Reliance to invest Rs 65k cr in Andhra to set up 500 Compressed Bio Gas projects.
Credit: X/@ncbn
Hyderabad: In a significant boost for the energy sector, Andhra Pradesh on Tuesday signed an MoU with Reliance Industries ltd (RIL) securing an investment of Rs 65,000 crore for Compressed Bio Gas (CBG) projects.
Andhra Pradesh energy department secretary, K Vijayanand and senior executives of Reliance Bio Energy Ltd signed and exchanged the MoU in the presence of Chief Minister N Chandrababu Naidu, IT minister Nara Lokesh, industries minister, TG Bharath and RIL executive director and board member, PMS Prasad in Amaravati.
Naidu said this partnership is set to generate 2.5 lakh employment opportunities in Andhra Pradesh. It is learnt that out of RIL's national target of 2,000 CBG plants, 500 state-of-the-art CBG plants will be built throughout Andhra Pradesh over the next three years.
“This will make our state a frontrunner in clean energy and sustainable development. With Reliance's commitment to enhancing lives and livelihoods in AP, this partnership will also drive growth across multiple sectors. By attracting such transformative investments, our Integrated Clean Energy Policy is proving instrumental in positioning our state as a preferred destination for industries, a swing in AP’s favour,” said Naidu.
Cheered at the decision of the Reliance Energy to invest a whopping Rs 65,000 cr in the biofuel project in the state, Nara Lokesh, termed it historic since the company has come forward in just 30 days of his meeting with RIL Chairman Mukesh Ambani, and the head of the Reliance Energy, Anant Ambani, in Mumbai.
"This is really a historic event that the Memorandum of Understanding (MoU) is signed on Tuesday in just 30 days of my holding discussions with Mukesh Ambani and Anant Amabani in Mumbai," Lokesh said.
This will certainly invigorate the policies of Speed of Doing Business that are being implemented in the State, Lokesh said. Till now only the biofuel project at Barabanki in Uttar Pradesh has been implemented so fast, Lokesh said but expressed confidence that the project that is going to be set up in the state by the Reliance will certainly break this record.
Declaring that the foundation for this maiden biofuel project in the state will be laid on December 28 at Kanigiri in Prakasam district, the IT Minister said that in the coming three years 500 plants will be set up across the State. The Andhra Pradesh representative of the Reliance Energy, Prasad, said that the first project for which the foundation is being laid on December 28 will be completed in just one year.
Lokesh promised to extend all possible assistance from the state government to the Reliance biofuel project and said that the decision taken by the Reliance will certainly boost the confidence among the people and the industrialists in the State.