Reliance Industries Limited (RIL) on Sunday signed two agreements with the Andhra Pradesh state government promising an investment of Rs 52,000 crore in oil and gas and electronic sectors. This investment was raised in as part of the state's job creation initiative.
RIL Chairman Mukesh Ambani had a meeting with Chief Minister N Chandrababu Naidu in Amravati on February 13 regarding the same.
RIL will invest around Rs 37,000 crore in one of Andra Pradesh's oil and gas venture and Rs 15,000 crore in an electronics plant near Tirupati. These are expected to create 25,000 jobs in a few years.
Reliance, in association with BP International, plans to develop offshore gas infrastructure in the Krishna-Godavari Basin in East Godavari district. No more details of the proposed projects have been officially announced. Reliance is already into gas exploration from its D6 block in the KG Basin near Kakinada.
On the other hand, a 150-acre electronics manufacturing park will be established near Tirupati in Chittoor district by Reliance Jio to manufacture mobile phones and set-top boxes.
Inputs from PTI