To unlock value for Reliance Industries' shareholders, Reliance Infocom will go in for an international listing in the next two-three years, Reliance Industries managing director Anil Ambani said at a presentation of the company's third quarter results here on Wednesday.

According to Mr Ambani: "We are positively looking at a 30 per cent rate of return on investment from Infocom in terms of the basic cash flows over the next four years of operations."

Reliance Industries holds 45 per cent in Reliance Infocom, and the balance is held by employees of Reliance, Reliance's promoters- Abmani family and strategic and financial investors.

"We want to build on the old economy approach to grow in the new economy businesses. That is, we want to have positive cash flows, return on equity, return on investment to enhance the business," he said.

With regards to connecting the last mile in telecom, Mr Ambani said that the primary focus of the company is to target the business customer.

Reliance Industries is investing over Rs 15,000 crore in setting up the country-wide optic fibre backbone network in 167 towns in India. The project is expected to be completed by 2002.

The backbone is currently being implemented in 12 states of Tamil Nadu, Andhra Pradesh, Karnataka, Maharashtra, Gujarat, Rajasthan, Delhi, Uttar Pradesh, Madhya Pradesh, Orissa and West Bengal.

Mr Ambani said that the company is looking at tie-ups where ever required. Reliance Telecom serves a subscriber base of over 1.25 lakh for its cellular services. Reliance Infocom is yet to select the technology for the last mile access. The options would include fibre, DSL, cable, wireless and satellites. Technology choice will be based on the techno-commercial viability, according to sources.