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Business News/ News / India/  UP Global Investors Summit 2023: Ambani to invest 75,000 cr in 4 yrs
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UP Global Investors Summit 2023: Ambani to invest ₹75,000 cr in 4 yrs

The Reliance group will expanding the telecom network, including roll out of 5G services, retail and new energy business in the state

Industrialist Mukesh Ambani addresses during the inauguration of Uttar Pradesh Global Investors Summit 2023, in Lucknow, Friday, Feb. 10, 2023. (PTI Photo) (PTI)Premium
Industrialist Mukesh Ambani addresses during the inauguration of Uttar Pradesh Global Investors Summit 2023, in Lucknow, Friday, Feb. 10, 2023. (PTI Photo) (PTI)

Oil to chemical, retail and telecom conglomerate Reliance Industries Ltd chairman Mukesh Ambani  on Friday announced 75,000 crore investment over the next four years in Uttar Pradesh.

The Reliance group will expanding the telecom network, including roll out of 5G services, retail and new energy business in the state, he said at the Uttar Pradesh Global Investors Summit, 2023.

Reliance Industries chairman Mukesh Ambani said his group's telecom arm Jio will roll out 5G services across the state by December 2023.

“Jio will complete its roll-out of 5G to cover every town and village in Uttar Pradesh by December of 2023," said Mukesh Ambani, CMD, Reliance Industries at UP Global Investors Summit in Lucknow.

The oil-to-telecom conglomerate will set up 10 GW of renewable capacity and start a bio-energy business in Uttar Pradesh.

“Reliance will set up 10 GW of renewable capacity in Uttar Pradesh, start bio-energy business in state," said Mukesh Ambani at the summit.

Reliance chairman said that the Union Budget ‘stands out’ for the allocation of capital expenditure. The government will boost the capital investment outlay by 33% to 10 lakh crore, which would be 3.3% of GDP.

“This year's budget has laid foundation for India's emergence as a developed nation. It stands out for its highest-ever resource allocation for building the foundation for the country's growth in terms of capital expenditure. India is on a very strong growth path," said Mukesh Ambani.

Prime Minister Narendra Modi on Friday inaugurated the Uttar Pradesh Global Investors Summit 2023. It is being held from February 10-12.

It is the flagship investment summit of the Uttar Pradesh government. The summit aim to bring together policymakers, industry leaders, academia, think tanks and leaders from across the world to explore business opportunities and forge partnerships.

Union Defence Minister Rajnath Singh, Uttar Pradesh Governor Anandiben Patel and Chief Minister Yogi Adityanath were also present.

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Published: 10 Feb 2023, 11:53 AM IST
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