At the 46th Annual General Meeting (AGM) of Reliance Industries Ltd on Monday, Mukesh Ambani, the Chairman and Managing Director of RIL, said the conglomerate is progressing well to deploy Rs 75,000 crore to build new energy manufacturing ecosystem. "This will enable us to accelerate giga-scale production for round-the-clock power and for large-scale Green Hydrogen production for green chemicals manufacturing, as well as for green mobility," he said.

Share Market Live

NSE

Ambani further 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."

Reliance will collaborate with global technology and product companies,

including start-ups focused on commercialising emerging and disruptive technologies. "We are rapidly adding to our rich talent pool of several thousand scientists, engineers, and innovators, drawn from countries around the world," he said.

Ambani explains India's 'energy trilemma

Ambani further said that Reliance is uniquely positioned to offer a practical solution to the serious ‘Energy Trilemma’ that India has been facing.

He said that India, which imports over 80 percent of its energy requirement, was facing three challenges — affordability of energy, sustainability of energy, and security of energy.

As per Ambani, the ‘Energy Trilemma’ demands action to overcome these challenges—

1) Affordability of Energy: How to ensure that every citizen and every economic activity in India has access to adequate, most affordable energy.

2) Sustainability of Energy: How India can rapidly transition from fossil fuel-based energy to Clean and Green Energy.

3) Security of Energy: How the expanding needs of a fast-growing Indian economy can be de-risked from geopolitical rivalries, conflicts and potential supply disruptions.

Reliance’s New Energy and New Materials business squarely addresses this ‘trilemma’, he noted.

He said green energy was becoming affordable because its cost was already much less than those non-renewables and would come down further. Green energy is sustainable because the Sun and the wind are never going to disappear. "Green energy is secure because India will no longer be dependent on large-scale imports for energy needs," he said.

First Published:Aug 28, 2023 3:32 PM IST