Reliance Industries (RIL) Chairman Mukesh Ambani announced its foray into the global renewable energy business with an investment of Rs 75,000 crore.
“We are launching the new energy business with the aim of bridging the green energy divide in India,” Mukesh Ambani said at RIL’s annual general meeting.
RIL will be spending Rs 75,000 crore over three years to set up four Giga factories to develop an integrated, end-to-end renewables energy ecosystem.
“The age of fossil fuels that powered economic growth globally for nearly three centuries can not continue much longer. Our world has only one option, rapid transition to clean, green, and renewable energy,” Mukesh Ambani said.
“Jamnagar was the cradle of our old energy business. Jamnagar will also be the cradle of our new energy business,” Mukesh Ambani said.
The New Energy business plan will entail setting up four Giga factories. These will manufacture and fully integrate all the critical components of the New Energy ecosystem. Mukesh Ambani said that Reliance will use one of the factories for the production of solar energy — building an integrated solar photovoltaic module factory. RIL will build an advanced energy storage battery factory, an electrolyser factory, and a fuel cell factory.
RIL will invest over Rs 60,000 crore in these initiatives over the next 3 years. The company plans to invest Rs 15,000 crore in value chains, partnerships and future technologies, including upstream and downstream industries.
Mukesh Ambani said that RIL will repurpose its engineering, project management and construction capabilities combining physical and digital technologies to deliver world-class renewable energy solutions. Reliance plans to go net carbon zero by 2035, 15 years ahead of targets set by energy majors across the world.