Indian billionaire Mukesh Ambani is going big on green energy. His conglomerate, Reliance Industries, declared Thursday that it would assign a whopping 6 trillion rupees (around $80.6 billion) to renewable power projects in the western Indian state of Gujarat, where it desires to assist with creating 1,000,000 new jobs.
The majority of that cash – about $67.7 billion – will go toward another power plant and hydrogen system, the organization said in a stock exchange filing.
Reliance plans to make the enormous massive investment over a 10-to-15-year period and has as of now started exploring for land for the 100-gigawatt capacity site.
The organization additionally plans to make another assembling center point that will be devoted to the production of solar panels, chargers, energy unit innovation, and other sustainable power sources.
Renewable energy is beginning to take off in India. Last year, new installations of such projects were projected to twofold the nation over, contrasted with those from 2015 with 2020.
Reliance is one of India’smost valuable and recognizable organizations. The powerhouse conglomerate – which spans petrochemicals, telecommunications, and retail — has long been trying to reduce its reliance on oil.
It has additionally been going through a change in concentrate as of late as Ambani, its director, looks to change it into a worldwide tech monster.
Reliance Industries has already started scouting land for the 100 GW renewable energy power project in Kutch, Banaskantha, and Dholera. It has sought 4.5 lakh acres of land in Kutch.
The organization intends to put around Rs six lakh crore in Gujarat to set up a 100 GW renewable energy power plant and green hydrogen ecosystem.
“In consultation with the Government of Gujarat, RIL has started the process of scouting land for 100 GW renewable energy power projects in Kutch, Banaskantha, and Dholera,” the company said.
The organization will also invest another Rs 60,000 crore in setting up New Integrated Renewable Manufacturing, similar to Manufacture of Solar Polysilicon, wafer, cell, and module; Electrolyzer; Energy-storage Battery; Fuel Cells.
Furthermore, it additionally plans to put Rs 25,000 crore in RIL existing projects and new ventures over the following 3 to 5 years. RIL has additionally proposed to invest Rs 7,500 crore more than 3 to 5 years for Jio Network up-degree to 5G and one more Rs 3,000 crore north of five years in Reliance Retail.