Reliance Industries Ltd (RIL) is planning to invest Rs 75,000 crore in its clean energy business over the next three years, Chairman Mukesh Ambani said at the company's 44th annual general meeting (AGM).

Share Market Live

NSE

Ambani said that RIL was launching the new energy business with the aim of bridging the green energy divide in India and globally and that India would play a leading role in transforming the global energy landscape .

Among RIL's targets for its new energy business include building 100 GW of solar power generation capacity by 2030.

Last year, RIL had announced a 15-year commitment to becoming net carbon zero by 2035.

Ambani said that work on a 5,000-acre Dhirubhai Ambani Green Energy Giga Complex in Jamnagar has started. "It will be amongst the largest such integrated renewable energy manufacturing facilities in the world," he said.

RIL AGM: Here's the full text of Chairman Mukesh Ambani's speech

“Jamnagar was the cradle of our old energy business. Jamnagar will also be the cradle of our new energy business,” he stressed.

The Jamnagar complex will provide infrastructure and utilities to manufacture ancillary material and equipment needed to support the four giga factories that RIL plans to build -- as follows:

1. An integrated solar photovoltaic module factory for production of solar energy

2 An advanced energy storage battery factory for the storage of intermittent energy

3. An electrolyser factory for production of green hydrogen

4. A fuel cell factory for converting hydrogen into motive and stationary power

These giga factories will manufacture and fully integrate all the critical components of the New Energy ecosystem. These four factories will involve an investment of Rs 60,000 crore.

RIL will invest an additional Rs 15,000 crore in value chain, partnerships and future technologies, including upstream and downstream industries.

Stay tuned for all the updates. Click here

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

(Edited by : Aditi Gautam)

First Published:Jun 24, 2021 5:53 PM IST