Global Investors Summit 2023: Reliance to invest Rs 75,000 crore in Uttar Pradesh in next four years

By Team Newsable | First Published Feb 10, 2023, 1:57 PM IST

Reliance Industries Ltd chairman Mukesh Ambani said, "Over the next four years, we plan to invest an additional Rs 75,000 crore in UP across Jio, retail, and renewable businesses. These new investments will generate over 1 lakh new jobs in the state."

At the Uttar Pradesh Global Investors Summit 2023, Reliance Industries Ltd's chairman Mukesh Ambani announced that the company plans to invest Rs 75,000 crore in rolling out 5G mobile telephony services, expanding retail networks, and establishing renewable energy capacity in the state in the next four years, on Friday, February 10.

Ambani also announced the oil-to-telecom conglomerate's entry into the bio-energy business, converting agricultural waste into gas that can be used as fuel in industries, to power automobiles, or light kitchen stoves.

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"The company plans to build 10 GigaWatts of renewable energy capacity in the next ten months and roll out 5G services across the state," Ambani said. "Over the next four years, we plan to invest an additional Rs 75,000 crore in UP across Jio, retail, and renewable businesses. These new investments will generate over 1 lakh new jobs in the state," he added. The present investment will be added to the Rs 50,000 crore already invested in the state.

Reliance Jio, the country's largest telecom company by subscribers, plans to finish rolling out 5G to every town and village in the state by December 2023.

He said that this will help modernise all areas of business and industry, agriculture, social sector, and governance and that the company plans to conduct pilots on its two new innovative initiatives, Jio School and Jio AI Doctor, to bring top-class education and healthcare to villages and small towns across Uttar Pradesh at the most affordable price.

He claims that Reliance Retail will transform hundreds of thousands of kiranas and small stores across the state, allowing them to grow and earn more. In addition to physical stores, the company connects customers to nearby kirana stores via a mobile app and website and delivers goods orders.

According to Ambani, the initiative will benefit the state of Uttar Pradesh's supply chain ecosystem and the region's hardworking kisans, artisans, and craftsmen.

Ambani announced that the group's new energy arm would build 10 GW of capacity, the most in Uttar Pradesh.

Without elaborating much, Ambani said, "We will also launch an ambitious new bio-energy business." Farmers would benefit from the venture, which would also help in solid waste management and environmental improvement.

Ambani said that this year's Union Budget laid the groundwork for India's rise to the status of a developed nation.

"It is notable for its highest-ever capital expenditure allocation for laying the groundwork for the country's growth. This will undoubtedly boost social welfare and economic growth," Ambani said. "I am confident India is on a very strong growth path."

This is due to the fact that Indians are adopting technology at a rate unprecedented even in the developed world; it has the world's largest population of young people, farsighted leadership, and unprecedented hope and optimism among people, he explained.

"Nobody in the world can call the fundamentals of the Indian economy into question. They are tough. Now is the time for all of our businesses to hit the accelerator," he added.

He then lavished praise on the state for improving law and order, infrastructure, and business ease. "Together, we can and will make India's most populous state one of the nation's most prosperous states."

(With inputs from PTI)

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