Reliance Industries Limited has signed an MoU (memorandum of understanding) with the Maharashtra government, valued at approximately Rs 3.05 lakh crore and is projected to create more than 300,000 jobs at World Economic Forum in Davos.

The MoU spans across different sectors, with Chief Minister Devendra Fadnavis calling it a landmark investment, poised to boost Maharashtra’s growth.

CM Fadnavis said that the investment would span various sectors such as petrochemicals, polyester, renewable energy, bio-energy, green hydrogen, green chemicals, industrial area development, retail, data centres, telecommunications, hospitality, and real estate.

"A groundbreaking moment for Maharashtra as the GoM and RIL signed a historic MoU worth Rs 3,05,000 crore, with over 3,00,000 employment opportunities across diverse sectors, including new energy, retail, hospitality, and high-tech manufacturing, under the leadership of Anant Ambani," said a tweet shared by the office of the Chief Minister of Maharashtra.

“It is an extreme honour and moment of pride for me and for RIL as we embark on this remarkable MoU with the Government of Maharashtra. RIL has always been deeply committed to the idea of ‘New India’ under the visionary leadership of Prime Minister Narendra Modi," said Anant Ambani.

Shares of Reliance Inustries were trading 1% down at Rs 1,265 at the time the article was being written. RIL stock has gone down 14.99% in the last 6 months and 4.80% in the past year.

The CM office also informed that an MoU was signed between MMRDA (Mumbai Metropolitan Region Development Authority), the government of Maharashtra & Brookfield worth Rs 1,03,200 crore. The value of the total MoUs signed at Davos by the Maharashtra government reached Rs 14,91,568 crore. 

Source: India Today