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India’s oil-to-telecoms conglomerate Reliance Industries plans to invest as much as $76 billion in green energy projects in India over the next 15 years, the group chaired by Asia’s richest man, Mukesh Ambani, said on Thursday.
Reliance Industries already announced last year a commitment to invest more than $10 billion in three years in a new business unit that would build solar module, battery storage, electrolyser, and fuel cell factories.
As part of a drive to be part of India-made energy transition solutions, Reliance will now create a renewables division in which it will invest $10.1 billion (750 billion Indian rupees) in three years, Ambani said in June 2021.
Now Reliance Industries, the largest company in India, plans to invest $68 billion (5 trillion rupees) over the next 15 years in the state of Gujarat to set up renewable and hydrogen projects of a total of 100 gigawatts (GW). The conglomerate will also encourage entrepreneurs to embrace new technologies and innovations leading to the use of renewable energy and green hydrogen, Reliance Industries said in a statement.
Another $8.1 billion (600 billion rupees) will be invested in the manufacturing of polysilicon, wafers, cells, solar PV modules, electrolyzers, energy-storage batteries, and fuel cells.
The total investment will amount to $81 billion (5.955 trillion rupees) and will also include an upgrade of the 5G network and investments in Reliance Retail.
Reliance Industries is the most valuable company in India and has diversified operations, including oil refining. Reliance Industries owns the biggest refinery in India and the biggest refining hub in the world, Jamnagar. The refinery has a crude oil processing capacity of 1.24 million barrels per day, while Reliance Industries is also invested in oil exploration and production, petrochemicals, textiles, telecoms, and retail.
Back in 2021, Reliance said it planned to build the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar. This, Ambani said, will be one of the world’s largest such integrated renewable energy manufacturing facilities.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.