Bengaluru: Reliance Industries said it will invest RS 5.95 lakh crore ($ 80.49 billion) to regulate green energy projects and increase retail and telecommunications in the western state of Gujarat, because it targets net-zero carbon emissions in 2035.
Owned by Mukesh Ambani billionaire, the conglomerate has launched a plan to reduce its dependence on the main oil-to-chemical business and invested in clean energy projects to polish green credentials.
This step is part of a larger renewable shift in the energy industry which is driven by pressure from investors who want the company to do more to help in combating climate change.
Reliance will invest RS 5 Lakh Crore for a range of 10 to 15 years to establish a 100 gigawatt renewable energy plant and has begun to look for land for the project, said in the submission of stock exchanges on Thursday.
The rest will be spent on preparing solar modules, fuel cells and energy storage batteries, and investing in existing projects and new efforts for the next three to five years.
Reliance will also spend RS 7,500 Crore to improve the Jio Telecom network and invest RS 3,000 Crore in its retail business.
“These projects will make 10 lakh (1 million) direct / indirect employment opportunities (in Gujarat),” Reliance said.
The company already has a big trail in Gujarat, operating the world’s biggest purification complex in the city of Jamnagar.
Previously on that day, the adani group of other Indian conglomerates and Posco Major South Korean steel said they aimed to invest around $ 5 billion on projects which included preparing an integrated steel plant in Gujarat.