New Delhi: Reliance Industries on Thursday signed a memorandum of understanding (MoU) with Gujarat 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 stated 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 to 15 years to set up 100 GW Renewable Energy Power Plant and Green Hydrogen Eco-System development, a company statement read.
RIL said 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.
RIL further mentioned that it has started the process of scouting 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.
Further, Rs 25,000 crore investments will be made by RIL in existing projects and new ventures over the next three to five years.
Separately, RIL has also proposed to invest Rs 7,500 crore for Jio Network upgradation to 5G and another Rs 3,000 crore in Reliance Retail.
Meanwhile, RIL shares settled 0.59 per cent higher at Rs 2,535.35 on BSE.