Reliance industry to invest in petrochemical over next five years

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Reliance Industries Ltd. (RIL) chairman Mukesh Ambani stated during his speech at the company’s 45th annual general meeting (AGM) on Monday that the company will invest 75,000 crore in the next five years to expand petrochemical capacity. He also added that the investments will be made in setting up a PTA plant, increasing polyester capacity, tripling vinyl chain capacity, and a chemical unit in the United Arab Emirates.

“This was yet another year of outstanding performance for our O2C company. The company’s annual revenue exceeded 5 lakh crore. EBITDA exceeded Rs. 50,000 crore. We are dedicated to maximising Oil to Chemicals integration and transforming our beneficial feedstock streams into high-value chemicals and eco-friendly materials. I’m happy to announce that we will invest 75,000 crore over the next five years and increase our capacity in both old and new value chains, Ambani remarked.

In addition, he added, Reliance Jio has set aside 2 lakh crore in funding for its 5G network and intends to roll out the high-speed services in a number of important cities by Diwali.

With its headquarters in Mumbai, Reliance Industries Limited is a multinational conglomerate corporation in India. Energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles are just a few of the many industries it is involved in. One of India’s most lucrative businesses, Reliance is also the country’s biggest publicly traded business in terms of market capitalization and by revenue. With nearly 236,000 people, it ranks as India’s eighth largest employer. As of March 31, 2022, RIL’s market capitalization was US$243 billion.

As of 2022, the company is listed as the 104th largest organisation in the world on the Fortune Global 500 list. With 8% of all Indian merchandise exports and access to markets in more than 100 nations, Reliance is still India’s top exporter.

The business had emphasised that it is completely prepared to launch 5G in the shortest amount of time, supported by a widespread fibre footprint, an all-IP network with no legacy infrastructure, a proprietary 5G stack, and solid international connections throughout the technology ecosystem.

Using immersive and interactive metaverse technology, Reliance Chairman Mukesh Ambani made the declaration while addressing the shareholders at the Annual General Meeting. AGM was broadcast live on several social media sites in addition to Metaverse and JioMeet, their in-house HD video conferencing software. It is likely the first firm in the world to hold its annual general meeting using both virtual reality technology and a variety of social media channels.

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