Three days from today, oil-chemical-to-telecom conglomerate Reliance Industries Ltd (RIL) will hold its 46th annual general meeting (AGM) of shareholders on August 28.

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As the chairman Mukesh Ambani-led group gets ready for the grand annual event, a key expectation from the business leaders’ speech is any updates on the group’s investments in clean energy business. This comes at a time when the Indian government as well as the world is stepping up efforts in reducing the carbon footprint.

Earlier this month, a note from brokerage firm Bernstein highlighted clean energy as the new growth pillar for Reliance Industries going forward. The analyst believes that the new energy business could earn revenue of up to $10 billion by 2030.

As Reliance is looking to set up giga factories in the solar and battery business, any information regarding investment on this front will be keenly watched out for at the AGM next week.

RIL has already done acquisitions and investments of over Rs 67 billion in the 2023-24 fiscal to build capabilities in new energy. It must be noted that this is in addition to the Rs 55 billion investment until the end of the 2021-22 financial year.

In its annual report, the firm reiterated its vision and mission to build one of the world’s leading New Energy and New Materials businesses with the aim of bridging the green energy divide in India and globally.

“Our aim is to achieve Net Carbon Zero by 2035 through decarbonisation and New Energy. We are actively investing in and collaborating with partners to build a scalable and enabling energy ecosystem,” the company said.

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The firm also reiterated its capex commitment of $10 billion over three years. As per the report, the company has made significant progress as the Dhirubhai Ambani Green Energy Giga Complex, with four giga factories for photovoltaic panels, energy storage, green hydrogen, and fuel cell systems, is shaping up rapidly. At the AGM, announcements on further outlook will be awaited.

“Additionally, Reliance has announced plans for a new Giga factory for Power Electronics, an integral component to interlink and integrate the entire green energy value chain,” it added.

The firm has earlier in its report said, that its key priorities of the O2C business include transitioning from producing transportation fuels to chemical building blocks, transitioning from fossil fuels to renewables to meet energy demand, transitioning from traditional to advanced mobility with EV solutions and accelerating gas economy through expedited growth of CNG and Bio CNG network.

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The company also noted that the RIL O2C business includes a 51 percent equity interest in a fuel retailing JV with bp - Reliance BP Mobility Limited (RBML), operating under the brand Jio-bp, and a 74.9 percent equity interest in Reliance Sibur Elastomers Private Ltd (RSEPL).

Jio-bp added more than 1,000 new charging points and a multitude of industry-level partnerships, to strengthen its position amongst the country’s leading CPO (Charge Point Operator), it added.

First Published:Aug 25, 2023 6:21 PM IST