Reliance Industries to invest ₹5.9 lakh cr in green energy, other projects in Gujarat

As part of the investment promotion activities for the Vibrant Gujarat Summit 2022, Mukesh Ambani’s Reliance Industries Limited (RIL) inked an MoU with Gujarat today for a total investment of 5.95 lakh crore. These initiatives will generate 10 lakh jobs in the state, either directly or indirectly.

Reliance Industries plans to invest $5 lakh crore in Gujarat over the next 10 to 15 years to build a 100 GW renewable energy power plant and construct a green hydrogen eco-system, according to a statement.

The largest private-sector corporation in India will create an eco-system to aid SMEs and encourage entrepreneurs to embrace new technologies and ideas that will lead to captive usage of Renewable Energy and Green Hydrogen.

Reliance Industries claims that Prime Minister Narendra Modi’s vision inspired its decarbonization and green ecosystem activities. Reliance Industries has begun the process of exploring the land for a 100 GW renewable energy generating project in Kutch, Banaskantha, and Dholera in conjunction with the Gujarat government, according to the statement.

In Kutch, the business has asked for 4.5 lakh acres of land. Reliance has announced that it will invest an additional 60,000 crore in new energy manufacturing-integrated renewable manufacturing, including solar PV modules (production of polysilicon, wafers, cells, and modules), electrolyzers, energy-storage batteries, and fuel cells.

Reliance Industries will also invest 25,000 crores in existing projects and new businesses over the next 3 to 5 years. Reliance Industries also plans to invest Rs 7,500 crore over three to five years to upgrade the Jio Network to 5G, as well as Rs 3,000 crore over five years in Reliance Retail.

For FY21, Reliance had a combined turnover of $539,238 crore ($73.8 billion), a cash profit of 79,828 crores ($10.9 billion), and a net profit of 53,739 crores ($7.4 billion). On the NSE today, Reliance Industries stock closed at 2,536.25, up 15.15% or 0.60%.

Resource: Times of India

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