January 22, 2022

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

RIL to invest Rs 5.95 trn in Gujarat for green energy, other projects

As part of Investment Promotion Activity for the now-postponed Vibrant Gujarat Summit 2022, Mukesh Ambani-led Limited (RIL) on Thursday signed a memorandum of understanding (MoU) with the government of Gujarat for a total investment of Rs 5.95 trillion.

The MoU entails an investment of Rs 5 trillion in Gujarat over the next 10-15 years for setting up a 100 Gw Renewable Energy Power Plant and Green Hydrogen Eco-System development in order to make the state net zero and carbon free.

The conglomerate announced that it 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.

Already, in consultation with the government of Gujarat, RIL has started the process of scouting land for 100 GW renewable energy power projects in Kutch, Banaskantha and Dholera, even as it has requested for 450,000 acres of land in Kutch.

Further, RIL will invest another Rs 60,000 crore in setting up new energy manufacturing-integrated renewables such as solar PV module through manufacturing of polysilicon, wafer, cell and module, as well as electrolyzer; energy-storage battery and fuel cells.

Overall, these projects will create one million direct and indirect employment opportunities in Gujarat, RIL stated.

Meanwhile, an additional Rs 25,000 crore worth of investments 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.

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