Reliance's Green Energy Business Will Outshine Other Growth Engines In 5-7 Years: Mukesh Ambani

Reliance last year had announced a Rs 75,000-crore investment over three years as part of its new energy push

Reliance Industries wants to become net carbon zero by 2035. ( Image Source :Getty )

Chairman and Managing Director of Reliance Industries Ltd (RIL) Mukesh Ambani has said RIL’s green energy business will emerge as growth engine for his company in the next 5-7 years. He told shareholders in a message in the company’s annual report for 2021-22.

Last year, the oil-to-telecom conglomerate had announced a Rs 75,000-crore investment over three years as part of its new energy push. Amabani had said this investment would be used to bridge the green energy divide by setting up four giga-factories in Jamnagar to build and fully integrate all critical components for the business. It would also include investment in partnerships, and future technologies.

He said, “Over the next 12 months our investments across the green energy value chain will gradually start going live, scaling up over the next couple of years. This new growth engine holds great promise to outshine all our existing growth engines in just 5-7 years,” while adding that RIL would continue to expand its existing businesses in terms of technology, innovation, scale, and execution.

By 2035, Reliance targets to become net carbon zero. It has entered into a series of partnerships with companies such as Ambri in the US, Faradion in the UK, and The Netherlands-based Lithium Werks in the energy storage space in this regard.

“India is set to become one of the world’s top three economies in the next couple of decades, and all of Reliance’s business verticals will play a leading role in achieving that. India and Reliance will aim to play a leading role in the world’s transition to clean energy,” Ambani said.

RIL acquired REC Solar, a global technology leader in solar panel manufacturing, and picked up a 40 per cent stake in Sterling & Wilson Renewable Energy. The company will also invest in creating an ecosystem of thousands of small and medium scale project consultants and installers across India to set up green energy generation projects in every nook and corner of the country.

In its annual report, the company mentioned, “Reliance's approach is to create a new energy ecosystem, transition to clean energy and convert clean energy to green chemicals.”

Shares of Reliance Industries closed at Rs 2,568, up 1.34 per cent on the BSE on Monday.