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India's Reliance to invest US$ 10.1 billion in new energy business

IBEF:  June 25, 2021

On Thursday, Mr. Mukesh Ambani, Chairman, Reliance Industries Ltd. announced that the company plans to invest Rs. 750 billion (US$ 10.10 billion) in a new energy business over the next three years.

At the company’s annual general meeting, he stated that Reliance plans to establish solar manufacturing units, a fuel cell-making factory, a battery factory for energy storage and an electrolyser unit to generate green hydrogen.

He also stated that Reliance also plans to establish solar capacities of at least 100 GW by 2030, as a part of the new business - called the Dhirubhai Ambani Green Energy Giga Complex.

This development is expected to account for over a fifth of India’s renewable energy goal of installing 450 GW by 2030. By the end of this decade, India aims for green energy sources to account for ~ 40% of the total electricity generated.

Mr. Ambani said, “Decentralised solar installations and rooftop solar would contribute a major part to this development.”

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.