Reliance to invest in the state up to Rs 65,000 cr

Reliance has announced to invest an additional Rs 20,000 crore in West Bengal over the next three years, Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, said on Tuesday. Reliance has already invested nearly Rs 45,000 crore in the state.

Addressing the 7th edition of the Bengal Global Business Summit in Kolkata, Mukesh Ambani said, “Reliance will leave no stone unturned to accelerate the growth of Bengal. Bengal has been one of the biggest investment destinations for Reliance. Today, I am happy to announce that we plan to invest an additional Rs 20,000 crore over the next three years.

The Rs 20,000 crore investment by Reliance will be made in three areas, Ambani said.

1- Digital Reliance

“The first is to further enhance digital living solutions aimed at augmenting livelihoods in Bengal and providing quality education, healthcare and agriculture solutions at scale. Jio is set to complete the world’s fastest 5G rollout in India before the end of this year, i.e. 2023. And we have covered most parts of Bengal. We are bringing the revolutionary power of 5G to every nook and corner of the state, especially to enrich and transform rural Bengal,” Ambani said.

With the rapid deployment of Jio Fiber and Air Fiber by Reliance, every house in the state will be converted into smart homes very soon, he said.

“With this, Bengal will be able to use artificial intelligence, cloud computing and other disruptive technologies to modernize all sectors of its economy. This transformation will open up new employment and entrepreneurship opportunities for millions of people in Bengal,” said Reliance Industries Chairman and Managing Director.

“The day is not far when Bengal will become a magnet for the best talents from across India and beyond. I am happy to announce today that we have achieved 98.8 percent population coverage in the state and 100 percent in Kolkata Telecom Circle. I am grateful to the people of West Bengal who have adopted Jio as their own,” he said.

2- Reliance Retail

Ambani said Reliance Retail is also rapidly increasing its footprint in Bengal.

“Our network of nearly 1,000 retail stores will expand to more than 1,200 over the next two years. Our retail business supports hundreds of MSMEs.

“We are bringing national awareness to many regional brands in Bengal,” he said.

Ambani also said that with Jio Mart, 5.50 lakh kirana merchants of Bengal have been brought under the umbrella of modern organized retail, bringing them higher productivity, revenue and benefits of scale.

“We currently operate nearly 20 lakh square feet of warehouse space in Bengal. And it will increase significantly,” Ambani said.

3 – Bioenergy

Ambani said Reliance Industries plans to establish 100 compressed biogas (CBG) plants in the next three years, consuming 5.5 million tonnes of agricultural residues and organic waste.

“We will also help farmers cultivate large-scale energy plantations. This would help mitigate almost 2 million tonnes of carbon emissions and produce 2.5 million tonnes of organic manure per year,” he said.

“We are planning to set up CBG plants in Bengal that will enable farmers in Bengal to increase their income by also becoming anna daatas and urja daatas ─ producers of food and energy,” Ambani announced.

“Through our current and new investments in these three companies, Reliance will walk alongside the great people of Bengal towards a future of shared prosperity, technological innovation, inclusiveness and harmony,” Ambani said.

Reliance Industries’ 3 initiatives for West Bengal

During the summit, Ambani also briefed about the three initiatives of Reliance Industries.

1 – Reliance Foundation has undertaken an ambitious project to renovate and restore the famous Kalighat temple in Kolkata.

“We are in the process of repairing the entire temple complex, including the centuries-old heritage structures, and restoring them to their original glory,” he said.

2 – The Reliance Foundation is working in collaboration with the Government of West Bengal to make Biswa Bangla’s high-quality handloom and handloom products available across all our retail channels across India.

“We have also recently entered into an agreement with Biswa Bangla Corporation to enhance the dissemination of Bengali heritage delicacies through our vast and growing retail distribution network,” Ambani informed.

3- Reliance recently launched a new initiative called ‘Swadesh’ to promote India’s incredibly rich and diverse traditional arts and crafts, both in India and around the world.

“We are also setting up a vast network of training institutes for the benefit of the young generation of artisans. The Reliance Foundation is planning to set up a training institute in Bengal with the cooperation of the state government,” he said.

Bengal has the potential to become a trillion dollar economy

Praising West Bengal at the summit, Ambani said, “Bengal is truly on the rise, and this rise augurs well for the whole of India. India is now striving to become a $10 trillion economy by 2030. This will make India the third largest economy in the world. Bengal alone has the potential to become a trillion-dollar economy in the near future.

“Bengal is poised to become the logistics hub of the East, which will attract new domestic and international investments. In terms of cost of doing business, it is one of the lowest in India. Therefore, businesses and investors are identifying Bengal as…a land of myriad possibilities,…and a land of growth and creativity,” Ambani said.

Disclaimer: Firstpost is part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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