Reliance to invest Rs 75,000 crore in UP, Jio 5G rollout by December: Mukesh Ambani

Feb 10, 2023

LUCKNOW: Reliance Industries Limited (RIL) Chairman Mukesh Ambani said the oil-to-telecom conglomerate will invest Rs 75,000 crore over the next four years in Uttar Pradesh, aimed at creating over 1 lakh jobs.

Speaking at the UP Global Investors Summit 2023, the billionaire businessman said the investment will span across telecom, retail and new energy businesses. He also said Jio 5G will be rolled out in the state by December 2023.

The Reliance chief said the conglomerate will set up 10 GW of renewable capacity in Uttar Pradesh and start a bio-energy business in the state.

Mukesh Ambani said this year's budget has laid the foundation for India's emergence as a developed nation. "It stands out for its highest-ever resource allocation for building the foundation for the country's growth in terms of capital expenditure," said Ambani.

"India is on a very strong growth path," Mukesh Ambani said.

The UP Global Investor Summit 2023 was inaugurated by Prime Minister Narendra Modi in Lucknow. The flagship investment summit of the Uttar Pradesh government will be held from February 10 to 12.