Reliance Industries (RIL) today signed memorandum of understanding (MoU) to invest Rs 67,550 crore in Gujarat.
Reliance chairman Mukesh Ambani said: "It is a matter of great pride and pleasure for me to announce our intention to sign six MoUs worth Rs 67,550 crore today."
Speaking at the Vibrant Gujarat Investors Summit, Ambani, terming RIL's participation as a ‘hat-trick’, said: "Reliance’s engagement in Gujarat is a partnership to celebrate the spirit of a state that has become an example in looking ahead in the path of prosperity. The event of Vibrant Gujarat has become a milestone for RIL."
The investments will be in the areas of Jamnagar SEZ, refinery and polypropylene plant, city gas distribution and a gas pipeline to link Godavari to Karnavati, he added.
RIL has already commenced work on the Jamnagar crude refining SEZ project, which would cost more than Rs 35,000 crore.
In addition to the SEZ, the company also plans invest heavily in lignite gasification project in south Gujarat along with state-owned Gujarat Mineral Development Corporation (GMDC). RIL will also invest in the pipeline project that will connect the K-G Basin with the west coast.
RIL also intends to establish a private university in the area of life sciences in Gujarat in the near future with its core focus on areas and domains that are new and growing, which Ambani termed as initiatives that signify the company’s commitment to the overall development of the state.
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