Reliance Industries Limited (RIL) will invest Rs 60,000 crore in its new green energy business during the course of next three years, under which it will set up four units called ‘giga factories’ in Gujarat’s Jamnagar. The company aims to contribute 100 giga watt of solar energy by 2030.
In addition to all this, RIL will further infuse Rs 15,000 crore in value chain and future technologies which will also include upstream and downstream industries.
In all, RIL’s new energy business will be valued at Rs 75,000 crore within the next three years, the company’s chairman Mukesh Ambani said while virtually addressing its 44th annual general meeting.
He said that the giga factories will manufacture as well as fully incorporate all components of the green energy ecosystem.
The four facilities which will be set up as part of RIL’s green initiative, will include an integrated solar photovoltaic giga factory, advanced energy storage giga factory, electrolyser giga factory and a fuel cell giga factory.
The entire infrastructure will make Gujarat and India a hub of solar energy, Mr Ambani said during his hour-long address to shareholders.
The entire green energy infrastructure will come up on a 5,000 acres area in Jamnagar and will be known as Dhirubhai Ambani Green Energy Giga Complex.
Mr Ambani said that Jamnagar was the cradle of RIL’s old energy business and now it will be a cradle for their new green energy business.
In 2020 the RIL chairman had announced the company’s 15-year commitment to become net carbon zero.
The aim of launching the new energy business is to bridge the green energy divide in the country, Mr Ambani said.