His conglomerate, Reliance Industries, announced Thursday that it would allocate a whopping 6 trillion rupees (approximately $80.6 billion) to renewable power projects in the western Indian state of Gujarat, where it hopes to help generate a million new jobs.
The company also plans to create a new manufacturing hub that will be dedicated to the production of solar panels, fuel cell technology and other renewable energy sources.
Reliance is one of India’s most valuable and recognizable companies. The powerhouse conglomerate — which spans petrochemicals, telecommunications and retail — has long been trying to reduce its reliance on oil.
In its statement Thursday, Reliance said it would use the remaining funds to invest “in existing projects and new ventures over next three to five years.”
Over that period, the company wants to direct $1 billion to upgrade its mobile network to 5G, and spend about $406 million on its retail arm.
— Diksha Madhok contributed to this report.
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