Reliance Industries (RIL) signed Memorandums of Understanding (MoU) with the Gujarat state for a total investment of Rs 5.955 lakh crore as part of the investment promotion activity for ‘Vibrant Gujarat Summit 2022’, which was supposed to be held from January 10-12 in Gandhinagar, but was postponed due to the surge in the number of Covid cases in the state.
These projects will create 10 lakh employment opportunities in the state.
“To make Gujarat net zero and carbon free, RIL proposes to invest Rs 5 lakh crore in the state over the span of 10 to 15 years to set up 100 GW renewable energy power plant and green hydrogen eco-system development,” the company said in a statement.
“RIL will develop an eco-system 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,” it added.
Besides, in consultation with the state government, 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.
“RIL will invest another Rs 60,000 crore in setting up new energy manufacturing-integrated renewable manufacturing, solar PV module (manufacture of Polysilicon, wafer, cell and module), Electrolyzer, energy-storage battery, and fuel cells,” the company said.
A total of Rs 25,000 crore investments will be made by RIL in the 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 upgradation to 5G and another Rs 3,000 crore over 5 years in Reliance Retail,” it said.