RIL’s green energy business will outshine other segments in 5-7 years – EQ Mag Pro
According to Chairman and Managing Director Mukesh Ambani, Reliance Industries (RIL) expects its green energy division to become a growth engine for the company within the next 5-7 years (FY22). As part of its drive into new energy, Reliance had already promised a Rs 75,000 crore investment spread over three years.
According to Ambani, this investment would be used to close the gap in green energy by erecting a mega complex in Jamnagar that would manufacture and fully integrate all essential parts for the company. Additionally, investments in joint ventures and emerging technologies would be made.
By 2035, RIL wants to be net carbon neutral. The business has formed a number of alliances, including those in the energy storage sector with Ambri in the US, Faradion in the UK, and Lithium Werks in the Netherlands. Additionally, it purchased REC Solar, a leader in solar panel manufacturing technology on a global scale. Additionally, a 40% investment in Sterling & Wilson Renewable Energy was purchased. The business claimed to have established a new energy council, which will oversee sustainable energy efforts, and will be led by Dr. Raghunath Mashelkar, a former director general of the Council of Scientific and Industrial Research. Eight global technocrats, many of whom serve as advisors to governments around the world, are included in the nine-member council.
“Over the course of the next year, our investments in various segments of the green energy value chain will gradually start to take effect. In approximately 5-7 years, this new growth engine has the potential to surpass all of our current growth engines, according to Ambani. He declared that RIL would keep growing its current operations in terms of scale, innovation, technology, and execution. “All of Reliance’s business verticals will play a key role in achieving that. India is poised to become one of the world’s top three economies in the next couple of decades. Ambani stated that India and Reliance would like to take the lead in the global switch to clean energy.
To establish green energy producing projects across India, RIL would also invest in building an ecosystem of thousands of small and medium scale project consultants and installers. For power generating firms or significant investors, the company will also take on big gigawatt-scale turnkey green energy projects on its own. According to the company’s annual report, “Reliance’s approach is to develop a new energy ecosystem, move to clean energy, and convert clean energy to green chemicals.”
Source: PTI
