Reliance Industries Ltd, is thinking of entering the power-storage business with its partner BP Plc. to expand into the country’s growing renewable energy sector.
The companies are considering a plan to set up energy-storage projects near solar- and wind-energy installations, The push into power storage dovetails with Prime Minister Narendra Modi’s efforts to boost the country’s reliance on renewable power and set it on track to sell only electric cars by 2030.
Reliance has been seeking to enter the business since 2009, when it first announced plans for alternative-energy businesses. Reliance and BP in June said they were extending their partnership to sell conventional fuels as well as explore opportunities in clean energy. Last month it was reported that Reliance is planning to sell liquefied natural gas at its fuel-retailing outlets and set up charging stations for electric vehicles. In addition to fuel retailing, Reliance and BP are already partners in oil and natural-gas exploration and gas-marketing in India.