RIL to invest Rs 2 lakh crore in oil biz; 4G launch by December: Ambani

Mumbai: Reliance Industries Limited(RIL) is all set to commence commercial operation of 4G telecom services in India by December 2015, while planning to invest US$ 31.7 billion in core oil and petrochemical business over the next 12-18 months. RIL would have a unique portfolio of globally competitive petrochemical and refining business with a new age India centric business with high growth potential if they could reap full benefits of the investment by 2016-17 . While addressing shareholders at the 41st Annual General Meeting (AGM), RIL Chairman Mukesh Ambani stressed on RIL's plan to use 4G technology to offer wireless broadband as well as voice services. He also said that 4G LTE smartphones will be brought to Indian market at a price of less than US$ 63.5. RIL's telecom arm Reliance Jio has applied for a pan-India cable television multi-system operator (MSO) license and plans to enter into broadcast TV distribution, besides partnering with State Bank of India to apply for a payments bank license.

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