Reliance Industries signs MoU for investment of Rs 5.95 lakh crore in green energy, other projects in Gujarat

Follow us on

Billionaire Mukesh Ambani-led Reliance Industries will invest Rs 5.95 lakh crore in green energy and other projects in Gujarat over the next 10-15 years as it looks to accelerate the clean energy business by building giga-factories.

The oil-to-telecom conglomerate will invest Rs 5 lakh crore in the state to set up 100 gigawatts (GW) renewable energy power plant and green hydrogen ecosystem development, the firm said in a statement.

It will invest another Rs 60,000 crore in setting up four giga-factories for manufacturing solar PV module, electrolysers used for hydrogen generation, energy-storage batteries and fuel cells.

"RIL will invest another Rs 60,000 crore 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," read the statement. 

Furthermore, Reliance will invest Rs 25,000 crore 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 up-gradation to 5G and another Rs 3,000 crore over 5 years in Reliance Retail.

"RIL signed MoU today with the Government of Gujarat for a total investment of Rs 5.95 lakh crore as part of Investment Promotion Activity for Vibrant Gujarat Summit 2022. These projects will create 10 lakh direct/indirect employment opportunities in the state," the firm said in the statement.

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

The company is seeking 4.5 lakh acres of land in Kutch.

"RIL 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," the statement said.

"RIL's initiatives for decarbonisation and creating a green ecosystem emanate from the vision of Prime Minister Narendra Modi."

ALSO READ | ​Microsoft CEO Satya Nadella joins Groww as investor, adviser