Reliance Industries Ltd and Adani group have chalked out mega investment plans in Gujarat. This includes an investment of Rs 5 lakh crore by RIL for their new energy business vertical and a steel factory by Adani group in a joint venture with Korean company Posco.
Gautam Adani-controlled Adani group on Wednesday signed a memorandum of understanding (MoU) with Korean company Posco to jointly set up a steel manufacturing facility in Gujarat.
“Karan Adani, CEO of Adani Ports and SEZ, signed an MoU with CEO of Posco to set up a steel plant in Gujarat for an investment of Rs 37,500 crore. The agreement was signed in the presence of Gujarat CM Bhupendra Patel in Gandhinagar on Wednesday,” said a senior government official close to the development.
On Thursday, senior executives of RIL are expected to sign three MoUs with Gujarat government for a total investment of Rs 5. 67 lakh crore.
“RIL aims to invest Rs 5 lakh crore to set up a hydrocarbon ecosystem in the state. Another Rs 60,000 crore investment will be towards solar projects. The third MoU by RIL will be for Jio that plans to further invest Rs 7,000 crore in Gujarat,” said government sources.
RIL has sought land in Kutch for a solar project
For the solar project, RIL has sought land in Kutch, sources further said. Both the projects will be set up under the mega scheme of the state’s industrial policy.
RIL chairman Mukesh Ambani had at the AGM held in June 2021 announced plans to invest Rs 75,000 crore over the next few years for its new energy business vertical. The company announced that it will invest Rs 60,000 crore to construct four ‘Giga factories’ to make integrated solar PV modules, electrolyzers, fuel cells and batteries to store energy from the grid.
The site of these plants will be located at the new 5,000 acres Green Energy Giga Complex in Jamnagar. The company is planning to enter the solar manufacturing and generation with a target of 100GW of solar energy by 2030.
The company has earlier announced plans to build a facility for the production of solar energy where RIL will build an integrated solar photovoltaic module factory.