Billionaire Mukesh Ambani on Friday announced plans for setting up a 10 gigawatt solar plant in Andhra Pradesh as his oil-to-telecom conglomerate bets big on renewable sources which can be converted into carbon-free green hydrogen.

Speaking at the Andhra Pradesh Global Investors Summit, Ambani, chairman and managing director of Reliance Industries Ltd, said his group is investing Rs 40,000 crore for the rollout of an ultra-high speed 5G telephony network in the state.

“This morning, I am happy to announce that we will continue our investments and we will invest in 10 gigawatts of renewable solar energy in the state of Andhra Pradesh,” he said without giving investment details.

Reliance had in 2021 announced plans to create by 2030 capacity to generate at least 100 GW of electricity from renewable sources, which can be converted into carbon-free green hydrogen. It is also investing in setting up giga-factories to manufacture components for the green energy value chain.

Ambani said his company has invested more than Rs 1.5 lakh crore in developing oil and gas discoveries it made off the Andhra coast and in supporting gas pipeline infrastructure to transport the fuel to consumers.

Gas from Reliance’s KG-D6 block in the Bay of Bengal contributes nearly 30 per cent to all gas production in the country, he said.

“We are creating the largest and the best digital network footprint in the state by investing over Rs 40,000 crore. Our 4G network covers 98 per cent of Andhra Pradesh’s population, including those living in the remotest corners of the state.”

“The rollout of Jio’s True 5G will be completed before the end of 2023 throughout India, including your state of Andhra Pradesh,” he said.

5G will trigger a new wave of the digital revolution, creating large-scale business and employment opportunities. Similarly, its retail arm has partnered more than 1.2 lakh kirana merchants across 6,000 villages of Andhra Pradesh.

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