Mukesh Ambani’s Reliance Industries Ltd will invest nearly Rs 6 lakh crore in green energy and other projects in Gujarat, it said on Thursday. RIL has already begun scouting land for 100 GW renewable energy projects to be set up in the next 10-15 years. The company will also invest another Rs 60,000 crore to manufacture solar PV cells and other renewable energy equipment, it said.
Oil-to-telecom conglomerate signed a MoU with the Gujarat government as part of investment promotion activity for Vibrant Gujarat Summit 2022. These projects will help generate 10 lakh employment opportunities in the state. RIL said its initiatives for decarbonisation and creating a green ecosystem emanate from the Prime Minister Narendra Modi’s vision.
RIL will also develop an eco-system for assisting Small and Medium Enterprises (SMEs) and encourage entrepreneurs to use new technologies and innovations leading to use of renewable energy and green hydrogen. The company has started looking for land for 100 GW renewable energy power projects in Kutch, Banaskantha and Dholera. “The company has requested 4.5 lakh acres of land in Kutch,” RIL said in a release.
RIL will utilise its Rs 60,000 crore investment in setting up new energy manufacturing-integrated renewable manufacturing equipment such as solar PV module (manufacture of Polysilicon, wafer, cell & module); electrolyzer; energy-storage battery; fuel cells. The firm also informed that Rs 25,000 crore investment will be made by RIL in existing projects and new ventures over 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.