Reliance Industries aims to achieve net-zero carbon emission by 2035 and has lined up to invest $10 billion (Rs 75,000 crore) in new energy.
At Reliance Industries 44th AGM, Chairman and MD, Mukesh Ambani said that moving toward renewable energy, Reliance industries plans to invest a total of this Rs 75,000 crore outlay in its new green and clean energy business in the next three years.
“As one of the biggest energy markets in the world, India will play an important role in transforming the global energy landscape,” said Mukesh Ambani, Chairman & MD, Reliance Industires.
He further added that the new energy business will bridge the green energy divide.
Reliance will also be launching a Green Energy council, with experts who will help in achieving the goals along with the help of partnerships with global universities, startups from the USA, Australia, and Asia, and technology companies.
“We have started work on developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar. It will be amongst the largest such integrated renewable energy manufacturing facilities in the world, said Ambani.
He further added that Reliance plans to build four Giga Factories to manufacture and integrate all critical components of the New Energy ecosystem, solar photovoltaic module factory for the production of solar energy, advanced energy storage battery factory for the storage of intermittent energy, electrolyser factory for the production of green hydrogen, fuel cell factory for converting hydrogen into mobile and stationary power.
Over 60,000 crores will be invested in the new energy and materials business. Reliance is also planning to create an end-to-end renewable energy ecosystem.
The company also plans to establish and enable at least 100 gigawatts (GW) of solar energy by 2030, a significant part of this will come from the rooftop and de-centralised solar installations in rural areas.
According to reports, India’s current installed renewable energy capacity is 92.54 GW, excluding large hydro projects, according to reports.
Addressing the shareholders, Ambani said that the commencement of work on developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar, Gujarat.
Along with this, Ambani also said that RIL will invest an additional 15,000 crore in the value chain, partnerships, and future technologies, including upstream and downstream industries. Thus, our overall investment in the New Energy business will be 75,000 crores in 3 years.
Reliance will build two additional divisions to further strengthen this ecosystem. First, a dedicated Renewable Energy Project Management and Construction Division. Second, a dedicated Renewable Energy Project Finance Division.
The first one will provide end-to-end solutions for large renewable plants across the world. It will enable and partner with thousands of green MSME entrepreneurs who can deploy kilowatt to megawatt-scale solutions in the agriculture industry, residences, and transportation.
The second will provide financial solutions for stakeholders in the ecosystem. The goal will be achieved by enabling a platform for long-term global capital at the most attractive terms.
“With these new initiatives, Reliance will put Gujarat and India on the world solar and hydrogen map. All our products will proudly proclaim ‘Made in India, by India, for India, and for the world,” he concluded.
