The Economic Times
English EditionEnglish Editionहिन्दीગુજરાતી
| 26 September, 2020, 10:57 PM IST | E-Paper
Search
+

RIL to invest Rs 55,000 crore in oil & gas and electronics in Andhra Pradesh

Synopsis

The joint venture is now actively marketing natural gas produced from eastern offshore KG-D6 block on behalf of both RIL and BP, officials said.

Agencies
India Gas Solutions is a 50:50 joint venture company of Reliance Industries Limited (RIL) and BP International Limited (BP) in the business of marketing gas and LNG in India.
Mukesh Ambani’s Reliance Group has decided to invest over Rs 55,000 crore in electronics and oil & gas sectors of Andhra Pradesh on the second day of the CII Partnership Summit at Visakhapatnam on Sunday.

During the day, Andhra Pradesh chief minister N Chandrababu Naidu exchanged memoranda of understanding (MoUs) with 285 firms in aerospace & defence, textiles, energy, food processing, health and IT and electronics sectors worth over Rs 1.74 lakh crore. This takes the cumulative investments that the Andhra Pradesh government signed during first two days of the Partnership Summit to Rs 2.18 lakh crore through 364 MoUs, with an employment potential of 3.84 lakh jobs.

On the first day of the Partnership Summit, the AP government signed 79 MoUs for investments worth Rs 44,246 crore in automotive, tourism, infrastructure and industries sectors.

So far, the energy sector has attracted the largest investments of Rs 1.11 lakh crore, followed by Rs 39,281 crore in IT and electronics, Rs 9,406 crore in aerospace and defence, Rs 5,337 crore in textiles, Rs 5,090 crore in health and Rs 3,534 crore in food processing.

Key energy firms that have agreed to invest in Andhra Pradesh include International Renewable Energy, Greenko Energies and ReNew Power Ventures, among others.

A fortnight after Reliance group chairman Mukesh Ambani flew down to Amaravati and was closeted with Chandrababu Naidu evincing interest to invest in the state, the group on Sunday announced plans to pump in over Rs 55,000 crore in all by 2022.

India Gas Solutions, an equal joint venture between Reliance Industries and British Petroleum (BP), has agreed to invest Rs 40,000 crore in the oil and gas sector. Another Reliance Group entity — Reliance Infocomm — has signed an agreement to invest more than Rs 15,000 crore to set up an electronics park spread over 150 acres at Tirupati to make mobile handsets and set top boxes. This apart, Reliance Group has also agreed invest in the fields of digital infrastructure, citizen services and industrial development.

“Every project that we signed MoU with the government is going to be implemented in a time-bound manner, starting from the next three months to three years,” said Reliance Industries’ executive director PMS Prasad, after signing the agreements.

Ace Urban Infocity, formerly known as L&T Infocity, has announced setting up a fully-integrated innovation technology campus at Visakhapatnam, involving an investment of Rs 3,220 crore, offering jobs to 18,000 persons in IT and ITeS sector.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

Also Read

3 Comments on this Story

narasarao 943 days ago
Good.
subra srinivasan944 days ago
If you add all the amounts of Mous signed with all the states in the last 4 years it will be more than the total GDP of USA. All the Mous are nothing but a joke. The actual amount of investment will not more than 5 percent of the total amount of mous.mous do not have any legal backing. It is not even an expression of interest.why you newspapers are not high lighting the actual amount of investment materialised? You are nothing but repeating the tall claims made by politicians who are nothing but liars.
Shyam Swarup944 days ago
all sounds sweet so far ..