Reliance to invest 60,000 cr in Maharashtra

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Chairman and Managing Director, Reliance Industries Limited, Mukesh Ambani on Sunday said that his company will invest 60 thousand crores, in a collaborative initiative, over the next ten years, in the state of Maharashtra.

"I am happy to announce that Reliance will establish India's first-ever integrated industrial area for the fourth Industrial Revolution in the state of Maharashtra. Reliance will invest with a coalition of global companies more than 60 thousand crores over the next ten years in this collaborative initiative. More than 20 global companies, including Nokia, Dell, HP, Cisco, Siemens have already agreed to co-invest with Reliance," Ambani said in the Magnetic Maharashtra Global Investors Summit.

Further elaborating on his vision, Ambani said that the fourth Industrial Revolution will help Maharashtra and India solve difficult problems including education, healthcare, water security, and also boost agriculture.

"The fourth Industrial Revolution is a convergence of disruptive technologies in the physical, digital, and biological spheres. It is going to transform the world and our society in unimaginable ways. There is a global race to harness Artificial Intelligence (AI), robotics, blockchain, Internet of things (IoT), virtual and augmented reality technologies, life sciences, new materials and new sources of energy and other technologies of the future. India cannot afford to lag behind in this race. India has an opportunity based on its large market to be a global leader," he added.

Ambani also revealed that post Jio's launch in India, the country ranks number one in the world in mobile data consumption.

"Before Jio's launch India was 155th in the world in mobile data consumption, Today, it is number one. Over 170 million Indians enjoy the highest quality data services at the lowest prices in the world from Jio. We have so far invested two hundred and 50 thousand crores across India of which our investment in Maharashtra is the highest at twenty two thousand crores. Within the next two years, Jio will connect every Gram Panchayat, every school, every college, and every hospital in Maharashtra to bring the benefits of the digital revolution to the last person in society," Mukesh Ambani concluded.

Prime Minister Narendra Modi will inaugurated the Magnetic Maharashtra Global Investors Summit 2018 at Mumbai's Bandra Kurla Complex.

This is Maharashtra's first Global Investors Summit, being held from February 18 to 20.