Reliance AGM 2021: Mukesh Ambani To Take On Adani With Investments Of $10 Bn In New Energy Business

Mukesh Ambani is the richest Asian with a fortune of $83.8 billion while Gautam Adani is the third richest Asian with a fortune of $66.3 billion.

(File Photos/ Getty)

Mumbai: Reliance Industries Limited (RIL) chairman Mukesh Ambani is likely to take on Adani Group chairman Gautam Adani with investments of Rs 75,000 crore in the green energy business.

Currently, Gautam Adani-led Adani Green Energy Limited is India’s largest renewable firm with total renewable capacity of 24,294 MW (including asset under acquisition & projects where AGEL has emerged as L1 bidder)

RIL has started work on developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar to be amongst the largest such integrated renewable energy manufacturing facilities in the world.

RIL chairman during company’s 44th AGM announced to set up four giga-factories -- integrated solar photovoltaic module factory, advanced energy storage battery factory, electrolyser factory, and fuel cell factory in Jamnagar with investments of Rs 60,000 crore and an additional investment of Rs 15,000 crore in value chain, partnerships, and future technologies, including upstream and downstream industries.

“Our first Integrated Solar Photovoltaic Giga Factory will create solar energy. We will start with raw silica and convert this to polysilicon which we will then convert to ingot and wafers. These wafers would be used to make high-efficiency solar cells and finally assembled into solar modules of highest quality and durability. We will target to achieve costs that are lowest in the world to ensure affordability of our solar modules,” said Mr. Ambani.

Gautam Adani envisages Adani Green becoming the world’s largest solar power company by 2025 and the largest renewable company by 2030.

Mukesh Ambani plans to establish and enable at least 100GW of solar energy by 2030 or over a firth of the goal set by our Prime Minister Narendra Modi for India to achieve 450GW of renewable energy capacity by 2030.

In doing so, RIL’s solar capacity may overtake of Adani Green’s aspirations of reaching 25 GW by 2025.

“I am certain that India will present to the world a template of a Green Economy Movement, which will truly be a People's Movement. Solar power is the primary source of energy for our Planet Earth. 'Soorya Dev' has blessed India with almost limitless sunlight. I envision a future when our country will be transformed from a large Importer of Fossil Energy to a large Exporter of Clean SolarEnergy solutions,” said Mr. Ambani.

“After disrupting India’s telecom sector with Reliance Jio, Mukesh Ambani is on a mission to transform India’s energy landscape RIL’s foray is green energy,” said a Mumbai-based energy analyst.

RIL is planning to set up Advanced Energy Storage Giga Factory by using electro-chemical technologies that can be used for such large-scale grid batteries to store the energy that the company will create.

The company will set up an Electrolyser Giga Factory to manufacture modular electrolysers of the highest efficiency and lowest capital cost. These can be used for captive production of green hydrogen for domestic use as well as for global sales.

Besides, RIL is also setting up a Fuel Cell Giga Factory, which will use oxygen from the air and Hydrogen, to generate electricity. The only emission of this process is non-polluting water vapour.

Mukesh Ambani is the richest Asian with a fortune of $83.8 billion while Gautam Adani is the third richest Asian with a fortune of $66.3 billion as of Thursday, according to Bloomberg Billionaire Index.