RIL to invest $35 billion in different projects this fiscal

Reliance Industries (RIL) is expecting to commission projects with a total investment of $35 billion in the current fiscal, including petrochemical expansion projects. These projects would be helping RIL to grab a spot among the top 10 global producers in that sector, says the company’s annual report for FY 2015-16.

The company has also sought approval from its shareholders to raise Rs 10,000 crore through non-convertible debentures (NCDs) for this purpose.

"In the polyester chain, we added substantial volumes in an effort to further integrate our business ...Reliance is confident of placing all our incremental output from the new projects in the domestic markets to meet India's growing demand," said the letter that RIL chairman Mukesh Ambani wrote to shareholders.

As per RIL, its petrochemical plant expansion was right on schedule, being able to provide the company the capacity and earning potential of world’s top producer. Other than that, the company is also looking forward to the impending launch of its telecom service called Jio Infocomm.

The telecom arm will launch its 4G LTE services at "substantially lower "rates than its rivals, making it more affordable in the highly competitive industry.

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