Reliance Chairman Mukesh Ambani Announces Rs 20,000 Crore Investment in West Bengal
In an exciting announcement at the Bengal Global Business Summit, Mukesh Ambani, the Chairman of Reliance Industries (RIL), revealed that the conglomerate plans to inject an additional Rs 20,000 crore into the state of West Bengal over the next three years. This significant investment will be dedicated to various sectors, including digital life solutions, retail expansion, and bio-energy projects.
During his speech, Ambani expressed his optimism about India’s economic progress, asserting that the country is on track to become a $10 trillion economy by 2030. He further emphasized the immense potential of West Bengal, stating that the state alone has the capability to transform into a trillion-dollar economy in the near future.
Highlighting Reliance’s commitment to West Bengal’s growth, Ambani assured the audience that the conglomerate would spare no effort in accelerating the state’s development. He highlighted that Reliance had already invested approximately Rs 45,000 crore in West Bengal since its invitation to the state. Ambani went on to announce the additional investment of Rs 20,000 crore over the next three years.
The RIL Chairman outlined the areas where this investment will be focused, placing particular emphasis on enhancing digital life solutions. He highlighted the imminent completion of JIO’s ambitious 5G rollout, set to be the fastest in the world, by the end of 2023. Ambani also acknowledged the expansion of Reliance Retail in the state, with plans to increase the network of retail stores from nearly 1000 to over 1200 within the next two years. This growth not only supports hundreds of Micro, Small, and Medium Enterprises (MSMEs) but also brings regional brands of Bengal into the national spotlight.
Additionally, Ambani underlined Reliance’s position as India’s largest Bio-Energy producer, revealing plans to establish 100 compressed biogas (CBG) plants in the next three years. These plants will consume 5.5 million tonnes of agricultural residue and organic waste while helping farmers increase their incomes. Moreover, this initiative is expected to mitigate approximately 2 million tonnes of carbon emissions and yield 2.5 million tonnes of organic manure annually.
Mukesh Ambani took the opportunity to commend Chief Minister Mamata Banerjee for her visionary, strong, and determined leadership, attributing the transformation and resurgence of West Bengal to her leadership. He expressed confidence that a prosperous Bengal would regain its status as India’s gateway to South-East and Far-East Asia.
Reliance Foundation, the philanthropic arm of Reliance Industries, also announced a noteworthy project during the summit. The foundation has undertaken the renovation and restoration of Kolkata’s iconic Kalighat Temple, which is considered the seat of the reigning deity of Bengal. This ambitious restoration project aims to repair the entire temple complex, including its centuries-old heritage structures, and restore them to their original glory.
Furthermore, Reliance Foundation is collaborating with the state government to make Biswa Bangla’s high-quality handicrafts and handloom products available across all Reliance retail channels throughout India. Additionally, there are plans to establish a training institute for craftsmen in Bengal to benefit the younger generation.
In conclusion, Mukesh Ambani reaffirmed his recommendation of Bengal as an ideal investment destination for both domestic and global investors, attributing the state’s growing success to its flourishing industrial ecosystem.
The seventh edition of the Bengal Global Business Summit is expected to provide opportunities for strategic alliances and insightful discussions among global corporate leaders, entrepreneurs, business delegations, academia, and think tanks. As West Bengal continues to grow and attract further investment, its potential for economic prosperity and innovation becomes increasingly promising.
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