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Reliance Industries to capitalize $80 billion in green energy in Gujarat

Reliance Industries has announced that it has signed a Memorandum of Understanding (MoU) with the Gujarat government for an investment to the tune of Rs.5.95 lakh crore ($80 billion) as part of investment promotion activity for Vibrant Gujarat Summit 2022.

"These projects will create 10 lakh direct or indirect employment opportunities in Gujarat," billionaire Mukesh Ambani-led company said in an exchange filing.

"To make Gujarat net-zero and carbon-free, RIL proposes to invest Rs.5 lakh crore in the State over 10-15 years to set up 100 GW renewable energy power plant and green hydrogen eco-system development, a company statement read.

RIL stated it will develop an eco-system for supporting small and medium enterprises (SMEs) and encourage entrepreneurs to adopt new technologies and innovations leading to captive use of renewable energy and green hydrogen.

RIL further stated that it has started the process of exploring the land for 100 GW renewable energy power projects in Kutch, Banaskantha, and Dholera.

Reliance also said it will invest another Rs.60,000 crore in setting up a new energy manufacturing-integrated renewable manufacturing.

Additionally, Rs.25,000 crore investments will be made by RIL in present projects and new ventures over the next three to five years. 

Author : Moulin Oza
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