Reliance Industries to invest Rs 75,000 crore in UP in 4 years, says Mukesh Ambani

Reliance Industries Ltd will invest Rs 75,000 crore in rolling out 5G mobile telephony services, expanding retail network and setting up renewable energy capacity in Uttar Pradesh in the next four years, its chairman Mukesh Ambani said.

Ambani also announced foray of the oil-to-telecom conglomerate into bio-energy business, converting agriculture waste into gas which can be used as fuel in industries, run automobiles or light kitchen stoves.

Speaking at the Uttar Pradesh Global Investors Summit 2023 here, Ambani said his group will set up 10 GigaWatts of renewable energy capacity and roll out 5G services across the state in the next 10 months.

We plan to invest an additional Rs 75,000 crore in UP over the next four years across Jio, retail, and renewable businesses, he said. These new investments will create an additional over 1 lakh jobs in the state, he added. The investment will be in addition to Rs 50,000 crore already invested in the state.

Reliance Retail, he said, will revolutionise hundreds of thousands of kiranas and small stores across the state, enabling them to grow more and earn more. It will benefit our hard-working kisans, local artisans, craftsmen, MSMEs, as well as the supply chain ecosystem in UP, Ambani said.

Ambani said this year’s Union Budget has laid the foundation for India’s emergence as a developed nation. It stands out for its highest ever resource allocation for building the foundation for the country’s growth in terms of capital expenditure. This is bound to not only boost economic growth but also achieve greater social welfare, he said.