Reliance Industries Limited (RIL) on Thursday signed a Memorandum of Understanding (MoU) with the Gujarat Government for a total investment of Rs 5.955 lakh crore in various projects as part of the Investment Promotion Activity for Vibrant Gujarat Summit 2022. These projects are expected to create 10 lakh direct/ indirect employment opportunities in Gujarat.
In order to make Gujarat net-zero and carbon-free, RIL has proposed to invest Rs 5 lakh crore over the span of 10 to 15 years to set up 100 GW Renewable Energy Power Plant and Green Hydrogen Eco-System development.
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, noted the firm in an official statement.
RIL explained that its initiatives for decarbonisation and creating a green ecosystem emanate from the vision of Prime Minister Narendra Modi.
In consultation with the Gujarat government, Reliance 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.
"RIL will invest another Rs 60,000 crore in setting up New Energy Manufacturing-Integrated Renewable Manufacturing: 1) Solar PV Module (manufacture of Polysilicon, wafer, cell & module); 2) Electrolyzer; 3) Energy-storage Battery; 4) Fuel Cells," read the statement.
Furthermore, Reliance will invest Rs 25,000 crore in existing projects and new ventures over the next 3 to 5 years. RIL 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.
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