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In his address, Ambani said that RIL’s investment of Rs 75,000 crore will be for rolling out 5G mobile telephony services, expanding retail network, and setting up renewable energy capacity over the next four years. (IE)
Reliance Industries (RIL) chairman Mukesh Ambani and Aditya Birla Group chairman Kumar Mangalam Birla on Friday committed investments worth Rs 75,000 crore and Rs 25,000 crore, respectively, in Uttar Pradesh with plans to expand their businesses in the state in the near future. Besides, Tata Sons chairman N Chandrasekaran said group firm Air India SATS will set up an integrated multi-modal cargo hub at the upcoming Jewar airport in partnership with Zurich Airport.
The announcements were made on the opening day of the three-day UP Global Investors’ Summit.
Adani Group chairman Gautam Adani, currently battling allegations of market manipulation, was conspicuous in his absence at the event. He has attended similar events in UP as well as in other states in the past.
In his address, Ambani said that RIL’s investment of Rs 75,000 crore will be for rolling out 5G mobile telephony services, expanding retail network, and setting up renewable energy capacity over the next four years.
Similarly, Birla said his group’s Rs 25,000-crore investment will be across its various businesses such as cement, metals, chemicals, financial services and renewable energy.
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Tata Sons’ Chandrasekaran said that Air India has plans to connect every part of UP to the rest of India and potentially to important destinations of the world.
The three industry leaders said that the country is on a strong growth path, emerging as a truly global champion in many sectors and the target of becoming a $25-trillion economy, when it celebrates 100th year of Independence, is achievable.
They credited Prime Minister Narendra Modi for guiding the country with a vision and laser-sharp focus on execution towards a bold new India, and added that the Union Budget 2023-24 has laid the foundation for the country to emerge as a developed nation.
Ambani also announced a foray into the bioenergy business, converting agriculture waste into gas, which can be used as fuel in industries, run automobiles or light kitchen stoves. He said his group will set up 10 gigawatt of renewable energy capacity and roll out 5G services across the state in the next 10 months.
“These new investments will create an additional over 100,000 jobs in the state,” Ambani said, adding the investment will be in addition to the Rs 50,000 crore already invested in the state.
Birla, in his address, said: “As an early investor in the industrial journey of the state, we feel enthused by the rapid progress that the state is making.” He said that UP can rightly be considered one of the key states, driving India’s journey towards a $5-trillion economy. “Therefore, we are committing further investments to the tune of Rs 25,000 crore across our businesses, cement, metals, chemicals, financial services and renewable energy,” he added.
Birla also said the group’s seven businesses have a significant presence in Uttar Pradesh, anchored by over 30,000 employees with an overall investment of Rs 40,000 crore.
“I am happy to say that we are going to build an integrated multimodal air cargo through Air India SATS with our partner Zurich Airport in the new Jewar airport,” Chandrasekaran said. Air India SATS is the ground handling services arm of Air India.
He said the group’s hotel business “sees tremendous opportunities in the state because of the tourism that’s going to come, both religious as well as wildlife, and other aspects that attract tourists”. Chandrasekaran added that the Tata group already has a significant presence in Uttar Pradesh through steel, automotive, retail, financial and power firms along with TCS. “Eighteen companies of Tata group are deeply present (in UP),” he said, adding that 50,000 people are employed.