Reliance Announces Rs 5.955 lakh Crore Renewable Energy Plans For Gujarat

Highlights :

  • The $80 billion commitment, while still as MOU stage, has a high chance of moving considering the backing of Reliance.
  • With work on close to $10 billion of investments already started, it is interested to see the group announce plans for 100 GW of renewable energy plant development, a significant part of which would be for captive consumption.

Reliance Industries Limited (RIL), the $73.8 billion conglomerate with profits over $10.9 billion in 2021 has announced a massive plan to invest in its key manufacturing base and state, Gujarat. In a stock exchange filing today (Jan 13), the firm confirmed an MoU signed at the Vibrant Gujarat Summit 2022 with the Government of Gujarat, where it has promised a total investment of Rs 5.955 lakh crore as part of Investment Promotion Activity. These projects will create 10 lakh direct / indirect employment opportunities in the State.

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To make Gujarat net zero and carbon free, Reliance Industries Limited (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. Reliance has set an ambitious 2035 target for its own net zero plan.

In consultation with Government of Gujarat, RIL has started the process of scouting land for 100 GW renewable energy power project in Kutch, Banaskantha and Dholera. The company has requested for 4.5 lakh acres of land in Kutch.

RIL has already commenced work a Rs 60,000 crore investment 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 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.

The move by Reliance follows a declaration by Gautam Adani Group to invest $70 billion in renewable energy in the coming decade. With the Adani Group also based in Gujarat, expect some more specifics soon. The moves also confirm our earlier assertion placing Gujarat at the centre of India’s renewable energy, especially manufacturing ambitions.

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