Reliance Industries Limited announced to shareholders June 6 that it plans to invest $26 billion in India over the next three years. According to International Business Times, the petrochemicals, refining and oil and gas company wants to make the investment in order to expand key business areas.
One of the areas Reliance hopes to expand through the investment in India is its energy production. By boosting production, the company can bring growth to India's economy at a time when foreign investments are declining, the source reported.
Reliance is India's fourth-largest company by market value. Its energy unit's share of natural gas output from its U.S. shale operations has reached more than 388 million cubic feet per day, according to International Business Times.
"RIL is making huge investments at a time of global economic slowdown," said Chairman Mukesh Ambani. "Investment in manufacturing and retail will spur growth."
Ambani added that this is the company's largest investment it has ever undertaken.