Chief Minister YS Jaganmohan Reddy shakes hands with Reliance Group MD Mukesh Ambani at the inaugural session of the Andhra Pradesh Global Investors Summit in Visakhapatnam on March 3, 2023. Photo credit: KR Deepak
Reliance Industries Chairman Mukesh Ambani on Friday said his group will invest in setting up a 10 GW renewable solar power project in Andhra Pradesh.
Addressing the inaugural session of the two-day Global Investors Summit 2023 here, Mr. Ambani said that under the determined and visionary leadership of Prime Minister Narendra Modi, India has now become the fastest growing economy in the world.
Similarly, Andhra Pradesh has made extraordinary progress under the leadership of Chief Minister YS Jaganmohan Reddy. “This morning, I am pleased to announce that we will continue our investment and we will invest 10 GW of renewable solar power in the state of Andhra Pradesh,” Mr Ambani said. “Reliance will create 50,000 new job opportunities in Andhra Pradesh and promote sales of products manufactured in the state through retail businesses.”
Reliance has invested more than ₹ 1.50 lakh crore in its KG D-6 assets, developing and supporting gas pipelines, he added.
He said the natural gas being produced by Reliance in the KG D-6 basin today is fueling the country’s clean energy transition and will contribute about 30 percent of its gas production.
“This is just one example of how important Andhra is to the story of India,” he added.
“We are just a phone call away and we have an industry-friendly policy,” Mr. Reddy said, adding that the state had received 320 investment proposals worth Rs 1.3 lakh crore. Mr. Reddy added that Visakhapatnam is beautiful and will be the administrative capital of the state.
The Chief Minister said that the state would sign MoUs worth Rs 11.5 lakh crore on the first day of the investors’ meeting.
(with input from agencies)
