Reliance Industries To Invest Rs 5.95 Lakh Crore in Gujarat on Clean Energy, Other Businesses

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Reliance Industries Ltd (RIL) has signed agreements 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, the company said in a statement on January 13.

These projects are expected to create 10 lakh direct/ indirect employment opportunities in Gujarat, it added.

RIL proposes to invest Rs 5 lakh crore in the state over the next 10-15 years to set up 100 gigawatts (GW) of renewable energy power projects and develop green hydrogen eco-system.

“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,” the company said in the statement.

RIL also committed to invest another Rs 60,000 crore in setting up new integrated manufacturing unit for new and renewable energy including, that would include— manufacture of polysilicon, wafer, cell and modules for solar power projects, electrolyser unit, energy-storage units, and manufacturing of fuel Cells.

The clean energy investments announced by the company are a part of the company’s ambitious plan to invest Rs 75,000 crore over the next three years to build a new clean energy business that will help it turn ‘net carbon neutral’ by 2035, which was announced by Ambani last year.

Another Rs 25,000 crore investments will be made by RIL in existing projects and new ventures over next three to five years.

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