Mukesh Ambani led Reliance Industries to invest Rs 6 lakh cr in Gujarat

Reliance Industries Limited (RIL) has inked a memorandum of understanding (MoU) with the Gujarat government to invest INR 5.955 lakh crores ($80 billion) in green energy and other projects in the state.

The investment has been announced as part of the investment promotion activity for Vibrant Gujarat Summit 2022.

According to Reliance Industries, the projects will generate a million direct/indirect jobs in Gujarat.

For making Gujarat net zero and carbon free, the Mukesh Ambani-led group intends to inject INR 5 lakh crores over the span of 10-15 years to install 100GW renewable energy power plant and for the development of a green hydrogen ecosystem.

Reliance Industries will develop an eco-system for helping small and medium enterprises (SMEs) and push entrepreneurs to adopt new technologies and innovations, which will result in the captive use of renewable energy and green hydrogen.

Mukesh Ambani led Reliance Industries to invest Rs 6 lakh crores in Gujarat. Photo courtesy of World Economic Forum from Cologny, Switzerland/Wikimedia Commons.

In consultation with the Gujarat government, the Indian conglomerate has launched the process of scouting land for the 100GW renewable energy power project in Kutch, Dholera, and Banaskantha. The group said that it has requested for 4.5 lakh acres of land in Kutch.

Reliance Industries will inject INR 60,000 crores for establishing new energy manufacturing-integrated renewable manufacturing, which include solar photovoltaic (PV) module, electrolyzer, energy storage battery, and fuel cells.

The group will make further investments in the tune of INR 25,000 crores in existing projects and new ventures over the coming 3-5 years. Besides, it has proposed to put in INR 7,500 crores over the next 3-5 years for the upgradation of the Jio Network to 5G and another INR 3,000 crores in Reliance Retail over the next five years.