The Adani Group and Reliance Industries Ltd. have laid out massive investment initiatives in Gujarat. This includes RIL’s investment of ₹5 lakh crore in their new clean energy business sector and Adani Group’s investment of ₹37,000 crores in a joint venture with Korean company POSCO to build a steel factory.
Reliance Industries, founded by billionaire Mukesh Ambani, is to invest ₹5.95 lakh crore in Gujarat in the green energy industry as well as other projects during the next 10-15 years as it seeks to diversify its clean energy projects by constructing giga-factories.
The oil-to-telecom giant said in a statement that it would spend ₹5 lakh crore in the state to build a 100-gigawatt renewable energy power plant as well as a hydrogen ecosystem.
It plans to make a further investment of ₹60,000 crores in New Energy Manufacturing—Integrated Renewable Manufacturing Solar PV. It will construct a facility that includes solar modules, electrolyzer, energy storage batteries, as well as fuel cells, among other things.
Over the next 3-5 years, there will be an investment of around ₹25,000 crores in ongoing business projects and new initiatives.
Reliance Industries Ltd. is investing ₹100 crores as part of its investment promotion operations for the Vibrant Gujarat Summit 2022. In January, a Memorandum of Understanding was inked with the Gujarat government for an investment of ₹5.955 lakh crore. In Gujarat, the initiatives are estimated to generate around 1 million direct as well as indirect job opportunities. Reliance Industries Ltd. has set aside ₹5 lakh crore to make Gujarat carbon-free and to achieve net-zero emissions.
Reliance will create ecosystems to promote SMEs and encourage entrepreneurship to evolve and adopt the latest technologies and developments that will lead to the sustainable use of clean, renewable energy and green hydrogen.
The Adani Group, founded by industrialist Gautam Adani, has agreed to build a steel mill in Mundra, Kutch, in collaboration with the South Korean corporation POSCO. Together, the two corporations would invest ₹36,950 crores. The MoU has already been signed by both parties.
As per the information given by the Adani Group, the two companies will collaborate in a variety of industries, including logistics, clean & green renewable energy, and hydrogen. The partnership, as per the Chairman of Adani Group- Gautam Adani, would enhance India’s industrial base. As per the CEO of Posco- Jong Wu Choi, the deal will benefit Posco’s cutting-edge steelmaking technology and Adani’s energy as well as infrastructure capabilities.
Reliance has sought 4.5 lakh acres of land in the region of Kutch.
In collaboration with the Gujarat government, Reliance has started purchasing land in Kutch, Dholera SIR, and Banaskantha to develop 100 GW of renewable energy generating plants.
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