Global Investors’ Summit: Reliance to invest ₹75,000 cr in UP in 4yr

Petrochemicals-to-telecom group of the RIL will launch a bio-energy business in the region by setting up 10 gigawatts of renewable capacity

Global Investors Summit

Lucknow: Billionaire Mukesh Ambani on Friday announced Rs 75,000 crore investment over the next four years in expanding the telecom network, including roll out of 5G services, retail and new energy business in Uttar Pradesh.

Speaking at the UP Global Investor Summit, he said his group’s telecom arm Jio will roll out 5G services across the state by December 2023. Also, the oil-to-telecom conglomerate will set up 10 GW of renewable capacity and start a bio-energy business in the state, he added.

Reliance Industries Limited (RIL) chairman and managing director Mukesh Ambani made the announcement at the Uttar Pradesh Global Investors Summit.

Also Read: Upcoming GIS to offer good investment opportunity in UP: Yogi

Reliance Jio has drawn the plan to launch 5G services across the state by December, 2023. “Jio will complete its 5G roll-out to cover every city and village in Uttar Pradesh by December,” said Ambani adding the petrochemicals-to-telecom group would launch a bio-energy business in the region by setting up 10 gigawatts of renewable capacity.

The three-day Uttar Pradesh Global Investors Conference kicked off in Lucknow, capital of Uttar Pradesh. Prime Minister Narendra Modi inaugurated the conference. The conference was also attended by state Chief Minister Yogi Adityanath and many other industrialists from the country and the world.

Ambani said that this year’s budget has laid the foundation for India’s emergence as a developed nation. He said that greater allocation for Capex expenditure will lead to greater economic growth and social welfare. He said that under the leadership of the Prime Minister, the country has transformed a great deal and under the guidance of the Prime Minister’s vision and laser-sharp focus on execution a bold new India is taking shape.

UP progressing fast under Yogi regime: PM Modi

Earlier, Prime Minister Narendra Modi emphasized that the land of UP is known for its cultural splendor, glorious history and rich heritage and said that the unwanted tags such as underdevelopment, BIMARU, and the poor law and order situation attached to the the would be done away with.

The PM said within 5-6 years, Uttar Pradesh has established a new identity. Now Uttar Pradesh is known for good governance, better law and order situation, peace and stability. “New opportunities for wealth creators are being made here”, the Prime Minister added.

He also stressed that initiatives for better infrastructure in UP are bearing fruit. “Very soon UP will be known as the only state with five International airports. Freight corridor will connect the state directly with the sea coast in Maharashtra.

“Today UP has become a source of hope and inspiration”, the Prime Minister remarked. He underlined that UP has become a bright spot for the nation just like India has become a bright spot on the global stage.

Other industry leaders on summit

Many other industry leaders spoke on the occasion. Kumar Mangalam Birla said that India is showing remarkable entrepreneurial dynamism and innovation and credited the Prime Minister with infusing new energy into the country’s economic landscape. Natarajan Chandrasekaran, chairman of Tata Sons said that the visionary leadership of the PM has created a situation where India is going to be the fastest-growing economy.

Daniel Bircher, CEO of Zurich Airport Asia said that the Zurich Airport is celebrating its 75th anniversary just as India is celebrating 75 years of independence. He underlined the direct connectivity of the Noida International Airport with the Yamuna Expressway. Chairman of Dixon Technologies, Sunil Vachani said that almost 65% of the mobile phones sold in India are manufactured in Uttar Pradesh and credited the dynamic policies of the UP government in making it a manufacturing hub.

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