Reliance Industries to invest Rs 5.95 lakh crore in Green Energy & other projects in Gujarat
Reliance Industries to invest Rs 5.95 lakh crore in Green Energy & other projects in Gujarat
Reliance Industries Limited (RIL) on Thursday said that it would invest Rs 5.95 lakh crore in green energy and other projects in Gujarat. These projects will create 10 lakh direct/indirect employment opportunities in the state.
As part of Investment Promotion Activity for Vibrant Gujarat Summit 2022, Mukesh Ambani-led Reliance Industries Limited (RIL) today signed a Memorandum of Understanding (MoU) with the Government of Gujarat for a total investment of Rs 5.955 lakh crore.
To make Gujarat net-zero and carbon-free, RIL will invest Rs 5 lakh crore in the State over 10 to 15 years to set up 100 GW Renewable Energy Power Plant and Green Hydrogen Eco-System development.
The remaining sum of Rs 60,000 crore will be invested 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
Further Rs 25,000 crore investments will be made by RIL in existing projects and new ventures over the next 3 to 5 years. 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 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.
RIL's initiatives for decarbonisation and creating a green ecosystem emanate from the vision of Hon'ble Prime Minister Shri Narendra Modi.
In consultation with the Government of Gujarat, RIL has started the process of scouting land for a 100 GW renewable energy power project in Kutch, Banaskantha and Dholera. The company has requested 4.5 lakh acres of land in Kutch.
Reliance Industries Limited in June 2021 said that it would invest $10.1 billion in clean energy over three years in a drive to become a net carbon zero company by 2035.