Ambani's RIL lifts Jio investment above $30 billion after record year

"Jio witnessing the largest migration from free to paid services in history," said Ambani.

Reliance Industries plans to spend a further $2.8 billion on its Jio telecoms business in the current quarter, it said on Monday, taking its investment in the venture to more than $30 billion.

Reliance derives the bulk of its revenue from its core refining and petrochemicals operations, but the group has bet big on Reliance Jio Infocomm. The project backed by Reliance owner Mukesh Ambani launched in September in a flurry of cheap phones, free voice and cut-price data plans that have forced rivals to respond.

Announcing record profit for the 2016/17 financial year, Reliance said the additional investment is required for