[ad_1]
 "Reliance industries, Reliance oil business")
Signage for Reliance Industries Ltd. in Gujarat, India.Photographer: Dhiraj Singh/Bloomberg
Reliance Industries, India’s largest conglomerate, will be investing $60 billion in the next 10 years, as per an estimate made by global financial powerhouse Morgan Stanley.
With this, RIL joins other large conglomerates like the Tatas, JSW, and the Adani groups which have announced massive investments for the next decade. Last month, the JSW Group revised its investment target to $70 billion by 2030, mainly in the ports, steel, and infrastructure sectors. The new investment figure by JSW includes a $5 billion investment in electric vehicle projects in Odisha announced in February this year.
The Tata group has announced plans to invest $120 billion across group companies while the Adani group has announced an investment of $100 billion in the next decade mainly to build airports, seaports, roads, etc. The Aditya Birla group-owned Ultratech announced that it would invest Rs 32,400 crore ($3.88 billion) towards ongoing capex over the next 3 years.
RIL declined to comment on the report saying it does not make forward-looking statements.
RIL would be investing in new energy, renewable energy, and telecom in the years to come. In the shareholders meeting last year, RIL Chair Mukesh Ambani had said the company had cumulatively invested more than $150 billion in the last 10 years — higher than any other corporate in India, and comparable to the leading businesses across the world.
Over the next five years, RIL plans to shift most of its energy footprint in connectivity and digital services to green energy, which is not just eco-friendly but also lower cost, Ambani had said.
India Inc leaders say the forthcoming budget is expected to boost government spending on infrastructure building that would help companies to invest more. “The economy is in good shape on the tailwinds of healthy macro-economic conditions, corporate earnings, and robust domestic demand. We expect the new government to continue with the capex momentum and keep the ease of doing business goals and fiscal consolidation in focus,” said Shashi Kiran Shetty, chairman of Allcargo Group.
As per an estimate by rating firm Crisil, revenue growth momentum for capital goods players will be supported by investments in productivity-linked schemes as well as in emerging sectors like electric vehicles and data centres wherein growth opportunities could arise in terms of providing automation, digitalisation services, and setting up of charging networks. These sectors (PLI-driven schemes and emerging sectors) which accounted for 10 per cent of investments in fiscal 2024 are expected to rise to 25 per cent by fiscal 2028, Crisil said in a statement.
First Published: Jul 02 2024 | 8:03 PM IST
[ad_2]
Source link