Bengaluru: Reliance Industries said it would invest Rs 5.95 lakh crore ($80.49 billion) to set up green energy projects and strengthen its retail and telecommunications arms in the western state of Gujarat, as it targets net-zero carbon emissions by 2035.
owned by billionaire Mukesh Ambani, the group has over the past year unveiled plans to reduce its reliance on its core oil-to-chemicals business and invest in clean energy projects to enhance its green credentials.
The move is part of a larger renewables shift in the energy industry from pressure from investors who want companies to do more to help the fight against climate change.
Reliance has invested Rs 5 lakh crore to set up a 100 gigawatt renewable energy power plant over a period of 10 to 15 years and has started scouting for land for the project, it said in a filing to stock exchanges on Thursday. Is.
The remaining amount will be spent on installing solar modules, fuel cells and energy storage batteries over the next three to five years, as well as investing in existing projects and new ventures.
Reliance will spend Rs 7,500 crore to upgrade its Jio telecom network and invest Rs 3,000 crore in its retail business.
“These projects will create 10 lakh (1 million) direct/indirect employment opportunities (in Gujarat),” Reliance said.
The company already has a massive footprint in Gujarat, operating the world’s largest refining complex in the city of Jamnagar.
Earlier in the day, another Indian conglomerate Adani Group and South Korean steel major POSCO said they aim to invest around $5 billion on projects that include setting up an integrated steel mill in Gujarat.
owned by billionaire Mukesh Ambani, the group has over the past year unveiled plans to reduce its reliance on its core oil-to-chemicals business and invest in clean energy projects to enhance its green credentials.
The move is part of a larger renewables shift in the energy industry from pressure from investors who want companies to do more to help the fight against climate change.
Reliance has invested Rs 5 lakh crore to set up a 100 gigawatt renewable energy power plant over a period of 10 to 15 years and has started scouting for land for the project, it said in a filing to stock exchanges on Thursday. Is.
The remaining amount will be spent on installing solar modules, fuel cells and energy storage batteries over the next three to five years, as well as investing in existing projects and new ventures.
Reliance will spend Rs 7,500 crore to upgrade its Jio telecom network and invest Rs 3,000 crore in its retail business.
“These projects will create 10 lakh (1 million) direct/indirect employment opportunities (in Gujarat),” Reliance said.
The company already has a massive footprint in Gujarat, operating the world’s largest refining complex in the city of Jamnagar.
Earlier in the day, another Indian conglomerate Adani Group and South Korean steel major POSCO said they aim to invest around $5 billion on projects that include setting up an integrated steel mill in Gujarat.
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