Reliance Industries signs MoU with Gujarat govt; Stock ends flat

14 Jan 2022 , 04:24 PM

Reliance Industries Limited (RIL) signed MoU today with the Government of Gujarat for a total investment of Rs5.955 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.
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To make Gujarat net zero and carbon free, RIL proposes to invest Rs5 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 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 stock ended at Rs2,538.70 up by Rs3.35 or 0.13% from its previous closing of Rs2,535.35 on the BSE.

RIL’s initiatives for decarbonisation and creating a green ecosystem emanate from the vision of Hon'ble Prime Minister Narendra Modi.

In consultation with Government of Gujarat, RIL has started the process of scouting land for 100 GW 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 Manufacturing:
1) Solar PV Module (manufacture of Polysilicon, wafer, cell & module);
2) Electrolyzer;
3) Energy-storage Battery;
4) 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.