Mumbai, August 12, 2019: Chairman and Managing Director of Reliance Industries Ltd, Mukesh Ambani on Monday said that his company would make several announcements for Jammu & Kashmir and Ladakh region in the near future.
"Responding to the Prime Minister's appeal, we stand committed to support people of Jammu and Kashmir and Ladakh in all their developmental needs. Hence, we will create a special task force and you will see several announcements for Jammu & Kashmir and Ladakh region in our developmental initiatives in the coming months," he said at the 42nd Annual General Meeting (AGM).
Prime Minister Narendra Modi, in his address to the nation on August 8, urged the companies to invest in the Jammu & Kashmir and Ladakh region to increase employment opportunities for local people there.
The Parliament had revoked Article 370 that gave special status to the Jammu and Kashmir and also passed Jammu and Kashmir (Reorganization) Act 2019, reorganising the state as two Union Territories--Jammu and Kashmir with Assembly and Ladakh without it.
Ambani also took the occasion to inform that the RIL has assumed the responsibility of the families of CRPF personnel killed in Pulwama terror attack in February this year.
"As a mark of respect to the Pulwama martyrs, we have assumed full responsibility for the education of their children and the livelihood of their families," he said.
Saudi Aramco to invest $75 billion in Reliance, BP to propel petro-retail business
Ambani said Saudi Aramco will invest 75 billion dollars in the conglomerate and have 20 per cent stake in its oil to chemicals (O2C) business.
"Saudi Aramco and Reliance have agreed to form a long-term partnership in our oil to chemicals division. Saudi Aramco will invest for a 20 per cent stake in Reliance's O2C division at an enterprise value of 75 billion dollars," he said.
"This is the biggest foreign investment for Reliance and one of the largest for India. The partnership with Saudi Aramco to cover Reliance's refining and petro-chemicals assets, including 51 per cent of the petroleum retail joint venture."
In another significant new initiative, BP acquired 49 per cent stake in Reliance's petro-retail business. Reliance will get Rs 7,000 crore from BP for this transaction, Ambani said.
"As the world moves towards renewable energy sources and electric vehicles, Reliance has positioned itself far ahead of the curve to create new value," he said.
"Our Prime Minister has set the goal of making India a five trillion dollar economy by 2022. I fully endorse the idea. In fact, I see India becoming a 10 trillion dollar economy by 2030. The slowdown in some sectors of the economy is temporary. India's fundamentals are very strong."
As India is getting transformed into New India, Reliance will also transform itself into New Reliance, said Ambani while pointing towards new businesses like Jio and consumer retail.
Jio has not only become the largest operator in India but the second-largest operator in the world, Ambani asserted, adding that Reliance has put Rs 3.5 lakh crore in the investment cycle.
"We can upgrade Jio into 5G with minimum incremental costs. Jio Fiber Services will be launched on commercial basis on September 5 -- on the third anniversary of Jio's launch. We plan to reach 20 million residences and 15 million business establishments in 1,600 towns," he said. (Agency)