Ambani said that the company was investing an amount in excess of Rs 110,000 crores in its petrochemicals and refining business for growth
Reliance Industries paid customs and central excise duties of Rs 23,786 crore for the year 2015-16, accounting for 4.8 per cent of the centre’s told collection of indirect taxes. The company was also the highest income taxpayer in the country, having paid Rs 7,827 crore for the year, Reliance Industries Chairman, Mukesh Ambani informed shareholders at the 42nd Annual General Meeting of the company on Thursday.
Ambani said that the company was investing an amount in excess of Rs 110,000 crores in its petrochemicals and refining business for growth. The company is also de-risking its business model from cyclical commodity earnings profile to ensure strong cash-flow generating portfolio. “We have invested more in the last 5 years than in the first 35 years of the company.” Ambani told shareholders.
The 42nd shareholders meet was significant since Ambani announced the launch of the Reliance Jio, the company’s 4G offering which is expected to shake up the entire telecom sector. The company, which announced the commercial a formal launch of its 4G services on September 5, said that Reliance Jio will offer free call services for all times and there will also be no charges for domestic roaming. It has also announced hugely attractive prices for its data packs, which would be charged at one-tenth of the prevailing market rates.
Reliance Jio has also set up a Rs 5,000 crore venture capital fund to help young entrepreneurs in the country build their business.
Shares of Reliance Industries company closed 2.73 per cent down at Rs 1029.15.