The Chairman of Reliance Communications (RCom), Anil Ambani has revealed company’s upcoming investment plans of $209 million to set up a 132 acre Special Economic Zone (SEZ) which will primarily concentrate on IT and IT-enabled services. The proposed SEZ will be set up at Dhirubhai Ambani Knowledge City (DKAC) near Mumbai.

 While speaking to stakeholders in RCom’s fourth annual general meeting, the younger Ambani declared this move.

Informing about the plans, Anil said:  “All approvals for this project have been received and Reliance Infrastructure has been contracted to implement it over the next few years.”

When asked about the future of telecom sector in India, Mr Ambani agreed on the fact that ‘tempering of expectations’ has definitely happened owing to the recent macro economic conditions.

Ambani believes that this cyclical recession, temporary phenomena will only result in better economic scenario to appear.

RCom has seen some fruitful results and Ambani wants to put it this way –“This is because many of the company’s large-scale initiatives currently are at the project implementation stage.”

Reliance Communications has already expressed intent to spend about $11 billion in capex will the fiscal year 2009.

On the expansion front, RCom will soon shrug off the tag of a major CDMA player to diversify its range of services in GSM network too. It has already started soft-launching GSM networks in major places and with 3G on its eye; Ambani is definitely going to heat-up the telecom segment. X