UPGIS-2023: Reliance To Invest Rs. 75,000 Crore In Uttar Pradesh In Next Four Years

UPGIS-2023: Reliance Industries Ltd will invest Rs. 75,000 crores in rolling out 5G mobile telephony services, expanding retail network, and setting up renewable energy capacity in Uttar Pradesh in the next four years, said the chairman Mukesh Ambani at the Uttar Pradesh Global Investors Summit-2023 (UPGIS-2023).

The CMD of Reliance Industries, Ambani has announced a foray of the oil-to-telecom conglomerate into the bio-energy business, converting agriculture waste into gas that can be used as fuel in industries, run automobiles, or light kitchen stoves.

Ambani addresses the UPGIS-2023

While addressing the Uttar Pradesh Global Investors Summit 2023, Ambani said his group will set up 10 GigaWatts of renewable energy capacity and roll out 5G services across the state in the next 10 months. “We plan to invest an additional Rs 75,000 crore in UP over the next four years across Jio, retail, and renewable businesses,” he said.

“These new investments will create an additional over 1 lakh jobs in the state,” he added. The investment will be in addition to Rs 50,000 crore already invested in the state.

Reliance Jio, the nation’s largest telecom company by subscribers, will complete its rollout of 5G to cover every town and village in the state by December 2023.

Mukesh Ambani also emphasized that this will help to modernize all areas of business and industry, agriculture, social sector, and governance. He said the company plans to do pilots on its two new innovative initiatives – Jio School and Jio AI Doctor, to bring top-class education and healthcare in the most affordable way to villages and small towns across Uttar Pradesh.

Reliance Retail will revolutionize hundreds of thousands of kiranas and small stores across the state, enabling them to grow more and earn more. Besides physical stores, the firm also connects customers to nearby kirana stores through a mobile app and website and also delivers goods orders, he added.

“It will benefit our hard-working kisans, local artisans, craftsmen, MSMEs, as well as the supply chain ecosystem in UP,” the chairman said.

Moreover, Ambani announced that the group’s new energy arm will set up 10 GW of capacity, the largest in UP. “We will also start an ambitious new bio-energy business,” he added.

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The venture would benefit farmers, help in solid waste management and improve the environment. Commenting on the budget, Ambani said, “This year’s Union Budget has laid the foundation for India’s emergence as a developed nation. It stands out for its highest-ever resource allocation for building the foundation for the country’s growth in terms of capital expenditure. This is bound to not only boost economic growth but also achieve greater social welfare.”

“I’m confident that India is on a very strong growth path,” the chairman said.

According to the CMD of Reliance Industries, this is because Indians are embracing technology at a rate unseen even in the developed world, it has the world’s largest population of young people and farsighted leadership, and there is unprecedented hope and optimism among people.

“Nobody in the world can question the fundamentals of the Indian economy. They are robust. Now is the time for all our enterprises to step up on the accelerator”, he further added.

Ambani also went on to shower lavish praise on the state for its law and order, infrastructure, and ease of doing business. “Together we can and we will transport India’s most populous state into one of India’s most prosperous states”, he stated.