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India’s Reliance to invest $80 billion in green energy, other projects in Gujarat -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A bird passes by a Reliance Industries logo on its Ahmedabad mart, India. January 16, 2017. REUTERS/Amit Dave

BENGALURU, Reuters -Reliance Industries Ltd of India said Thursday that it will invest 5.95 Trillion rupees (or 80.49 Billion) in green energy projects in Gujarat. This is in line with the company’s goal to achieve net zero carbon emissions in 2035.

It will spend 5 trillion rupees in 10 to 15 years for a renewable energy plant of 100 gigawatts. The company has begun scouting the land and is now ready to invest, according to a filing with the stock exchanges.

The sum remaining will include 600 billion Rupees to finance the development of solar cells and fuel cells, as well as 250 billion Rupees that can be invested in projects existing and future.

Reliance plans to spend 75 million rupees on Jio’s telecom upgrade and 30 billion rupees for its retail operations.

Reliance stated that the projects would create 10 lakh (1,000,000) jobs in Gujarat.

Reliance announced in June that it will invest $10.1 million in clean energy in three years to make the company net-carbon zero by 2035.

($1 equals 73.9190 Indian rupees).

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