Gujarat: RIL to invest ₹5.95 lakh crore in green energy

Reliance Industries Limited signed an MoU with the Gujarat government 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 and indirect employment opportunities in the state, the company said in a media statement.

“To make Gujarat net-zero and carbon-free, RIL proposes to invest Rs 5 lakh crore in the state over the span of 10 to 15 years to set up 100GW renewable energy power plant and green hydrogen eco-system development,” the company said in a media statement.

The country’s largest private sector company will develop an eco-system 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.

In consultation with government of Gujarat, RIL has started the process of scouting land for 100GW 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 facilities’ including solar PV module (for manufacture of polysilicon, wafer, cell & module), electrolyzer, energy-storage battery and fuel cells.

An additional investment of Rs 25,000 crore investments will be made by RIL in existing projects and new ventures over next 3 to 5 years, it said.

RIL 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.

The MoUs were signed by additional chief secretary to industries department of Gujarat Government Rajiv Kumar Gupta and Reliance Industries group president Parimal Nathwani in the presence of Gujarat chief minister Bhupendra Patel.

RIL chairman Mukesh Ambani had at the AGM held in June 2021announced plans to invest Rs 75,000 crore over the next few years for its new energy business vertical. The company announced that it plans to construct four “Giga factories” to make integrated solar PV modules, electrolyzers, fuel cells and batteries to store energy from the grid.

The site of these plants will be located at the new 5,000 acres Green Energy Giga Complex in Jamnagar. The company is planning to enter the solar manufacturing and generation with a target of 100GW of solar energy by 2030.

No comments: