Reliance Industries (RIL) on Thursday committed to invest Rs 5.95 lakh crore in Gujarat towards development of green energy infrastructure and other sectors such as telecom and retail. The investment, proposed over 10-15 years, will help in setting up of 100 GW of renewable energy power plants and an ecosystem for green hydrogen.
As part of an MoU signed between RIL and the Gujarat government during the Vibrant Gujarat Summit 2022, the company has also proposed to invest Rs 60,000 crore in setting up green energy manufacturing capacities and setting up the ecosystem for small and medium enterprises. The proposed investments are expected to generate over 10 lakh direct and indirect job opportunities in the state, RIL said in a statement.
“RIL has started the process of scouting land for 100 GW renewable energy power project in Kutch, Banaskantha and Dholera. The company has requested for 4.5 lakh acres of land in Kutch,” it said in a statement.
The investment in new energy manufacturing capacities include solar PV module (manufacture of Polysilicon, wafer, cell & module), electrolysers, energy-storage battery and fuel cells. The company also plans to invest Rs 25,000 crore in existing projects and new ventures over the next 3-5 years.
Separately, RIL has proposed to invest Rs 7,500 crore in RJio over the next 3-5 years to upgrade telecom networks to 5G; and another Rs 3,000 crore over five years in Reliance Retail.
Earlier in 2021 Reliance Industries had announced its plan to invest Rs 75,000 crore in setting up green energy infrastructure in Gujarat as part of its plan to achieve net zero target by 2035. To this effect, RIL’s new energy business has already invested in six global technology companies in the last one year.