India-based conglomerate Reliance Industries has revealed plans to invest $9.08 billion to develop its new energy manufacturing ecosystem. The announcement was made by the group’s chairman, Mukesh Ambani, at its 46th annual general meeting.
By leveraging this investment, Reliance Industries aims to fast track giga-scale production of 24/7 power, large-scale green hydrogen for green chemical manufacturing and green transportation. Reliance Industries’ new energy business will focus on delivering a fully integrated end-to-end solar PV manufacturing ecosystem and pursue wind power through technology partnerships.
The group aims to bring online the Dhirubhai Ambani Green Energy Gigabit Manufacturing Complex in Jamnagar, Gujarat, India in a phased manner by the end of 2025. The solar gigafactory will include manufacturing of photovoltaic modules, cells, wafers and ingots, polysilicon and glass.
By further leveraging its capabilities in engineering and construction as well as its giga-scale manufacturing ecosystem, the group intends to accelerate and realize the installation of at least 100GW of renewable power generation by 2030. In addition, Reliance Industries aims to establish its battery super factory by 2026. The super factory is planned to produce battery chemicals, batteries and battery packs and expand into containerized energy storage solutions.
The project will also include a battery recycling facility to provide a fully integrated ecosystem. In addition, the Indian-listed conglomerate has set itself a target of achieving net-zero carbon by 2035 through the use of renewable and bio-energy for sustainable and green business.
Our transition to net-zero carbon and building a sustainable chemicals business will increase revenues, reduce energy costs, improve profitability and provide a near-perennial growth platform for our materials and energy businesses in India and overseas, said Mukesh Ambani.
In 2022, Reliance Industries signed a Memorandum of Understanding (MoU) with the Government of Gujarat to invest INR 5.955 trillion in green energy and other projects in the state. This investment is expected to create one million direct and indirect jobs in Gujarat.
