Speaking at the Uttar Pradesh Global Investors Summit 2023 underway today in Lucknow, Reliance Industries Ltd. (RIL) Chairman and Managing Director Mukesh Ambani promised to invest Rs 75,000 crore in the state over the next four years.

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The three-day investor summit was inaugurated by Prime Minister Narendra Modi, Chief Minister Yogi Adityanath and other business leaders such as KM Birla and Anand Mahindra.

At the summit, Ambani announced RIL's commitments to the UP government and pledged that its new investment would create over a lakh jobs in the state. In his remarks, Ambani told CM Adityanath that Reliance Industries will continue to work with Uttar Pradesh "jee jaan sey."

The chairman made four commitments in the telecommunications, retail and renewable energy sphere to the Uttar Pradesh government on behalf of Reliance Industries.

1. Reliance Jio:

Ambani promised a deadline of 10 months until December 2023 for the complete rollout of 5G network in all towns and villages. The company will also set up platforms to help modernise the agriculture, social and government sectors. They will also launch two new initiatives — Jio AI doctor and Jio School — to bring healthcare and education to small towns in UP.

2. Reliance Retail: The retail leg of RIL aims to revolutionise kinara shops and small stores in UP to help people grow and earn more, Ambani said. The company has vowed to increase manifold its sourcing of agro and non-agro products from Uttar Pradesh to help local farmers, craftsmen, artisans, MSMEs and the supply chain issues.

3. New Energy: Under its new green mission, Reliance will set up 10GW of renewable energy capacity, which is the largest in Uttar Pradesh. New bio-energy business will help farmers, Ambani added. Furthermore, they will take on solid waste management and work to provide the state a "shuddh paryaavaran," he said.

4. Reliance Foundation: The non-profit leg of RIL will contribute to the Modi government's Navami Gange Mission to transform lives in UP, Ambani said.

The company has already invested Rs 50,000 crore since Ambani last visited the state's investor summit in 2018, when Reliance was just beginning its journey in UP, he said. His previous investment had generated 85,000 jobs, Ambani said.

RIL's investment in Uttar Pradesh has proven to be a "growth and employment multiplier" for the state's economy, he added. He praised Adityanath for his "highly motivated and result-oriented administration" that has made the state of Uttar Pradesh the "asha kendra" of India.

To read Reliance Industries Ltd. Chairman and Managing Director Mukesh Ambani's entire speech at the Uttar Pradesh Global Investors Summit 2023, click here.

Ambani vowed to transform the state of UP from not the most populous in the country, to the most prosperous too. We will reach the trillion dollar economy goal, Ambani said.

Addressing Prime Minister Narendra Modi, Ambani said that India is already on a very strong growth path and cited four reasons for it. He lauded the prime minister's laser-sharp focus due to which a "bold new India" was taking shape.

"Our nation has transformed remarkably since you became PM," Ambani told Modi.

These are the reasons Ambani listed behind India's steady rise to the top and what will drive the nation's growth further:

1. Indians are embracing tech at a pace unseen even in the developed world. Ambani quoted the example of the nation's 5G rollout in 2023 which was the fastest in the world, he said.

2. India has the world’s largest youth population, which is brimming with entrepreneurial energy and passion. "Innovation and ideas are taking the nation by storm," Ambani said.

3. Under PM Modi's rule, regional imbalances are fast disappearing and UP is a prime example of that. The divide between the urban and rural is also closing, according to Ambani.

4. PM Modi has brought about fundamental change in the mindset of individuals. There is unprecedented hope in people, Ambani said.

Speaking on the Union Budget presented by Finance Minister Nirmala Sitharaman on February 1, Ambani said it laid foundation for India's emergence as a developed nation.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

First Published:Feb 10, 2023 11:41 AM IST