Business tycoon Mukesh Ambani has recently announced a Rs 75,000 crore investment over the next three years in the establishment of four ‘Giga’ plants to manufacture solar photovoltaic cells, green hydrogen, batteries, and fuel cells.
In his address to the company’s annual shareholder meeting, he stated that Reliance will build 100 GW of solar power producing capacity, mostly through rooftop installations and decentralised operations in communities.
As part of the company, Reliance will construct solar manufacturing units, a battery factory for energy storage, a fuel cell manufacturing plant, and an electrolyser unit to create green hydrogen.
We plan to build four Giga Factories to manufacture and integrate all critical components of new energy ecosystem solar photovoltaic module factory, energy storage battery factory, electrolyser factory, fuel cell factory,” Ambani stated. These four plants would cost Rs 60,000 crore to establish.
“The age of fossil fuels, which powered economic growth globally for nearly three centuries, cannot continue much longer,” he added.
As part of the company, Reliance will construct solar manufacturing units, a battery factory for energy storage, a fuel cell factory, and an electrolyzer unit to create green hydrogen, according to Ambani.
Reliance would construct solar capabilities of at least 100 GW by 2030 as part of the new firm, named the Dhirubhai Ambani Green Energy Giga Complex, Asia’s wealthiest man informed shareholders at the meeting, which was held electronically owing to Covid-19.
This would account for more than one-fifth of India’s renewable energy target of 450 GW by 2030. By the end of this decade, India wants green energy to account for 40% of all power generated.
Reliance’s shift toward a cleaner, greener version of its historic industries exemplifies the energy sector’s new world order. Global behemoths like Exxon Mobil Corp. are under pressure to reduce their carbon footprint, while local competitor tycoons like India’s second-richest man, Gautam Adani, are doubling down on green projects and fueling a stock surge. The green agenda enjoys strong policy support in India and is one of the top objectives for the Narendra Modi government.
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Hello, my name is Anuj Boruah. I am quite interested in writing about current events in business, finance, and the economy. I work as a newswriter at Reviewminute.