Reliance to Invest Rs 5.95 Lakh Cr in Green Energy and Other Projects in Gujarat

USD 73.8 billion turnover company Reliance Industries Ltd (RIL) signed a Memorandum of Understanding (MoU) with the Government of Gujarat for an aggregate investment of Rs 5.955 lakh crore as part of Investment Promotion Activity for Vibrant Gujarat Summit 2022.

Further, these projects are expected to create 10 lakh direct and indirect employment opportunities in the state.

With an aim to make the state net-zero and carbon-free, the company has proposed to invest Rs 5 lakh crore in Gujarat over the span of 10 to 15 years to set up 100 GW of renewable energy power plants and green hydrogen eco-system development.

Under the MoU, Mukesh Ambani-led company 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.

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

Besides, it has also requested for 4.5 lakh acres of land in Kutch.

The company also said that it will invest another Rs 60,000 crore in setting up New Energy Manufacturing-Integrated Renewable Manufacturing including:

1). Solar Photovoltaic (PV) Module (including manufacturing of polysilicon, wafer, cell and module)
2). Electrolyzer
3). Energy-Storage Battery
4) Fuel Cells

The company also said that it will make investments worth Rs 25,000 crore in existing projects and new ventures over the next 3 to 5 years. It 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.