Reliance to invest Rs 5.94 lakh crore in green energy, other projects in Gujarat

Reliance Industries on Thursday said that it has signed a memorandum of understanding (MoU) with the Gujarat government for an investment of Rs 5.955 lakh crore (nearly $80 billion) "as part of Investment Promotion Activity for Vibrant Gujarat Summit 2022", mostly in green energy.

"To make Gujarat net zero and carbon free, Reliance Industries Ltd (RIL) proposes to invest Rs 5 lakh crore in the state over the span of 10 to 15 years to set up 100 GW Renewable Energy Power Plant and Green Hydrogen Eco-System development," the company said in a press release.

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It said that the company has started the process of scouting for land for green energy projects in Kutch, Banaskantha and Dholera (Ahmedabad) districts. The company has requested 4.5 lakh acres of land in Kutch, the release stated.

Besides, it said that RIL will invest another Rs 60,000 crore in setting up solar modules, electrolyzer, energy-storage battery, and fuel cells, and Rs 25,000 crore for investment in existing projects and new ventures over the next three to five years. The company 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."

During the signing of MoU in Gandhinagar, chief minister Bhupendra Patel, RIL, director, corporate affairs, Parimal Nathwani, additional chief secretary, industries and mines, Rajiv Kumar Gupta, chief principal secretary to chief minister, K Kailashnathan were present.

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