Reliance Industries (RIL) said that it has signed MoU 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.
RIL has proposed to invest Rs 5 lakh crore in the 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.
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 for solar PV module (manufacture of Polysilicon, wafer, cell & module), electrolyzer, energy-storage battery and 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 upgradation to 5G and another Rs 3,000 crore over 5 years in Reliance Retail.
RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail, and digital services.
On a consolidated basis, the company reported 46% increase in net profit to Rs 15,479 crore on 50.7% rise in net sales to Rs 1,67,611 crore in Q2 September 2021 over Q2 September 2020.
The scrip rose 0.59% to end at Rs 2535.35 on the BSE.
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