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Reliance signs MoU to invest Rs 5.95 lakh crore in green energy projects in Gujarat

Company plans to build renewable energy power plant generating up to 100GW

reliance rep reuters Representational image | Reuters

In a bid to make Gujarat net zero and carbon free, Mukesh Ambani's Reliance Industries Limited has signed a MoU for an investment of Rs 5.95 lakh crore in green energy and other projects in the state.

An official of RIL said that over a period of 5 to 10 years, the company would invest Rs 5.95 lakh crore for setting up a renewable energy power plant generating up to 100GW and green hydrogen ecosystem development. The company 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.

Sources said that this MoU was to be signed at the Vibrant Gujarat Global Investors Summit 2022. The Summit, scheduled to be inaugurated by Prime Minister Narendra Modi, was postponed due to the rising number of COVID cases in Gujarat. Ambani was to be among the business leaders who were to attend the meet.

Parimal Nathwani, director of corporate affairs of RIL, said that the bond between RIL and Gujarat is very old and the journey of Reliance began from a mill in Naroda. He said that green energy and other projects would bring in 10 lakh jobs, directly and indirectly, in the state.

Gujarat Chief Minister Bhupendra Patel was also present at the MoU-signing ceremony on Thursday.

The company, the official said, has begun the process to scout for land in Kutch, Banaskantha and Dholera for the 100 GW renewable energy power project.

RIL is also to invest additional Rs 25,000 crore in existing projects and new ventures in three to five years. This would also include upgradation of the Jio network to 5G.

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