One of the country’s largest private conglomerates, Reliance Industries Limited (RIL) has contributed to its growth at every stage. The company’s Chairman and Managing Director,
Mukesh Ambani recently made an announcement that RIL has invested more than Rs. 2.4 trillion towards the development of Gujarat till date. RIL is by far the only Indian company to have invested such a large sum in a single state.
RIL’s cumulative investment
In the past four years itself, RIL invested Rs. 1.25 trillion in the state. Mukesh Ambani stated the amount invested was Rs. 100 billion more than what was decided in the Memorandum of Understandings (MoUs) with the Indian Government. He added that by March 2017, these investments would be completed. According to him, the investments are contributing to the creation of sustained employment to more than 2 lakh people. He added that these investments are also enhancing Gujarat’s ranking in the export business.
Chairman speaks
Mukesh Ambani elaborated on the connection that the company shares with the state at the inaugural of the ongoing Vibrant Gujarat Global Summit 2017. He stated that RIL’s large-scale investment is a reflection of the company’s commitment and faith in Gujarat.
At the Vibrant Gujarat Global Summit 2017, Mukesh Ambani expressed his views on how Gujarat has been the starting point for Reliance Industries Limited’s successful journey. According to him, Gujarat has witnessed the highest foreign direct investment (FDI) among all other states in the country. He also stated that Gujarat gained the first position in 2015 for being one of the few states that facilitated convenient business operations.
RIL and Gujarat
Reliance Industries Limited (RIL) was founded in 1966 by Dhirubhai Ambani, with the company initially dealing in the manufacture of polyester. There has been a history of investments towards the state by RIL since the 1970s. After its successful operations in the textile industry, the company forayed into other fields like oil refining, petrochemicals, telecommunications, gas, and retail, among other businesses. The company has also partnered with several small and medium enterprises (SMEs) across a diverse range of sectors.
Reliance Industries Limited has strong ties with Gujarat mainly because some of its major projects are operational in the state. One of these includes the famous Jamnagar oil refinery complex. This complex is touted to be one of the biggest Greenfield refinery projects in the world.
The Vibrant Gujarat Global Summit has become one of the most recognized events worldwide. It witnesses some of the biggest investors, businessmen, and political delegates from around the world. The event held recently was the eighth edition of the Vibrant Gujarat Global Summit. This initiative was begun in 2003 by the Prime Minister Narendra Modi, who was the Chief Minister of the state back then. It was started with the goal of attracting business investments in order to contribute to the development of the state.
Summary
Reliance Industries Limited has made an investment of more than Rs. 2.4 trillion in Gujarat so far.