Business

RIL to Invest Rs 6 trillion in New Energy Projects in Gujarat to Help State Become Carbon Free

Reliance Industries, India’s number one private sector company has signed a Memorandum of Understanding with the Gujarat state government for a total investment of Rs 5.955 trillion over the next 10-15 years as part of Investment Promotion Activity for Vibrant Gujarat Summit 2022, the company said in a release.

To help Gujarat become net zero and carbon free, RIL said it plans to invest Rs 5 trillion to set up 100 GW renewable energy power plant and green hydrogen ecosystem development. RIL will develop an ecosystem 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.

These projects will create around a million jobs directly or indirectly, the RIL release said, adding that the initiatives emanated from the vision of Prime Minister Narendra Modi.

In consultation with Government of Gujarat, RIL has started the process of scouting land for 100 GW renewable energy power project in Kutch, Banaskantha and Dholera, and has requested for 4.5 lakh acres of land in Kutch.

In addition, RIL will invest Rs 60,000 crore in setting up new energy manufacturing-integrated renewable manufacturing: 1) Solar PV Module (manufacture of Polysilicon, wafer, cell and module); 2) Electrolyzer; 3) Energy-storage Battery; 4) Fuel Cells.

Further Rs 25,000 crore 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.

(Edited by : Vijay Anand)

Disclaimer:Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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