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RIL signs MoU with Gujarat for investing Rs 5.95 lakh crore

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New Delhi/UNI: Billionaire Mukesh Ambani-led Reliance Industries Limited (RIL) on Thursday said it has signed MoU with the Gujarat government for a total investment of Rs 5.95 lakh crore in the state as part of investment promotion activity for Vibrant Gujarat Summit 2022.

The oil-to-retail-to-telecom conglomerate said that the projects will create 10 lakh direct and indirect jobs in the state.

“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 100 GW renewable energy power plant and green hydrogen eco-system development,” RIL said in a statement.

It further said that Reliance would 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.

RIL has started the process of scouting for land for 100 GW renewable energy power project in Kutch, Banaskantha and Dholera. The company has requested the state government for 4.5 lakh acres of land in Kutch.

As per the official statement, RIL will invest another Rs 60,000 crore in manufacturing of Solar PV Module (manufacture of Polysilicon, wafer, cell & module), Electrolyzer, Energy-storage Battery and Fuel Cells.

“Further Rs 25,000 crore investments will be made by RIL in existing projects and new ventures over next 3 to 5 years. 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,” said RIL.