Mr. Mukesh Ambani is participating in the UP Investors Global Summit 2023 and has promised the state a new 10 GW renewable capacity, bio-energy business, and 5G network by December 2023.

February 14, 2023

Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited (RIL), during the UP Global Investors Summit 2023 address shared the conglomerate’s plan to invest INR 75,000 crore, for its various undertakings in UP, over the next four years.

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RIL’s various undertakings for the UP investment include a new 10 GW renewable capacity and the development of a new bio-energy business. In 2022 earlier, the company announced plans for five Giga factories for solar panels, energy storage, electrolyzers, fuel cells, and power electronics across India.

Additionally, the conglomerate’s telecom arm, Reliance Jio, shall launch its 5G network services in UP by December 2023.

Reliance Jio won the 2022 auction for developing the spectrum for a 5G network and has been working on its standalone network for a long time. The four Indian megacities, Mumbai, Chennai, Delhi, and Kolkata, were shortlisted to get the first taste of the services followed by the rest of India. The company also had plans to partner with Qualcomm Inc to provide cloud-based 5G network solutions and invest in private 5G networks.

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The conglomerate has been consistently diversifying itself towards technology and renewable energy, even as its beginnings were rooted in fossil fuel energy.

The summit was inaugurated by Mr. Narendra Modi, Prime Minister of India, in Lucknow on February 10, 2023. It shall go up to February 12, 2023.