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His conglomerate, Reliance Industries, announced Thursday that it would allocate a whopping 6 trillion rupees to renewable power projects in the western Indian state of Gujarat, where it hopes to help generate a million new jobs.The bulk of that money — about $67.7 billion — will go toward a new power plant and hydrogen system, the company said in a stock exchange filing.
Last year, new installations of such projects were projected to double across the country, compared with those from 2015 to 2020.The trend comes at a critical time. As of late last year, coal still accounted for almost 70% of the country's electricity generation. That placed the world's second most populous country in a vulnerable spot recently as it faced risks of a coal crunch last October, with stocks of the commodity at most Indian power plants dropping to critically low levels.
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