Reliance to invest $80.6 bn in Gujarat’s renewable projects

Indian billionaire Mukesh Ambani’s conglomerate Reliance Industries declared that it would invest a whopping 6 trillion rupees (about $80.6 billion) to renewable energy projects in the western Indian state of Gujarat, where it expects to assist in generating a million new jobs.

Approximately $67.7 billion will go toward a new power facility and hydrogen system, the firm said in a stock exchange filing. Reliance aims to make the massive investment in a 10-to-15-year term and has already commenced exploring for land for the 100 GW capacity site.

The firm additionally plans to generate a new production hub that will be dedicated to fuel cell technology, generation of solar panels and other renewable energy sources. Reliance told the media that the firm's 1 million jobs projection comprises direct and indirect new opportunities in Gujarat.

Renewable energy is beginning to take off in India. Last year, new establishments of such projects were projected to double across the country, as against those from 2015 to 2020.

The trend comes at a crucial time. As of late last year, coal was estimated for nearly 70% of the nation's electricity generation.That put the world's second-most populous nation in a vulnerable place recently as it encountered the risks of a coal crisis last October, with stocks of the commodity at most Indian power facilities falling to critically low levels.

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