Mukesh D Ambani, the Chairman and Managing Director of Reliance Industries Limited (RIL), India’s largest private sector corporation and a Fortune 500 company, has announced that RIL will make new investments in Tamil Nadu in the fields of renewable energy and green hydrogen. He made this announcement at the Tamil Nadu Global Investor Meet 2024, which was held on January 7, 2024, in Chennai.
Renewable energy and green hydrogen
“Tamil Nadu is one of our key markets and a valued partner in our growth journey. We have invested over Rs 30,000 crore in the state across various businesses and created employment for over 1.5 lakh people,” Ambani said. He added that RIL is committed to support India’s vision of becoming a global leader in clean and green energy by 2030. “As part of this vision, we will invest in setting up large-scale solar power plants, battery storage facilities, and green hydrogen production units in Tamil Nadu. These projects will not only create thousands of jobs, but also boost the state’s economy, and reduce its carbon footprint,” he said.
Multi-modal logistics park
Ambani also revealed that RIL has been awarded the work to develop India’s first multi-modal logistics park (MMLP) at Mappedu in Thiruvallur district of Tamil Nadu. He said that the MMLP is a landmark project that will offer world-class logistics services to domestic and international traffic, especially for south India. “The MMLP will be developed in an area of 184.27 acres with an estimated project cost of Rs 1,424 crore and a total concession period of 45 years. It will provide efficient, cost-effective and value-added logistics services such as cargo aggregation and disaggregation, distribution, inter-modal transfer, sorting, packing, repacking, etc,” he said. He further said that the MMLP is strategically located near the Chennai Port, Ennore Port, Kattupalli Airport, and the Chennai Peripheral Ring Road. It is estimated to cater to around 7.17 million tonnes of cargo over 45 years.
Ambani expressed his gratitude to the Ministry of Road Transport & Highways and the Tamil Nadu government for partnering with RIL in developing this state-of-the-art infrastructure project under the PM Gati Shakti National Master Plan. He said that the MMLP will be a game changer for the region’s logistics sector and will enhance its competitiveness in the global market. “We are proud to be part of this historic initiative that will transform the logistics landscape of Tamil Nadu and India,” he said.
Tamil Nadu CM welcomes RIL’s investments
The Chief Minister of Tamil Nadu, M. K. Stalin, who was present at the event, welcomed RIL’s investments in the state and thanked Ambani for his confidence in Tamil Nadu’s potential. He said that Tamil Nadu is a leading state in terms of industrial development, human resources, infrastructure, and governance. He said that his government is committed to provide a conducive environment for investors and entrepreneurs to flourish in the state. He also said that his government is focused on promoting renewable energy and green hydrogen as part of its efforts to combat climate change and achieve sustainable development goals. He said that he looks forward to working with RIL and other stakeholders to make Tamil Nadu a global hub for clean and green energy.
Ambani predicts India’s economic growth
Ambani also shared his optimistic outlook on India’s economic growth in the coming decades. He said that India will witness an “unprecedented explosion” in economic growth and opportunities. “From a $3 trillion economy, India will grow to become a $40 trillion economy by 2047, ranking among the top three economies of the world,” he said. He also praised Prime Minister Narendra Modi’s leadership and vision for making India a self-reliant nation. He said that RIL is aligned with PM Modi’s vision and will contribute to India’s growth story by creating value for all stakeholders.
Ambani highlights other sectors that RIL is investing in
Apart from renewable energy and green hydrogen, Ambani also highlighted other sectors that RIL is investing in to diversify its portfolio and leverage its digital capabilities. He said that RIL is investing in media and entertainment, retail, telecommunications, internet firms, digital firms, chemicals and energy sectors through various acquisitions and partnerships. He said that RIL has put in $566 million+ in media and education, $194 million+ in retail, $1.2 billion+ in telecom and internet firms, $100 million+ in digital firms, and $391 million+ in chemicals and energy space. He said that these investments will help RIL to offer innovative products and services to its customers and create new avenues of growth. He also said that RIL is investing in emerging technologies such as artificial intelligence, internet of things, blockchain, online multiplayer gaming, multi-party videoconferencing, augmented reality, virtual reality, and mixed reality to enhance its digital capabilities and create a competitive edge in the market.