Reliance Industries Limited (RIL) has signed an MoU with the Government of Gujarat for a total investment of Rs 5.955 lakh crore as part of the Investment Promotion Activity for Vibrant Gujarat Summit 2022. These projects will create 10 lakh direct/indirect employment opportunities in the State.
To make Gujarat net-zero and carbon-free, RIL proposes to invest Rs 5 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 company said.
RIL’s initiatives for decarbonisation and creating a green ecosystem emanate from the vision of Hon’ble Prime Minister 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. Further Rs 25,000 crore investments will be made by RIL in existing projects and new ventures 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 up-gradation to 5G and another Rs 3,000 crore over 5 years in Reliance Retail.
India is aiming to attain 175 GW of renewable energy which would consist of 100 GW from solar energy, 10 GW from bio-power, 60 GW from wind power, and 5 GW from small hydropower plants by the year 2022. Investors have promised to achieve more than 270 GW, which is significantly above the ambitious targets, according to BMC research in a progress report.