Reliance Industries Signs MoU With Gujarat Govt. for Investment of Rs 5 Trillion in Green Energy

(EPT) : Reliance Industries Limited (RIL) signed memorandum of understanding (MoU) today with the Government of Gujarat for a total investment of Rs 5.955 lakh crore as part of Investment promotion activity for Vibrant Gujarat Summit 2022.

These projects will create 10 lakh direct/ indirect employment opportunities in Gujarat.

To make Gujarat net zero and carbon free, RIL proposes to invest Rs 5 lakh crore in the state over the span of next 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.

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 will invest another Rs 60,000 crore 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.

Last week Reliance Industries had executed an agreement to acquire a 40 percent stake in Sterling and Wilson Renewable Energy from Shapoorji Pallonji and Company.

Reliance New Energy Solar, a wholly-owned subsidiary of oil-to-telecom conglomerate Reliance Industries, acquired 1.84 crore Sterling & Wilson Renewable shares for Rs 690 crore.