India-based conglomerate Reliance Industries has revealed plans to make an investment of INR750bn ($9.08bn) to develop its new energy manufacturing ecosystem.
The announcement was made by the group’s chairman Mukesh Ambani during its 46th annual general meeting.
By using the investment, Reliance Industries aims to fast-track giga-scale production for 24/7 power, large-scale green hydrogen for green chemicals manufacturing, and green mobility.
Reliance Industries’ new energy businesses will focus on delivering a fully integrated, end-to-end solar photovoltaic (PV) manufacturing ecosystem and pursuing wind power generation with technology partnership.
The conglomerate aims to bring the Dhirubhai Ambani Green Energy Giga Manufacturing Complex at Jamnagar in the Indian state of Gujarat online in a phased manner by the end of 2025.
The solar giga factory will include the manufacturing of PV modules, cells, wafers and ingots, polysilicon, and glass.
By further utilising its capabilities in engineering and construction alongside its giga-scale manufacturing ecosystem, the conglomerate intends to expedite and enable the installation of at least 100GW of renewable energy generation by 2030.
Besides, Reliance Industries aims to establish its battery gigafactory by 2026. The gigafactory is planned to produce battery chemicals, cells and packs, and extend to containerised energy storage solutions.
The project will also include a battery recycling facility to deliver a fully integrated ecosystem.
Furthermore, the Indian publicly-listed conglomerate has set itself a target of achieving net carbon zero by 2035 with the use of renewables and bioenergy for a sustainable and green business.
Mukesh Ambani said: ”Our transition to Net Carbon Zero and building a sustainable chemicals business will result in increased revenue, reduced energy costs, improved profitability, and providing a near perennial growth platform in India and overseas for our Materials and Energy Business.”
Last year, Reliance Industries signed a memorandum of understanding (MoU) with the Gujarat government to invest INR5.955 trillion in green energy and other projects in the state. The investment is expected to generate a million direct and indirect job opportunities in Gujarat.
