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RIL AGM 2021: Mukesh Ambani Shares Rs 75,000-cr Energy Biz Plan to Put India on Global Solar Map

Mukesh Ambani, chairman and MD of Reliance Industries during 44th RIL AGM

Mukesh Ambani, chairman and MD of Reliance Industries during 44th RIL AGM

Reliance AGM 2021: RIL targets to achieve costs that are lowest in the world to ensure affordability of solar modules.

Mukesh Ambani, Chairman of Reliance Industries Ltd, at the 44th Annual General Meeting (AGM) laid down the roadmap of a mega green energy plan worth an investment of Rs 75,000 crore in the next three years.

“Last year I had shared with you our vision to create the next big value creation engine for Reliance and India – our New Energy and New Materials business. I had also announced our 15-year commitment to become net carbon zero by 2035. Today I am happy to present to you our ambitious strategy and roadmap for implementing this vision," said Ambani.

He made three affirmations. “First, as one of the biggest energy markets in the world, India will play a leading role in transforming the global energy landscape. Second, as a company always focused on growing businesses of the future, Reliance will provide leadership on the combined strength of our balance-sheet, talent, technology and proven project execution capabilities. Third, Reliance will make its New Energy business a truly global business," he said.

RIL is creating a coalition of partnerships with leading global universities, best technology companies and most promising start-ups in America, Europe, Australia and Asia.

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“I am happy to inform you that we have started work on developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar. It will be amongst the largest such integrated renewable energy manufacturing facilities in the world. Jamnagar was the cradle of our old energy business. Jamnagar will also be the cradle of our old energy business," said Ambani.

RIL  plans to build four giga factories. “These will manufacture and fully integrate all the critical components of the New Energy ecosystem. One, for the production of solar energy — we will build an integrated solar photovoltaic module factory. Two, for the storage of intermittent energy — we will build an advanced energy storage battery factory. Three, for the production of green hydrogen — we will build an electrolyser factory. Four, for converting hydrogen into motive and stationary power – we will build a fuel cell factory," added the RIL chairman.

RIL targets to achieve costs that are lowest in the world to ensure affordability of solar modules.

“Reliance will establish and enable at least 100GW of solar energy by 2030. A significant part of this will come from rooftop solar and decentralised solar installations in villages. These will bring enormous benefits and prosperity to rural India," said Ambani.

RIL is exploring new and advanced electro chemical technologies that can be used for such large-scale grid batteries to store the energy that we will create. “We will collaborate with global leaders in battery technology to achieve the highest reliability for round-the-clock power availability through a combination of generation, storage, and grid connectivity," said Ambani.

RIL’s third initiative will be an Electrolyser Giga Factory to manufacture modular electrolysers of highest efficiency and lowest capital cost.

The fourth initiative will be the Fuel Cell Giga Factory. A Fuel Cell uses Oxygen from the air and Hydrogen, to generate electricity. The only emission of this process is non-polluting water vapour.

“Reliance will put Gujarat and India on world solar and hydrogen map. All our products will proudly proclaim: Made in India, by India, for India and for the world! This will be Reliance’s yet another big contribution to our Prime Minister’s clarion call of Atmanirbhar Bharat," said Mukesh Ambani.

The conglomerate also plans to provide 10 lakh jobs in the near future via its retail businesses.

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