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Mukesh Ambani-led Reliance Industries Limited (RIL) signed an MoU today with Gujarat for a total investment of 5.95 lakh crore as part of the investment promotion activity for Vibrant Gujarat Summit 2022. These projects will create 10 lakh direct or indirect employment opportunities in the state.

"To make Gujarat net zero and carbon free, RIL proposes to invest 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," a statement said.

The India’s largest private sector company 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 said its initiatives for decarbonisation and creating a green ecosystem emanate from the Prime Minister Narendra Modi's vision. "In consultation with the government of Gujarat, RIL has started the process of scouting land for 100 GW renewable energy power project in Kutch, Banaskantha and Dholera," the statement added.

Also read: Former McDonald’s burger-flipper is now worth $96 bn, richer than Mukesh Ambani

The company has requested for 4.5 lakh acres of land in Kutch. RIL has said it will invest another 60,000 crore in setting up new energy manufacturing-integrated renewable manufacturing -- solar PV module (manufacture of polysilicon, wafer, cell and module); electrolyzer; energy-storage battery; and fuel cells.

Further, 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 7,500 crore over 3 to 5 years for Jio Network upgradation to 5G and another 3,000 crore over 5 years in Reliance Retail.

Reliance had a consolidated turnover of 539,238 crore ($73.8 billion), cash profit of 79,828 crore ($10.9 billion), and net profit of 53,739 crore ($7.4 billion) for FY21. RIL stock closed at 2,536.25, up 15.15 or 0.60 per cent, on the NSE today.

Also read: How Mukesh Ambani is assembling three wealth machines for a seamless succession at Reliance

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