MUMBAI - Reliance Industries plans to spend a further $2.8 billion on its Jio telecoms business in the current quarter, it said on Monday, taking its investment in the venture to more than $30 billion. Reliance derives the bulk of its revenue from its core refining and petrochemicals operations, but the group has bet big on Reliance Jio Infocomm.

The project backed by Reliance owner Mukesh Ambani launched in September in a flurry of cheap phones, free voice and cut-price data plans that have forced rivals to respond. Announcing record profit for the 2016/17 financial year, Reliance said the additional investment is required for its fibre network as it expands Jio's 4G reach. Analysts and investors have expressed concern over the time it will take Jio to recover its heavy outlay, but its head of strategy, Anshuman Thakur, said there would be a "drastic drop" in investment after the current quarter.

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