The company would require Rs.1,000-1,500 crore capital expenditure for sustainable maintenance as major investments have already been made, said Mr. Ambani.

Having received setbacks in gas-based and imported coal-based proposed power plants due to factors beyond its control, Reliance Power has decided to invest Rs.50,000 crore in domestic coal-based thermal, hydro and solar plants in its second phase of growth, company Chairman Anil Ambani said.

Answering shareholders’ questions at the company’s annual general meeting (AGM) here on Tuesday, Mr. Ambani said: “This financial year will mark the end of the completion of our first phase of growth. Our next phase of growth has already been planned. Over the next five financial years, the company contemplates to invest over Rs.50,000 crore on development of new projects, primarily the 4,000 MW Tilaiya UMPP and 40 million tonnes per annum of coal mine with an investment of Rs.40,000 crore and 700 MW Tato hydro project involving Rs.10,000-crore investment and solar projects.”

Mr. Ambani, who addressed back-to-back AGMs of four Reliance Group companies, said Reliance Communications would bring down its debt below Rs.20,000 crore in the next 24 months from Rs.35,500 crore.

“Non-core businesses like real estate and DTH will be monetised. We are looking at various options to monetise these two assets. One option is demerger of land banks from the company and a separate listing,” Mr. Ambani said.

He said the company would require Rs.1,000-1,500 crore capital expenditure for sustainable maintenance as major investments have already been made.

Mr. Ambani told Reliance Capital shareholders that the company would launch more India-focussed funds abroad to attract international capital into the fixed income and equities markets in India.

“We intend to lay greater emphasis on our health insurance business. We intend to grow the health business into a separate company and we want to significantly grow our housing finance business,” Mr. Ambani said adding that the company was awaiting final guidelines from the Reserve Bank of India (RBI) to evaluate its options in differentiated banking segments.

Addressing Reliance Infrastructure shareholders, Mr. Ambani said that the company would triple its cement production capacity to 15 million tonnes per annum in the next three years. “We foresee huge growth in cement consumption at the back of cement concrete roads and renewed impetus to infrastructure investment. Reliance Group will participate in Smart City development projects, which will have power, telecom, EPC and roads as their constituents,” Mr. Ambani added.