Indian Billionaire Mukesh Ambani’s Reliance Industries To Invest $80 Billion In Renewable Energy Push
Yessar RosendarForbes Staff
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Jan 14, 2022,03:25am EST
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Chairman of India's Reliance Industries Mukesh Ambani.
PUNIT PARANJPE/AFP VIA GETTY IMAGES
Reliance Industries, a conglomerate controlled by Asia’s richest businessman, Mukesh Ambani, has signed an MoU with the government of Gujarat state to invest 5.9 trillion rupees ($80 billion) in green projects, according to a company announcement to the National Stock Exchange of India.
The investments would, if carried out, make the western state achieve net-zero carbon emission by 2035. The announcement indicates that Ambani has increased its ambition for investing in green projects. In June, it said it planned to invest $10 billion in renewable energy.
To help make Gujarat net-zero carbon, Reliance proposes to invest 5 trillion rupees ($67.4 billion) in the state over 10 to 15 years to set up a 100 gigawatt renewable energy power plant and green hydrogen ecosystem development. The firm will develop an ecosystem for assisting small and medium enterprises (SMEs) and encourage entrepreneurs to adopt new technologies and innovations leading to captive use of renewable energy and green hydrogen.
Indian Billionaire Mukesh Ambani’s Reliance Industries To Invest $80 Billion In Renewable Energy Push
The investments would, if carried out, make the western Indian state of Gujarat achieve net-zero carbon emission by 2035.
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