Chairman and Managing Director (CMD) of Reliance Industries Limited (RIL) Mukesh Ambani on Monday announced investment plans to the tune of Rs 3.5 lakh crore at the 45th annual general meeting (AGM) of the company.
In his speech, Ambani said investment plans include Rs 2,00,000 crore on rapid rollout of 5G, Rs 75,000 crore in expanding O2C capacities across value chains and Rs 75,000 crore in new energy business, as announced last year, with potential to double the commitment based on scalability of evolving models.
Ambani announced that RIL will invest Rs 75,000 crore in the next five years to expand capacities in existing and new value chains with an aim to maximise oil to chemicals integration and convert advantageous feedstock streams to high-value chemicals and green materials.
In the polyester value chain, the conglomerate plans to build one of the worlds' largest single-train PTA plant of 3 MMTPA capacity using surplus PX available.
A new 1 MMTPA PET plant at Dahej is targeted for completion by 2026.
ALSO READ: Reliance AGM 2022 | Will Update You On Jio, Retail IPOs In My Speech Next Year: Ambani Tells Shareholders
Polyester (PFY and PSF) capacity expansion of over 1 MMTPA to be completed in phases by 2026.
Reliance to be among top five producers of PVC globally. Plans to triple existing capacity with world scale plants at Dahej and Jamnagar in India and in the UAE. The company announced 1.5 MMTPA of feedstock integrated PVC expansion at Dahej and Jamnagar in phases by 2026.
In the new materials business, India's first and one of the world's largest carbon fibre plants to be built at Hazira, in phases to become a multi decade growth engine for O2C.
Achieving carbon neutrality globally will require multi-decade of investments to the tune of $5 trillion per year making Reliance's New Energy vision far more transformational and far more global, Ambani said.
"We have made rapid progress to create an advanced manufacturing ecosystem for New Energy which will be fully integrated, backed by world class talent, built on pillars of technological innovation through strategic partnerships, to deliver modular, at scale, affordable and most modern manufacturing business based in India, for India and the world," Ambani said.
Based on the world leading HJT technology of REC, RIL will work towards establishing 10GW of annual cell and module capacity by 2024 and scale it up to 20GW fully integrated quartz to module annual capacity by 2026.
"We will set up battery packs facility by 2023, scale it to 5GWh annual cell to pack manufacturing by 2024 and further scale it up to 50GWh by 2027," Ambani said, while adding, "We are one of the largest producers of grey hydrogen and will transition to gH2 by 2025. We are in advanced discussions with leading electrolyzer technology players to set up giga scale manufacturing in India."
He added, "We are also setting up a new giga factory for power electronics for which we are in discussions with leading global players and aim to provide most affordable solutions without compromising on performance, safety, and reliability."