Vibrant Gujarat Summit 2022: Reliance Industries signs MoU worth Rs 5.95 lakh crore

On January 13, Reliance industries signed a Memorandum of Understanding (MoU) with the Government of Gujarat for a total investment of Rs 5.95 lakh crore

On January 13, Reliance industries signed a Memorandum of Understanding (MoU) with the Government of Gujarat for a total investment of Rs 5.95 lakh crore, for Promotion Activity for Vibrant Gujarat Summit 2022. The investment is likely to create 10 Lakh direct and indirect jobs and opportunities in the state of Gujrat. 

The plan is to set up 100 GW Renewable Energy Power Plant and Green Hydrogen Eco-System development in a period of 10 to 15 years and make Gujrat net-zero and carbon-free. This will also boost Small and Medium Enterprises and encourage entrepreneurs to embrace and innovate new technologies. In consultation with the Government of Gujarat, RIL has started the process of seeking 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. 

The company will also invest another Rs 60,000 crore in setting up New Integrated Renewable Manufacturing, like Manufacture of Solar Polysilicon, wafer, cell & module; Electrolyzer; Energy-storage Battery; Fuel Cells. Furthermore, it also plans to invest Rs 25,000 crore in RIL 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 five years in Reliance Retail.