Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) has signed a memorandum of understanding (MoU) with the Gujarat government, committing an investment of ₹ 5.95 lakh crore ($80 billion) in green energy and other projects.

"These projects will create 10 lakh direct or indirect employment opportunities in Gujarat," billionaire Mukesh Ambani-led company informed stock exchanges.

"To make Gujarat net-zero and carbon-free, RIL proposes to invest ₹ 5 lakh crore in the State over 10 to 15 years to set up 100 GW Renewable Energy Power Plant and Green Hydrogen Ecosystem development,” a company statement read.

RIL said it aspires to create a conducive environment for small and medium enterprises (SMEs) and encourage entrepreneurs to adopt new technologies and innovations that can result in the captive use of renewable energy and green hydrogen.

In consultation with the government of Gujarat, RIL has kicked off the process of scouting land for 100 GW renewable energy power projects in Kutch, Banaskantha and Dholera. In Kutch, it requires 4.5 lakh acres of land.

The MOU was signed as a part of the 10th edition of the ‘Vibrant Gujarat’, the summit that the state government holds each year to invite global investors to invest in the state.

The three-day summit was scheduled to be inaugurated by PM Narendra Modi on January 10 but was put off due to increasing covid cases.

Reliance Industries has earmarked ₹ 60,000 crore for setting up a new energy manufacturing-integrated renewable manufacturing.

RIL will further infuse ₹ 25,000 crore in existing projects and new ventures over the next 3-5 years.

Separately, RIL pledged to invest Rs 7,500 crore over 3-5 years in upgrading the Jio Network to 5G and Rs 3,000 crore in Reliance Retail over five years.

Meanwhile, RIL shares inched nearly 1% up, ending the market at ₹ 2,535.35 on BSE.