Reliance Industries Limited (RIL) said on Thursday it will invest almost A$100 billion in renewable energy power plant and other projects in Gujarat.
The proposed projects will create 1 million direct and indirect employment opportunities in the state. Mukesh Ambani-led company signed an MoU with the Government of Gujarat for the investment proposal as part of Investment Promotion Activity for Vibrant Gujarat Summit 2022 which Australia was also a participant.
RIL proposes to invest A$100 billion in the Indian state of Gujarat over the span of 10 to 15 years to set up 100 GW Renewable Energy Power Plant and Green Hydrogen Eco-System development, RIL said in a statement.
“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,”it said.
Australia’s Minister for Industry, Energy and Emissions Reduction Angus Taylor while signing Australian Clean Hydrogen Trade Program (ACHTP) agreement with Japan said “The Morrison Government is positioning Australia to become the international clean hydrogen supplier of choice and are investing to make this reality.”
“Australia is a world leader in clean energy and our high quality resources have long been in strong demand from our international partners,”Mr Taylor said.
Earlier Mr Ambani said in September 2021 at the International Climate Summit that while the world is making efforts to make green hydrogen the most affordable fuel option by bringing down its cost to initially under $2 per kg, India can set an “aggressive target” for breaching the $ 1 mark.
“Efforts are on globally to make green hydrogen the most affordable fuel option by bringing down its cost to initially under $ 2 per kg. Let me assure you all that Reliance will aggressively pursue this target and achieve it well before the turn of this decade,”He added.
RIL’s initiatives for decarbonisation and creating a green ecosystem emanate from the vision of Indian Prime Minister Narendra Modi.
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.
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 up-gradation to 5G and another Rs 3,000 crore over 5 years in Reliance Retail.