Mukesh Ambani's Reliance Industries and the Gautam Adani led Adani group have chalked out mega investment plans in Gujarat. This includes investment of £50 billion by RIL for their new energy business vertical and a steel factory by Adani group in joint venture with Korean company Posco.
The Adani group earlier 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 £3.75 billion. The agreement was signed in the presence of Gujarat chief minister Bhupendra Patel in Gandhinagar,” said a senior government official close to the development.
Meanwhile, senior executives of RIL signed three MoUs with Gujarat government for a total investment of £56.7 billion. “RIL aims to invest £50 billion to set up a hydrocarbon ecosystem in the state. Another £6 billion investment will be towards solar projects. The third MoU by RIL will be for Jio that plans to further invest £700 million in Gujarat,” said government sources.
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 £7.5 billion over the next few years for its new energy business vertical. The company announced that it will invest £6 billion to construct four ‘giga factories’ to make integrated solar PV modules, electrolyzers, fuel cells and batteries to store energy from the grid.