Asia’s leading businessman Mukesh Ambani is going to play a big bet of Rs 65,000 crore. In fact, his company Reliance Industries Limited will invest Rs 65,000 crore in Andhra Pradesh to set up 500 compressed biogas plants in the next 5 years. This will be his biggest investment in clean energy outside Gujarat. At the same time, 250000 people will get jobs due to Mukesh Ambani’s investment. Let us know what is his complete plan?
People with knowledge of the matter said that there will be an investment of Rs 130 crore in each plant and it will be established on barren land in the state. According to state government estimates, these are expected to generate direct and indirect employment for 250,000 people. The plan was finalized in Mumbai between Anant Ambani, head of RIL’s clean energy initiative, and Andhra Pradesh IT Minister Nara Lokesh, who also heads the state cabinet sub-committee on employment generation.
There will be investment in Andhra Pradesh
To finalize this agreement, a Memorandum of Understanding (MoU) will be signed between RIL and Andhra Pradesh Industries Department in the presence of Chief Minister N Chandrababu Naidu on Tuesday in Vijayawada.
The Andhra government has introduced incentives for biofuel projects under the state’s recently notified Integrated Clean Energy Policy. These include capital subsidy of 20% on fixed capital investment on compressed biogas for five years as well as full reimbursement of state GST and electricity duty for five years. Lokesh confirmed the investment plan to ET. However, RIL has not yet given any reply on this.
2.50 lakh jobs will be a game changer
Regarding Mukesh Ambani’s investment, Minister Lokesh says that job creation is one of our major goals, and we have brought many incentives in our integrated clean energy policy to attract investors and create jobs. Reliance has already invested extensively in the state and we look forward to seeing them invest further.
The minister praised the creation of 250,000 jobs. He said this would be a “game-changer” for the youth of the state. According to sources, RIL will not only rejuvenate government barren lands but will also work with farmers and train them in the cultivation of energy crops to increase their income.
Farmers will also benefit
According to a government official, only farmers will benefit from this deal. Farmers will be able to increase their income by Rs 30,000 per acre annually. The biogas plant will also bring many financial and non-financial benefits to the state.
