Companies

RIL inks MoU with Gujarat to invest ₹5.95 lakh crore over next 15 years

Our Bureau | | Updated on: Jan 13, 2022
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The company has already started developing the Dhirubhai Ambani Green Energy Giga Complex over 5,000 acres at Jamnagar in the State.

Reliance Industries Limited (RIL) on Thursday informed that it will invest ₹5.955 lakh crore towards renewable energy and development of green hydrogen eco-system in Gujarat.

The announcement came as a part of the Gujarat overnment's Vibrant Gujarat Global Summit 2022. RIL and Gujarat government signed a Memorandum of Understanding (MoU) in the presence of the Chief Minister of Gujarat Bhupendra Patel. The investment by the diversified energy major will create 10 lakh direct or indirect jobs in the State.

The company will make the investment in a span of 10-15 years towards making Gujarat a net zero and carbon free State, a statement said.

Under the MoU, the company proposes to set up 100 gigawatt of renewable energy power plant and green hydrogen eco-system development in the State.

Notably, the company has already started developing the Dhirubhai Ambani Green Energy Giga Complex over 5,000 acres at Jamnagar in the State.

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, an official statement said.

The company has already started looking for land to set up 100 GW renewable energy power project in Kutch, Banaskantha and Dholera regions of the State.

The company has requested for 4.5 lakh acres of land in Kutch, the company said.

RIL will invest another ₹60,000 crore in building new energy manufacturing capabilities.

Further ₹25,000 crore investments will be made by RIL in existing projects and new ventures over next three to five years.

RIL has also proposed to invest ₹7,500 crore over three to five years for Jio network upgradation to 5G and another ₹3,000 crore over 5 years in Reliance Retail.

Published on January 13, 2022

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