Bengal Global Business Summit 2023: Reliance to take up investment in state to Rs 65k cr

Reliance has announced investing another Rs 20,000 crore in West Bengal in the next three years, Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited announced Tuesday. Reliance has already invested nearly Rs 45,000 crore in the state.

Addressing the 7th edition of Bengal Global Business Summit in Kolkata, Mukesh Ambani said: “Reliance will leave no stone unturned to accelerate Bengal’s growth. Bengal has been one of the largest investment destinations for Reliance. Today, I am happy to announce that we plan to invest an additional Rs 20,000 crore in the next three years.”

The Rs 20,000 crore investment by Reliance will be made in three areas, Ambani said.

1- Reliance Digital

“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. We are taking the revolutionary power of 5G to every nook and corner of the state, particularly to enrich and transform rural Bengal,” Ambani said.

With Reliance’s rapid rollout of Jio Fibre and Air Fibre, every home in the state will be converted into smart homes very soon, he said.

“With this, Bengal will be able to use Artificial Intelligence, Cloud Computing and other disruptive technologies to modernise every sector of its economy. This transformation will unleash new employment and entrepreneurial opportunities to millions in Bengal,” the Chairman and MD of Reliance Industries said.

“The day is not far when Bengal will become a magnet for topnotch talent from all over India and beyond. I am happy to announce today that we have achieved 98.8 per cent population coverage in the state and 100 per cent within the Kolkata telecom circle. I am grateful to the people of West Bengal who have adopted Jio as their own,” he said.

2- Reliance Retail

Ambani said Reliance Retail is also fast increasing its footprint in the Bengal.

“Our network of nearly 1,000 Retail stores will expand to over 1,200 within the next two years. Our retail business is supporting hundreds of MSMEs.

“We are bringing national fame to many regional brands of Bengal,” he said.

Ambani also said with Jio Mart, 5.50 lakh kirana merchants in Bengal 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,” Ambani said.

3 – Bio-energy

Ambani said Reliance Industries plans 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 by doubling up as anna daatas and urja daatas ─ producers of food as well as energy,” Ambani announced.

“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,” Ambani said.

Reliance Industries’ 3 initiatives for West Bengal

At the summit, Ambani also informed about Reliance Industries three initiatives.

1 – Reliance Foundation has taken up an ambitious project to renovate and restore the famous Kalighat Temple in Kolkata.

“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,” he said.

2 – The Reliance Foundation is working together with the West Bengal Government to make Biswa Bangla’s high-quality Handicrafts and Handloom products available throughout all our retail channels across India.

“We have also recently entered into an agreement with Biswa Bangla Corporation to enhance outreach of Bengal’s Heritage Delicacies through our vast and growing retail-distribution network,” Ambani informed.

3- Reliance has recently launched a new initiative called ‘Swadesh’ to promote India’s incredibly rich and diverse traditional arts and crafts — both in India and globally.

“We are also setting up a large network of training institutes for the benefit of younger generation of craftsmen. Reliance Foundation plans to set up a training institute in Bengal with the cooperation of the state government,” he said.

Bengal has potential to become a trillion-dollar economy

Praising West Bengal at the Summit, Ambani said, “Bengal is truly rising, and the rise augurs well for the whole of India. India is now racing ahead to become a $10 trillion economy by 2030. This will make India the third largest economy of the world. Bengal alone has the potential to become a trillion-dollar economy in the near future.”

“Bengal is poised to become the logistics hub of the East, which will attract new domestic and international investments. In terms of the Cost of Doing Business, it’s one of the lowest in India. Therefore, businesses and investors identify Bengal as …a land of myriad possibilities, …and a land of growth and creativity,” Ambani said.

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