Indian Billionaire Mukesh Ambani’s Reliance Industries To Invest $80 Billion In Renewable Energy Push

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Reliance Industries, controlled by Asia’s richest businessman Mukesh Ambani, has signed a memorandum of understanding with the Gujarat state government to invest 5.9 trillion rupees ($80 billion) in green projects, according to a company. Announcement National Stock Exchange of India.

If invested, the western state would achieve net-zero carbon emissions by 2035. The announcement indicates that Ambani has stepped up his ambition to invest in green projects. In June, it said it planned to invest $10 billion in renewable energy.

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To help Gujarat become net-zero carbon, Reliance has committed to invest 5 trillion rupees ($67.4 billion) to set up a 100 gigawatt renewable energy power plant and green hydrogen eco-system development in the state over 10 to 15 years. has been proposed. The firm will develop an eco-system to assist small and medium enterprises (SMEs) and encourage entrepreneurs to adopt new technologies and innovations for captive use of renewable energy and green hydrogen.

The firm said it would invest 600 billion rupees ($8.1 billion) in setting up new energy manufacturing-integrated renewable manufacturing to make solar panels, electrolysers and fuel cells. In addition, there are plans to invest 250 billion rupees ($3.37 billion) in existing projects and new ventures over the next 3 to 5 years. The company said it will also invest in upgrading its cellular operator, Jio, to use 5G and expand its retail business.

The group’s initiative to decarbonise and create a green ecosystem is aimed at supporting Prime Minister Narendra Modi’s plans. By November, India’s installed renewable energy capacity had reached 150 GW, which was about 40% of the total installed power capacity of 392 GW. country’s goal 500 GW Installed renewable energy capacity by 2030 and net carbon zero by 2070.

Reliance Industries is India’s largest private sector company, with revenues reaching $73.8 billion in the year ended March 2021. The company is ranked 55th in the Businesshala Global 2000 ranking of the “World’s Largest Public Companies” for 2021 – topping Indian companies.

The units of Reliance Industries manufacture plastics and petrochemicals at the world’s largest refinery complex in Gujarat. The company also includes India’s largest mobile telecommunications provider Jio and India’s largest retailer Reliance Retail.

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