Reliance Industries’ (RIL) investment of ₹1,12,000 crore ($17 billion) in FY16 was the highest ever by any corporate in India’s history, the company said in its annual report.
It also reported its highest-ever net profit of ₹27,630 crore for the year. RIL’s annual general meeting is set for September 1.
The bulk of the last fiscal year’s capital expenditure went to the soon-to-be-launched Jio telecom network, which itself has an investment outlay of ₹1,50,000 crore. Simultaneously, capital expenditure for the US Shale business was cut by 25 per cent on a year-on-year basis.
The report said that projects worth over $35 billion will be coming to fruition in FY 2016-17.
RIL said it has 1.5 million test users on Reliance Jio’s network, but has given no date for its commercial launch.
Along with the overhaul of its shale business, Reliance reduced activity levels across all joint ventures and “targeted drilling on sweet spots”, corresponding with the halving of crude oil prices in the global market.
For the first quarter of FY17, RIL reported consolidated net profit of ₹7,113 crore, up 18.1 per cent from the corresponding period last year.