Business

RIL pledges ₹5.75 lakh-cr. investment in Gujarat

Mukesh Ambani and Gautam Adani. File   | Photo Credit: PTI

Reliance Industries Ltd. (RIL) on Thursday committed to investments in Gujarat totalling ₹5.95 lakh crore in various businesses including in new factories to produce renewable energy.

“To make Gujarat net-zero and carbon-free, RIL proposes to invest ₹5 lakh crore in the State over... 10 to 15 years to set up a 100 GW renewable energy power plant and in green hydrogen ecosystem development,” RIL said in a statement.

RIL is currently scouting for land for its 100 GW renewable energy power projects in the Kutch, Banaskantha and Dholera districts of Gujarat.

Further, the company said it would invest ₹25,000 crore in existing projects and new ventures over the next three to five years.

The Adani group has forged a $5-billion partnership with Korean steel maker POSCO to set up a greenfield integrated steel mill, as well as other businesses in Gujarat’s Mundra region.

Both Adani and POSCO signed a non-binding MoU on Wednesday.

In India, the Korean company runs POSCO-Maharashtra, a 1.8-million-tonne cold-rolled and galvanised mill, and four processing centres in Pune, Delhi, Chennai and Ahmedabad.


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Printable version | Jan 22, 2022 3:06:53 AM | https://www.thehindu.com/business/ambani-adani-commit-mega-investments-in-gujarat/article38268002.ece

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