Reliance To Invest Over Rs 5.95 Lakh Crore In Green Energy, Other Projects In Gujarat

Mukesh Ambani-led Reliance Industries on Thursday (13 January) signed a Memorandum of Understanding (MoU) with the Gujarat Government for a total investment of Rs 5.955 lakh crore as part of Investment Promotion Activity for Vibrant Gujarat Summit 2022, the company said in a statement.

These projects will create 10 lakh direct and indirect employment opportunities in the state, it said.

"To make Gujarat net zero and carbon free, RIL proposes to invest Rs 5 lakh crore in the state over the span of 10 to 15 years to set up 100 GW Renewable Energy Power Plant and Green Hydrogen Eco-System development," the RIL said in a statement.

RIL will develop an eco-system for assisting Small and Medium Enterprises (SMEs) and encourage entrepreneurs to embrace new technologies and innovations leading to captive use of Renewable Energy and Green Hydrogen, it added.

The company said that its initiatives for decarbonisation and creating a green ecosystem emanate from the vision of Prime Minister Narendra Modi.

The company has requested for 4.5 lakh acres of land in Kutch, it added.

"RIL will invest another Rs 60,000 crore in setting up New Energy Manufacturing-Integrated Renewable Manufacturing: 1) Solar PV Module (manufacture of Polysilicon, wafer, cell & module); 2) Electrolyzer; 3) Energy-storage Battery; 4) Fuel Cells," the statement said.

Further, Rs 25,000 crore investments will be made by RIL in existing projects and new ventures over next three to 5 years.

RIL has also proposed to invest Rs 7,500 crore over three to five years for Jio Network upgradation to 5G and another Rs 3,000 crore over five years in Reliance Retail, it added.