Reliance’s $2.4Bn Bengal Plan

Mukesh Ambani said India is racing ahead to become $10 trillion economy by 2030, and Bengal alone has the potential to become a trillion-dollar economy in the near future…reports Asian Lite News

Mukesh Ambani, the chairman of Reliance Industries, announced the group’s intention to inject an extra Rs 20,000 crore into West Bengal within the next three years.

Speaking at the seventh edition of Bengal Global Business Summit, Mukesh Ambani said the additional investment will be in the areas of digital life solutions, retail and bio-energy.

Mukesh Ambani said India is racing ahead to become $10 trillion economy by 2030, and Bengal alone has the potential to become a trillion-dollar economy in the near future.

“Today, from this podium, let me assure you that Reliance will leave no stone unturned to accelerate Bengal’s growth. Bengal has been one of the largest investment destinations for Reliance. After you invited me, Reliance has invested close to Rs. 45,000 crores in West Bengal. Today, I am happy to announce that we plan to invest an additional Rs. 20,000 crores in the next three years,” he said.

“These will be in three areas: First is to further enhance digital life solutions aimed at augmenting livelihoods in Bengal, and providing quality education, healthcare, and agricultural solutions at scale. JIO is about to complete the world’s fastest 5G rollout in India before the end of this year that is 2023. And we have covered most parts of Bengal,” he added.

He said Reliance Retail is also increasing its footprint in the state. “Our network of nearly 1000 Retail stores will expand to over 1200 within the next two years. Our retail business is supporting hundreds of MSMEs. We are bringing national fame to many regional brands of Bengal.

“Thanks to Jio Mart, 5.50 lakh kirana merchants in the State have been brought under the umbrella of modern organised retail, bringing them higher productivity, income and benefits of scale. We currently operate nearly 20 lakh square foot of warehouses in Bengal. And this will increase manifold,” Mukesh Ambani said.

He said Reliance has become India’s largest Bio-Energy producer, based on the company’s own indigenous developed technology.

“We target to establish 100 compressed biogas (CBG) plants in the next three years, consuming 5.5 million tonnes of agricultural residue and organic waste. We will also help farmers to grow energy plantations on a large scale. This would help mitigate nearly 2 million tonnes of carbon emissions and produce 2.5 million tonnes of organic manure annually,” he said.

“We are planning to set up CBG plants in Bengal that will enable Bengal farmers to increase their incomes. With our current and new investments in these three businesses, Reliance will march together with the great people of Bengal towards a future of shared prosperity, technological innovation, inclusivity, and harmony,” he added.

Mukesh Ambani lauded Chief Minister Mamata Banerjee, saying the state is today standing taller — more vibrant and more confident of scaling greater summits of success in the future–and this “transformation has taken place because of your visionary, strong and determined leadership”.

“Which is why, the people of Bengal have chosen you to lead them again and again…,” he added.

The RIL Chairman and MD said a prosperous Bengal will again become India’s gateway to South-East and Far-East Asia.

He also said that the Reliance Foundation “is deeply committed to participate in the resurgence of a Glorious Bengal”.

“Reliance Foundation has taken up an ambitious project to renovate and restore the famous Kalighat Temple in Kolkata, which is the seat of the reigning deity of Bengal. We are in the process of repairing the entire Temple Complex including the centuries old heritage structures and restoring the same to their original glory.”

Mukesh Ambani said Reliance Foundation is working together with the state government to make Biswa Bangla’s “high-quality handicrafts and handloom products available throughout all our retail channels across India”.

He said Reliance Foundation plans to set up a training institute in Bengal with the cooperation of the state government for the benefit of the younger generation of craftsmen.

Mukesh Ambani said he has no hesitation in recommending Bengal “as an ideal investment destination to all fellow investors and global businessmen”.

The seventh edition of the Bengal Global Business Summit (BGBS) kicked off with grandeur on Tuesday.

This summit serves as a cornerstone event for the West Bengal government, bringing together global corporate leaders, entrepreneurs, business delegations, academia, and think tanks to explore strategic alliances and gain insights into the state’s “burgeoning industrial ecosystem”. (ANI)

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