India's largest business mogul, Reliance Industries Limited Chairman and Managing Director Mukesh Ambani on Monday (Aug 13) announced that his company had plans for Jammu & Kashmir and Ladakh, the two recently-formed union territories, reports Indian news outlet the Hindustan Times.

“Responding to the call of PM Narendra Modi Ji, we stand committed to the needs of the people of Jammu and Kashmir and Ladakh. You will see several announcements for the Jammu and Kashmir and Ladakh in the coming days,” Ambani said at the 42nd Annual General Meeting of the group, reports ANI.

Article 370 that granted special status to Jammu and Kashmir was scrapped and the state was divided into two union territories -- J&K with a legislature and Ladakh without an assembly. Both Houses of Parliament have passed the changes.

Mukesh Ambani's comments came just days after Indian Prime Minister Narendra Modi said that removal of Article 370, which granted special rights to Jammu and Kashmir, will propel private sector investment in the newly formed Union Territory.

Delivering a special address to the nation last week, Modi called on Indian businesses to invest in Jammu and Kashmir.

On Aug 6, BJP led NDA government revoked Article 370 of the Indian Constitution, under which Jammu and Kashmir had a special status with its own flag, laws and rights.