RELIANCE TO INVEST UP TO RS 2.70 LAKH CRORE

RELIANCE Reliance Industries Ltd is set to sign a memorandum of understanding with the Andhra Pradesh government to develop an integrated coal gasification complex in the state over the next 30 years, according to people familiar with the development. The agreement is expected to be signed later today between Reliance Industries and the state government. The project will be implemented in multiple phases and will be subject to regulatory approvals. The first phase will involve exploration, seismic data acquisition, geological assessments and pilot demonstrations, with an estimated investment of around Rs 3,000 crore. The second phase will commence after the completion of the initial phase and submission of a detailed project report. The investment for this phase is estimated at approximately Rs 40,000 crore. The overall investment potential of the project could reach Rs 2.70 lakh crore over a period of 30 years. The project is also expected to generate around 5,000 direct jobs and 35,000 indirect employment opportunities in Andhra Pradesh. The Andhra Pradesh Economic Development Board will serve as the nodal facilitation agency for the project. It will assist Reliance Industries with coordination across state government departments regarding land, water and power requirements, while also facilitating engagement with central government ministries. Reliance Industries has been awarded the Chintalpudi Sector A1 and Recherla coal blocks in Andhra Pradesh's Eluru district by the Union Coal Ministry.