Reliance Industries may invest ₹65,000 Crore for biogas plants

13 Nov 2024 , 09:19 AM

On Tuesday, the Andhra Pradesh government and Reliance Group announced a ₹65,000 Crore deal to develop 500 compressed bio-gas (CBG) facilities in the state over the next three years.

The agreement was signed in the state secretariat in Amaravati by Chief Minister N Chandrababu Naidu, Minister of Energy Gottipati Ravi Kumar, and senior Reliance Group officials.

We are delighted to sign an MoU with Reliance. The agreement includes the construction of 500 CBG plants over the next three years, according to Naidu in a statement issued by the Chief Minister’s Office (CMO).

According to the Chief Minister, the company will invest ₹130 Crore per CBG facility, creating an estimated 2.5 lakh jobs.

According to Naidu, this effort will generate ₹57,000 Crore in revenue for the state over the next 25 years through SGST, electricity duty, and other sources.

RIL declared a combined profit of ₹16,563 Crore, 4.7% lower than the same period previous year. During the quarter, consolidated revenue from operations was flat at ₹2,35,481 Crore.

Reliance reported ₹15,931 Crore in consolidated profits before interest, tax, depreciation, and amortisation (EBITDA) for the quarter, representing a 17.8 percent increase year on year.

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