RIL AGM: Mr. Mukesh Ambani announces Rs. 3.5 trillion (US$ 43.79 billion) investments
- IBEF
- August 30, 2022
At the 45th Annual General Meeting of the company, Reliance Industries Limited (RIL) Chairman and Managing Director, Mr. Mukesh Ambani, announced investment plans worth Rs. 3.5 trillion (US$ 43.79 billion).
Reliance has plans to invest Rs. 2 trillion (US$ 25.02 billion) in the rapid rollout of 5G, Rs. 75,000 crore (US$ 9.38 billion) in the expansion of O2C capacities across value chains, and Rs. 75,000 crore (US$ 9.38 billion) in the new energy sector. These plans were first announced last year, and there is potential to double the commitment based on the scalability of developing models, said Mr. Ambani.
RIL intends to use excess PX available to construct one of the largest single-train PTA plants in the world with a three MMTPA capacity in the polyester value chain.
“We have made rapid progress to create an advanced manufacturing ecosystem for new energy which will be fully integrated, backed by world class talent, built on pillars of technological innovation through strategic partnerships, to deliver modular, at scale, affordable and most modern manufacturing business based in India, for India and the world”, said Mr. Ambani.
One of the biggest manufacturers of grey hydrogen, Reliance will switch to gH2 by 2025. To establish giga scale manufacturing in India, the company is in advanced talks with major electrolyzer technology companies.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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