Reliance signs agreement with Gujarat to invest Rs 5.95 lakh crore in green energy

Reliance Industries has signed a preliminary agreement with Gujarat to invest Rs 5.95 lakh crore, mainly in green energy, in the state.
“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 company said in a statement.

In consultation with the government of Gujarat, RIL has begun scouting land for 100 GW renewable energy power projects in Kutch, Banaskantha, and Dholera, the company said, adding that it has requested 4.5 lakh acres of land in Kutch.

The investments will create 10 lakh direct and indirect job opportunities in the state, according to the statement.
The agreement with the state government was signed as part of investment promotion activity for the Vibrant Gujarat Summit 2022.

Gujarat is home to the world’s largest refinery complex operated by Reliance.

“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,” the company said.

RIL will invest Rs 60,000 crore in setting up manufacturing facilities for solar PV modules, electrolyzers, batteries, and fuel cells.

Another Rs 25,000 crore will be invested in existing projects and new ventures over the next 3 to 5 years, as per the statement. RIL has also proposed to invest Rs 7,500 crore over 3 to 5 years for Jio Network upgradation to 5G and another Rs 3,000 crore over 5 years in Reliance Retail.

RIL has made a string of acquisitions in the last few months to help build its new energy business.