Reliance Industries Limited to Invest Rs 5.95 lakh Crore in Green Energy

29 Jan,2022 | Avirahi Group

Reliance Industries Ltd (RIL), the Mukesh Ambani-led oil-to-telecoms giant, announced on January 13the that it has signed agreements with the Gujarat government, committing to invest close to Rs 6 lakh crore in the state.

RIL wants to invest Rs 5 lakh crore in Gujarat over the next 10-15 years to set up 100 gigawatts (GW) of renewable energy power projects and develop a green hydrogen eco-system, to make the state “net zero” and carbon free.

The demands for Dholera plot booking were already on the rise and with the declaration of green energy from RIL, it is no wonder that Dholera smart city plot price will now see a change in figures.

“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 company mentioned in the statement.

RIL has begun the process of exploring the land for a 100 GW renewable energy generating plant in Kutch, Banaskantha, and Dholera in conjunction with the Gujarat government. In Kutch, the business has asked for 4.5 lakh acres of land.

The memorandums of the agreement were to be presented during the 10th annual ‘Vibrant Gujarat’ summit, which the state government hosts every year to urge international companies to invest in Gujarat. Prime Minister Narendra Modi was supposed to open the three-day summit on January 10, but it was postponed because of the escalating number of Covid cases.

RIL has also committed to investing another Rs 60,000 crore in the establishment of a new integrated manufacturing unit for bioenergy, which will include the production of polysilicon, wafers, cells, and panels for solar power projects, as well as an electrolyzer, energy storage, and fuel cell production.

The renewable energy investments announced by the company on Thursday are part of Ambani’s lofty ambition to invest Rs 75,000 crore over the next three years to develop a new green power business that will enable the company to become “net carbon neutral” by 2035.

RIL will invest another Rs 25,000 crore in existing projects and new enterprises over the next three to five years. The business also expects to invest Rs 7,500 crore in Jio Network 5G upgrades over the next three to five years, as well as additional Rs 3,000 crore in Reliance Retail in Gujarat over the next five years.

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