Reliance to invest Rs 5.95 lakh cr in green energy, other projects in Gujarat

AHMEDABAD: The Mukesh Ambani-led Reliance Industries (RIL) signed an MoU on Thursday with Gujarat government for a total investment of Rs 5.95 lakh crore as part of promotion activity for Vibrant Gujarat Summit 2022. These projects will create 10 lakh direct and indirect employment opportunities in the state, the company 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 a 100GW renewable energy power plant and green hydrogen ecosystem development,” the company further added.
The country’s largest private sector company 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.
In consultation with the government of Gujarat, RIL has started the process of scouting land for 100GW renewable energy power projects in Kutch, Banaskantha and Dholera. The company has requested 4.5 lakh acres in Kutch.
RIL will invest another Rs 60,000 crore in setting up ‘new energy manufacturing-integrated renewable facilities’ including solar PV module (for manufacture of polysilicon, wafer, cell & module), electrolyser, energy-storage battery and fuel cells. Additional investments to the tune of Rs 25,000 crore will be made by RIL in existing projects and new ventures over next three-to-five years, it said.
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 5 years in Reliance Retail. The MoUs were signed by additional chief secretary to industries department of the Gujarat government, Rajiv Kumar Gupta, and RIL Group president Parimal Nathwani in the presence of Gujarat CM Bhupendra Patel.