India’s Reliance, global tech firms to invest $9.3 billion in industrial area

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MUMBAI (Reuters) – India’s Reliance Industries Ltd and global technology companies will invest 600 billion rupees ($9.34 billion) over 10 years to set up an integrated industrial area in the western state of Maharashtra, the company’s chairman Mukesh Ambani said.

More than 20 global firms including Cisco, Siemens, Corning Inc., HP, Dell, Nokia and Nvidia had agreed to invest in the project with Reliance, India’s largest listed company by market value, he said.

“When we contacted globally reputed technology companies to participate in this initiative, we received an instant and enthusiastic response,” Ambani said.

Reliance entered the telecoms business in September 2016, upending the sector with cut-price data and free voice service. Reliance has invested more than $30 billion in it telecoms unit Jio.

Reporting by Rajendra Jadhav; Editing by Edmund Blair