Business giants bring in investments worth over Rs 3.30L-crore in telecom space

Source: The Economic Times, Dec 30, 2016

NEW DELHI: Prime Minister Narendra Modi-led NDA government has received more than Rs 3.30 lakh crore, or 70% of the proposed investments, in less than two years of the commitments, led by country’s top business houses including Mukesh Ambani’s Reliance Industries and Kumar Mangalam Birla-driven Aditya Birla Group.

“Rs 3.30 lakh crore has already come in with a large part in the telecom sector from the companies like Aditya Birla Group and Reliance Industries. Companies have also made investments in the manufacturing segment,” Aruna Sundararajan, secretary at the Ministry of Electronics and Information Technology (MeitY), told ET. She, however, didn’t provide any breakup.

In July 2015, during the Digital India week, India’s top industrialists including Reliance Industries’ Mukesh Ambani, Aditya Birla Group’s Kumar Mangalam Birla, Wipro’s Azim Premji, Bharti Airtel’s Sunil Mittal and Reliance group’s Anil Ambani had collectively pledged investments worth Rs 4.5 lakh crore over the next few years.

Sundararajan said investments so far are mainly to expand telecom networks and accelerate local electronics production. She added that the current investment pace could also open up as many as 1.5 crore potential job opportunities over the next five years.

Reliance Industries had committed the highest spend of Rs 2.50 lakh crore, followed by Bharti Group at Rs 1 lakh crore and Aditya Birla Group at nearly Rs 45,000 crore.

RIL’s outlay encompasses its telecom foray through Reliance Jio Infocomm, which is involved in an aggressive mobile network rollout.

An Idea Cellular spokesperson said the company has invested close to Rs 29,000 crore after the Digital India pledge, which also included capital expenditure and spectrum buyouts.

 

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