manufacturing and job creation through Make in India campaign and Digital India initiative "have energised India and its enterprises".

"We will invest over Rs 100,000 crore in the next 12-18 months in contributing to the Make-In-India and Digital India initiatives," he said at the Summit inauguration function that was attended by Modi as well as top captains of industry and world leaders.

Ambani said as part of the investment programme, RIL will partner and enable thousands of small businesses and Gujarati entrepreneurs to create virtuous cycle of prosperity.

"India is marching forward with a clear vision to emerge as global power even when as most of the world is struggling with low growth.