The Mukesh Ambani-owned, Reliance Industries Ltd. (RIL), plans to spend Rs 75,000 crore — Rs 60,000 crore in next three years and Rs 15,000 crore on value-chain partnerships and future technologies — to build an ecosystem to make solar modules and batteries to hydrogen fuel cells in India.
RIL has started work on developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar, Ambani told investors at the company’s 44th annual general meeting.
Ambani wants to build four ‘Giga’ factories in Jamnagar to make solar photovoltaic cells, green hydrogen, batteries and fuel cells for Rs 60,000 crore. These manufacturing units will power his dreams to build 100GW of solar energy generation capacity.
Solar energy is gaining prominence nowadays as it’s the source of clean and cheap power. But the interests of large corporations in the manufacturing and fossil fuel business are different. They are increasingly entering into solar power production to earn carbon credits to offset the carbon footprint.
Ambani’s target is also the same as RIL wants to earn the tag of zero carbon by 2035.
RIL’s entry will change the business landscape and increase competition. So far, it was a cakewalk for Adani Green Energy Ltd and Tata Power Company Ltd in getting new projects and acquisition of new technologies.
Reference- Business Today, Bloomberg Quint, Money Control, Economic Times