Ambani announces Rs 75,000 crore investment in clean energy
Mumbai, Jun 24 (PTI): Billionaire Mukesh Ambani on Thursday announced a Rs 75,000 crore investment in setting up four ‘Giga’ factories to make solar photovoltaic cells, green hydrogen, batteries and fuel cells over the next three years.
Addressing the company’s annual shareholder meeting, he said Reliance will set up 100 GW of solar power generating capacity.
“We plan to build four Giga Factories to manufacture and integrate all critical components of new energy ecosystem solar photovoltaic module factory, energy storage battery factory, electrolyser factory, fuel cell factory,” Ambani said. These four factories will involve an investment of Rs 60,000 crore. “We will invest an additional Rs 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 Rs 75,000 crore in 3 years,” he said. Last year, he had announced a 15-year commitment to become net carbon zero by 2035.
“The age of fossil fuels, which powered economic growth globally for nearly three centuries, cannot continue much longer,” he said.
“In 2016, we launched Jio with the aim of bridging the Digital Divide in India. Now, in 2021, we are launching our new energy business with the aim of bridging the green energy divide in India and globally.” Ambani said the company raised Rs 3,24,432 crore capital through the sale of stake in digital unit Jio Platforms and retail venture, rights issue and asset monetisation.
“RIL raised USD 44.4 billion largest-ever capital raise by any company in a year globally. This capital raise is a strong vote of confidence by global investors in India’s growth potential,” he said.
“Despite several challenges due to COVID-19, we have made substantial progress in the past in our discussions (with Saudi Aramco),” he said. “I expect our partnership to be formalised in an expeditious manner during this year.”
RIL had inked an initial pact to sell a fifth of the unit that houses its oil refineries, petrochemical plants and fuel retailing business in August 2019, but the outbreak of global pandemic delayed the deal.
Ambani said RIL is looking forward to “welcoming Saudi Aramco as a strategic partner in our O2C business”.