Reliance Industries Limited signed a Memorandum of Understanding (MoU) on Thursday with the Government of Gujarat for a total investment of Rs 5.955 lakh crore. It was a part of Investment Promotion Activity for Vibrant Gujarat Summit 2022. These projects will create 10 lakh direct or indirect employment opportunities in the State.
Reliance 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. RIL’s initiatives for decarbonisation and creating a green ecosystem emanate from the vision of PM Modi.
In consultation with the Government of Gujarat, RIL has started the process of scouting land for 100 GW renewable energy power projects in Kutch, Banaskantha and Dholera. The company has requested 4.5 lakh acres of land in Kutch.
Rs 60,000 Crore Investment
RIL will invest another Rs 60,000 crore in setting up New Energy Manufacturing-Integrated Renewable Manufacturing: 1) Solar PV 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.
Currently, Reliance has a consolidated turnover of INR 539,238 crore ($73.8 billion), cash profit of INR 79,828 crore ($10.9 billion), and net profit of INR 53,739 crore ($7.4 billion) for the year ended March 31, 2021. Reliance’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.