On Friday, Reliance Industries Chairman Mukesh Ambani announced that his company plans to invest in setting up a 10 GW (gigawatt) renewable solar power project in Andhra Pradesh.

At the inaugural session of the 2-day Global Investors Summit 2023 held in Visakhapatnam, the conglomerate said that India has now become the world's fastest-growing economy under the firm and visionary leadership of Prime Minister Narendra Modi. Similarly, under the leadership of Chief Minister YS Jagan Mohan Reddy, Andhra Pradesh has witnessed phenomenal development.

Speaking at the inaugural session, he further said that Reliance group will create 5000 new job opportunities in the state and also promote the sale of Andhra-made products through their retail business.

Additionally, he said that his group had invested  Rs 40,000 crore in rolling out an ultra-high speed 5G telephony network in the states. According to him,  by December 2023, the Jio True 5G rollout will be completed across the country.

He also said Reliance had invested more than Rs 1.50 trillion in developing and supporting gas pipelines in its KG D-6 assets. Today, natural gas produced by Reliance in the KG D-6 basin fuels the country's clean energy transition and will contribute about 30 percent of its gas production.

Reliance Retail has partnered with more than 120,000 kirana merchants from 6,000 villages of Andhra Pradesh and equipped them with tools. His firm has created over 20,000 direct jobs and numerous indirect jobs in the state. Moreover, Reliance Retail will collect more agri and agro-based products along with manufactured goods from the state. This will not only increase the incomes of farmers, artisans, and others but also directly create over 50000 livelihood opportunities.

On the other hand, Adani Group has planned to set up 15,000 MW of renewable power projects, two new cement manufacturing plants, and a data center in Andhra Pradesh. Also, the group has planned to double the capacity of the two ports it operates in the state at Krishnapatnam and Gangavaram.