Reliance Industries, under the leadership of Mukesh Ambani, is planning a significant investment of Rs 65,000 crore in Andhra Pradesh, marking its largest venture outside of Gujarat for its clean energy project. The conglomerate's ambitious plan includes the establishment of 500 compressed biogas plants within the state over a span of five years, with each plant set to be built on wastelands with an investment of Rs 130 crore.
A key aspect of this initiative is the partnership between Anant Ambani, who spearheads Reliance Industries' clean energy efforts, and Andhra Pradesh's IT Minister Nara Lokesh. The collaboration has resulted in the finalization of a memorandum of understanding (MoU) that will be signed between Reliance Industries Limited and the Andhra Pradesh industries department, in the presence of Chief Minister N Chandrababu Naidu. The aim is to create employment opportunities for a substantial number of people within the state, as estimated by the Andhra Pradesh government to be around 2.5 lakh individuals directly or indirectly.
Andhra Pradesh's integrated clean energy policy has been a catalyst for attracting investments like the one from Reliance Industries. The government's incentives for biofuel projects, including a 20% capital subsidy on fixed capital investments in compressed biogas (CBG) plants for five years, and full reimbursement of state goods and services tax (SGST) and electricity duty, have played a significant role in encouraging such investments. Minister Nara Lokesh emphasized the speed at which the partnership and finalization of the investment were handled, with the entire process from initial talks to signing the MoU being completed within a short span of 30 days. Moreover, he highlighted the potential impact of creating 2.5 lakh jobs through this initiative, stating that it will be a game-changer for the youth in the state.