Mumbai: RIL's telecom arm Reliance Jio Info comm, the only company with nationwide permits for 4G services, will start field trials in August before a full-fledged rollout in 2015.
Ambani said the company, which became the biggest retailer in the country by revenue in 2013-14, is aiming at doubling its retail business every 3-4 years. While it looks to increasing output from its eastern offshore gas fields, RIL will begin extracting gas from coal seams (coal-bed methane or CBM) in Madhya Pradesh in 2015-16.
To shareholders queries, he said the company will raise Rs 60,000 crore in debt over the next two years but will be debt-free on an overall basis by 2017 with a large cash pile. "In the past 37 years, we invested Rs 2,40,000 crore and in this current three years' investment cycle, we will be investing over Rs 1,80,000 crore," Ambani said.
He said RIL was at the mid-point of the investment cycle and projects in petrochemicals, refining, retail and telecom will come on stream over the next two financial years. "The next three years are transformational in RIL's journey... By the time we finish four decades since our first public offering, we will again be a radically different company. We hope to accomplish as much in the next three years as we have achieved in the past 37 years," he said. "Over the next three years, the commissioning of each of our large projects in petrochemicals and refining, strengthening of our retail business and the launch of Jio business will propel us closer to our aspiration of being a Fortune 50 company," he said.
Ambani said efforts are on to maximise oil and gas output from its fields and the firm's partnership with BP resulted in two significant discoveries in KG-D6 and CYD5 blocks. "Timely regulatory approvals and market-based gas prices are the key to developing these resources," he said, adding that arbitration has been initiated against the government over a gas price revision that was due on April 1.
This arbitration is in addition to one it initiated against penalties levied for producing less gas than targeted. RIL will seek prompt resolution on both matters, he said. Ambani said with CBM, RIL will become the largest player in the unconventional energy sector in India.
