UP Investor Summit 2023: Reliance to invest Rs 75,000 crore in four years, includes 5G roll out

Uttar Pradesh Global Investors Summit 2023: Billionaire Mukesh Ambani on Friday announced his plans to invest Rs 75,000 crore over the next four years in expanding the telecom network in Uttar Pradesh. This will include the deployment of 5G services, a new retail business, and a new energy venture. 

During the UP Investor Summit, he stated that Jio, the telecom arm of his group, would introduce 5G services across the state by December 2023. Additionally, the conglomerate, which operates in both the oil and telecom sectors, intends to establish 10 GW of renewable energy capacity and establish a bio-energy business in the state.

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According to Mukesh Ambani, the chairman and largest shareholder of Reliance Industries, the budget for this year has laid the foundation for India’s emergence as a developed nation. He stated that the budget stands out for its highest-ever resource allocation for building the foundation for the country’s growth in terms of capital expenditure. Ambani added that India is on a very strong growth path.

Ambani stated that Reliance plans to increase investment by Rs 75,000 crore in the next four years for its Jio, retail, and renewable businesses in Uttar Pradesh will result in the creation of over 100,000 jobs in the state. On Friday, Prime Minister Narendra Modi opened the Uttar Pradesh Global Investors Summit 2023 in Lucknow, which t is taking place between February 10th to 12th. The summit, which is the main investment gathering event organized by the Uttar Pradesh government, will bring together various stakeholders including policymakers, business leaders, academics, and thought leaders to discover new business opportunities and form partnerships. Union Defence Minister Rajnath Singh, Uttar Pradesh Governor Anandiben Patel, and Chief Minister Yogi Adityanath were also present at the occasion.

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The summit will consist of 34 sessions in total, with 10 taking place on the first day, 13 on the second, and 11 on the final day. The opening session will feature speeches by Defence Minister Rajnath Singh, Uttar Pradesh Chief Minister Yogi Adityanath, state Industrial Development Minister Nand Gopal Gupta Nandi, and prominent industrialists such as Mukesh Ambani, K Chandrasekaran, Kumar Mangalam Birla, and Anand Mahindra. On the opening day, there will also be a discussion on “UP Designing and Manufacturing in India for the World” with Union Minister Ashwini Vaishnav serving as the guest of honour.

FAQs

1. Who is the chairperson of Reliance Industries Limited?

Mukesh Ambani

2. What is Mukesh Ambani’s net worth?

8,310 crores USD

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