Reliance Industries Limited (RIL), India’s largest private-sector company which recorded a net profit of INR 53,739 crore ($7.4 billion) in FY 2020-21, has agreed to invest INR 5.6 lakh crore (over US$75 billion) for green energy projects in Gujarat. The company signed an agreement today with the Government of Gujarat for the proposed investment in the State.
Reliance Industries will invest INR 5 lakh crore (US$67.6 billion) in the State over 10 to 15 years to set up 100 GW renewable energy power plant and green hydrogen eco-system.
“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,” read the company statement.
Reliance Industries has already started scouting land for a 100 GW renewable energy power project in Kutch, Banaskantha, and Dholera. It has sought 4.5 lakh acres of land in Kutch.
RIL will invest another INR 60,000 crore (US$8.1 billion) in setting up manufacturing facilities for new and renewable energy equipment. This includes fully vertically integrated polysilicon-to-solar module fab and manufacturing of electrolyzers, energy-storage batteries, and fuel cells.
Besides, INR 25,000 crore (US$ 3.38 billion) investments will be made by RIL in existing projects and new ventures over the next three to five years. The company statement didn’t mention the businesses covered under this investment.
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