RIL to invest Rs 5.95 lakh crore in green energy and other projects in Gujarat

The development of these decarbonization initiatives and creating a green ecosystem is aligned with the vision of Prime Minister Narendra Modi.

Reliance Industries Limited (RIL), the Mukesh Ambani led Indian multinational conglomerate company signed an MoU with the Government of Gujarat yesterday for investing 5.95 lakh crore in Green Energy and other projects in the state.

This MoU is a part of the Investment Promotion Activity for Vibrant Gujarat Summit 2022. It is estimated that these projects will create 10 lakh direct and indirect employment opportunities in the State.

With an intent to make Gujarat net zero and carbon-free, the company plans to set up 100 GW Renewable Energy Power Plant and Green Hydrogen Eco-System development in the State. For fulfilling this aim, RIL has proposed to invest Rs 5 lakh crore in the State over 10 to 15 years.

The company will develop an eco-system for helping Small and Medium Enterprises (SMEs) and encourage entrepreneurs to embrace new technologies and innovations that shall lead to captive use of this Renewable Energy and Green Hydrogen.

Further, the company has already started the process of scouting land for setting up the100 GW renewable energy power project in Kutch, Banaskantha and Dholera. The company has requested 4.5 lakh acres of land in Kutch.

Apart from this, RIL shall invest another Rs 60,000 crore for establishing new energy manufacturing-integrated renewable manufacturing, which shall undertake the production of Solar PV Module (manufacture of Polysilicon, wafer, cell & module), electrolyzer, energy-storage battery and fuel cells.

Investments of another Rs 25,000 crore will be made by the company in existing projects as well as new ventures over the next 3 to 5 years. It has also proposed to invest Rs 7,500 crore over 3 to 5 years for Jio Network up-gradation to 5G and another Rs 3,000 crore over 5 years in Reliance Retail.

At 12.44 pm, the share price of Reliance Industries Limited (RIL) was trading at Rs 2536.7, marginally up by 0.05% from the previous day’s closing price of Rs 2535.35 on BSE.