New Delhi: Reliance Industries Limited (RIL) on Thursday signed a memorandum of understanding (MoU) with the Gujarat government for a total investment of Rs 5.95 lakh crore as part of investment promotion activity for Vibrant Gujarat Summit 2022.
To make Gujarat net zero and carbon free, RIL proposes to invest Rs 5 lakh crore in the state over a span of 10 to 15 years to set up 100 Gw renewable energy power plant and green hydrogen eco-system development.
Reliance 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.
ALSO READ | Future Coupons Deal: NCLAT To Hear Amazon's Plea Against CCI Order On Feb 2
According to a Reliance statement, these projects will create 10 lakh direct and indirect employment opportunities in the state. RIL’s initiatives for decarbonisation and creating a green ecosystem emanate from the vision of Prime Minister Narendra Modi.
In consultation with the Gujarat government, the conglomerate 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.
Further, Reliance 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.
Further Rs 25,000 crore investments will be made by RIL in existing projects and new ventures over next 3 to 5 years.
The company has also proposed to invest Rs 7,500 crore over 3 to 5 years for Jio Network upgrade to 5G and another Rs 3,000 crore over 5 years in Reliance Retail.