Reliance Industries will invest Rs 5.95 lakh crore in green energy and other projects in Gujarat over the next 10-15 years as it looks to accelerate its clean energy business by building giga-factories.
The oils-to-telecom conglomerate will invest Rs 5 lakh crore in the state to set up a 100 gigawatt (GW) renewable energy power plant and a green hydrogen ecosystem, the company said in a statement.
It will invest another Rs 60,000 crore to set up four giga-factories to manufacture solar PV module, electrolysers used for hydrogen generation, energy-storage batteries and fuel cells. Around Rs 25,000 crore investments will be made in existing projects and new ventures over the next three to five years.
RIL has also proposed to invest Rs 7,500 crore over three to five years to upgrade the Jio Network to 5G and another Rs 3,000 crore over five years in Reliance Retail, it said.
“RIL signed an MoU on Thursday with the government of Gujarat for a total investment of Rs 5.95 lakh crore as part of Investment Promotion activity for Vibrant Gujarat Summit 2022. These projects will create 10 lakh direct / indirect employment opportunities in the state,” the firm said in the statement.
In consultation with the Gujarat government, the company has started the process of scouting for land for the 100 GW renewable energy power project in Kutch, Banaskantha and Dholera. The company is seeking 4.5 lakh acres of land in Kutch.
“RIL will develop an ecosystem for assisting Small and Medium Enterprises and encourage entrepreneurs to embrace new technologies and innovations leading to captive use of renewable energy and green hydrogen,” the statement said.
GIGA DREAMS
•100gw renewable energy plant and green hydrogen facilities: Rs 5 lakh
•Four giga factories for solar PV modules, electrolysers for hydrogen, battery plant, fuel cells: Rs 60,000cr