Reliance to invest Rs5.95 lakh crore in Green Energy Plant in collaboration with Gujarat Government

13 Jan 2022 , 05:01 PM

Reliance Industries Limited (RIL) signed a MoU with the Government of Gujarat for an investment of Rs 5.955 lakh crore as part of their Investment Promotion Activity for Vibrant Gujarat Summit 2022.

RIL proposes this initiative to make Gujarat net Zero and Carbon free over 10 to 15 years to set up 100 GW Renewable Energy Power Plant and Green Hydrogen Eco-System development. The company is committed to developing an eco-system that assists Small & Medium Enterprises (SMEs) and encourages entrepreneurs to embrace and value refined technologies and innovations.

RIL’s initiatives for decarbonization and creating a green ecosystem emanate from the vision of Hon’ble Prime Minister Shri Narendra Modi.
In consultation with the Government of Gujarat, RIL has started the process of scouting land for a 100 GW renewable energy power project in Kutch, Banaskantha, and Dholera.

The company has requested 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.

RIL will make further investments of Rs 25,000 crore in new and existing projects over the 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 next 5 years in Reliance Retail.

RIL closed at Rs2,535.35 up by Rs14.75 or 0.59% on Thursday, from its previous closing of Rs2,520.60 on the BSE. The scrip opened at Rs2,523.70 and touched intraday high and low of Rs2,540.95 and Rs2,508.80 respectively.