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India’s Reliance to invest $10.1 bln in new energy business – Reuters

A man walks past a Reliance Industries Limited sign board installed on a road divider in the western Indian city of Gandhinagar January 17, 2014. REUTERS/Amit Dave

CHENNAI, June 24 (Reuters) – Reliance Industries Ltd (RELI.NS) will invest 750 billion Indian rupees ($10.10 billion) in a new energy business over the next three years, Chairman Mukesh Ambani told the company’s annual general meeting on Thursday.

Reliance will build solar manufacturing units, a battery factory for energy storage, a fuel cell-making factory and an electrolyzer unit to produce green hydrogen as a part of the business, Ambani said.

As a part of the new business – called the Dhirubhai Ambani Green Energy Giga Complex – Reliance will also build solar capacities of at least 100 GW by 2030, Asia’s richest man told his shareholders at the meeting which was held virtually due to COVID-19.

That would account for over a fifth of India’s renewable energy target of installing 450 GW by 2030. India wants green energy sources to make up 40% of electricity generated by the end of this decade.

“A significant part of this will come from rooftop solar and decentralised solar installations in villages,” Ambani said.

($1 = 74.2240 Indian rupees)

Reporting by Sudarshan Varadhan

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