Reliance to invest $80 billion in green energy projects in Gujarat

India's Reliance Industries Ltd said on Thursday it would invest Rs 5.95 lakh crore ($80.49 billion) in green energy and other projects in the western state of Gujarat, as the conglomerate targets net-zero carbon emissions by 2035.

The company will invest Rs 5 lakh crore over a span of 10 to 15 years to set up a 100 gigawatts renewable energy power plant and has already started scouting land for the project, it said in a filing to the stock exchanges.

The remaining sum will consist of Rs 60,000 crore for setting up solar modules and fuel cells and Rs 25,000 crore rupees for investment in existing projects and new ventures over the next three to five years.

Reliance will also spend Rs 7,500 crore to upgrade its Jio telecom network and invest Rs 3000 crore in its retail business.

"These projects will create 10 lakh (1 million) direct/indirect employment opportunities (in Gujarat)," Reliance said.

In June last year, Reliance had said it would invest $10.1 billion in clean energy over three years in a drive to become a net carbon zero company by 2035.