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Gujarat: Mukesh Ambani’s Reliance to invest Rs 5.9 lakh cr in green energy

Mukesh Ambani's Reliance to invest Rs 5.9 lakh cr in green energy


Gujarat: Mukesh Ambani’s Reliance to invest Rs 5.9 lakh cr in green energy

Mukesh Ambani-led Reliance Industries has signed an MoU with the Gujarat government for an investment to the tune of ₹ 5.95 lakh crore ($80 billion) in green energy and other projects over the next 10-15 years as it looks to accelerate the clean energy business by building giga-factories. These projects will create 10 lakh direct or indirect employment opportunities in the state, the company stated in an exchange filing.

The oil-to-telecom conglomerate will invest Rs 5 lakh crore in the state to set up 100 gigawatts (GW) renewable energy power plant and green hydrogen ecosystem development, the firm said in a statement.

It will invest another Rs 60,000 crore in setting up four giga-factories for manufacturing solar PV module, electrolysers used for hydrogen generation, energy-storage batteries and fuel cells.

Further, Rs 25,000 crore investments will be made in existing projects and new ventures over the next 3-5 years.

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

“RIL signed MoU today with the Government of Gujarat for a total investment of Rs 5.95 lakh crore as part of Investment Promotion Activity for Vibrant Gujarat Summit 2022. These projects will create 10 lakh direct/indirect employment opportunities in the state,” the firm said in the statement.

In consultation with the Gujarat government, the company has started the process of scouting land for a 100 GW renewable energy power project in Kutch, Banaskantha and Dholera.

Also Read: Praan raises USD 1.56 million funding to help India breathe better

The company is seeking 4.5 lakh acres of land in Kutch.

“RIL will develop an ecosystem 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,” the statement said.

“RIL’s initiatives for decarbonisation and creating a green ecosystem emanate from the vision of Prime Minister Narendra Modi.”

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