Reliance Industries to Invest $30 Billion Over 5 Years

Indian energy major Reliance Industries plans to invest $25 billion to $30 billion in its major businesses over the next five years, the Economic Times newspaper said on Thursday, quoting a Press Trust of India report.

Reliance, controlled by billonaire Mukesh Ambani, will mainly target petrochemicals, energy exploration and production, and telecoms businesses, the reported quoted the company as saying at an investor conference last week.

Reliance plans to invest around $4.5 billion in telecoms, $10 billion on exploration & production of oil and gas, and another $10 billion to $12 billion on petrochemicals, the report said.

The company holds stakes in three shale gas joint ventures with U.S. firms.