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India's richest man is pouring more than $80 billion into green energy

Indian billionaire Mukesh Ambani is going big on green energy.

His conglomerate, Reliance Industries, announced Thursday that it would allocate a whopping 6 trillion rupees (approximately $80.6 billion) to renewable power projects in the western Indian state of Gujarat, where it hopes to help generate a million new jobs.

The bulk of that money — about $67.7 billion — will go toward a new power plant and hydrogen system, the company said in a stock exchange filing. Reliance plans to make the massive investment over a 10-to-15-year period, and has already begun scouting for land for the 100-gigawatt capacity site.

The company also plans to create a new manufacturing hub that will be dedicated to the production of solar panels, fuel cell technology and other renewable energy sources.

Reliance said the new initiatives stem "from the vision" of Indian Prime Minister Narendra Modi. The company's 1 million jobs projection includes both direct and indirect new opportunities in Modi's home state.

Read More at https://amp.cnn.com/cnn/2022/01/14/business/india-reliance-gujarat-green-energy-investment-intl-hnk/index.html

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