Mukesh Ambani hints at venture between Reliance Industries and Bharti Airtel

Mukesh AmbaniReliance Industries (RIL) chairman Mukesh Ambani

Reliance Industries (RIL) chairman Mukesh Ambani on Monday announced the possibility of a "collaborative venture" with Bharti Airtel in setting up digital infrastructure in the country.

Speaking at the Progressive Punjab Summit in Mohali, Ambani announced an investment of Rs 2,500 crore for setting up digital infrastructure for the 4G network. Ambani also announced that Reliance Foundation will partner with Punjab in promoting sports, specially basketball in schools.

Bharti Airtel chairman Sunil Bharti Mittal, also announced an investment of Rs 4,000 crore to set up digital infrastructure in Punjab.

During the summit, Arcelor Mittal chairman Lakshmi Mittal announced that his company will expand Bathinda refinery project by at least 25 per cent with additional investment of Rs 20,000 crore.

While ITC chairman Y C Deweshwar declared that the company will set up its "showcase" food processing industry either in Ludhiana or Jalandhar, Bicon chief Kiran Majumdar Shaw said her company is taking Punjab "very seriously" for investment.

The summit kicked off with many important announcements expected to be made during the course of the two-day event. More than 20 memoranda of understanding are scheduled to be signed between the government and top industrial houses promising investment worth Rs 25,000 crore.

This includes a Rs 900-crore investment by Medanta in a 25-acre Medicity in Mohali. This will be their second venture in the country. Max Healthcare and Fortis Healthcare Ltd will also set up hospitals in Medicity. Ranbaxy is also expected to announce the launch of another pharmaceutical unit in Punjab.

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