Reliance Industries’ investments will start to go live in its new green energy business over the next 12 month and this new growth engine holds great promise to outshine all our existing growth engines in just 5-7 years, Reliance Industries Chairman and Managing Director Mukesh Ambani said in the annual report published on Sunday.
"In its true ethos of Care and Empathy, Reliance has charted its next journey of transformation to help the world cope with the climate change crisis. Over the next 12 months our investments across the Green Energy value chain will gradually start going live, scaling up over the next couple of years. This new growth engine holds great promise to outshine all our existing growth engines in just 5-7 years," Ambani said.
Reliance Industries forayed into New Energy Business last year and has committed to invest Rs 75,000 crore for building the most comprehensive ecosystem for New Energy and New Materials in India to secure the promise of a sustainable future for generations to come.
The company is constructing the Dhirubhai Ambani Green Energy Giga Complex over 5,000 acres in Jamnagar. This will be among the largest such integrated renewable energy manufacturing facilities in the world, the country’s most profitable company said in its Annual General Meeting last year.
“FY 2021-22 marked the beginning of Reliance’s Green Transformation, at a scale which will make India the world’s leading green energy producer. We know that affordability is the most critical factor in the adoption of any new technology and the scale of societal benefit it can create. Reliance has embarked on this journey with a vision to repeat the feat it achieved in wireless broadband. In the field of Green Energy – Reliance will develop end-to-end Green Energy solutions, which will make clean and abundant energy available to everyone at the most affordable price,” Ambani said.
Comparing Jio’s affordable wireless broadband with its new energy business Ambani added that it will offer Green Energy at world’s most affordable prices within this decade.
“Just as India has the world’s most affordable wireless broadband today, we will have the world’s most affordable Green Energy within this decade. And these solutions will then be exported to other countries, helping them contain carbon emissions,” Ambani said.
Leveraging its world-class execution capability and the strong debtfree balance sheet, Reliance has committed to improving the economics of this Green ecosystem to directly compete with the fossil fuels. However, one cannot operate in just one segment of the Green Energy value chain and hope the cost-efficient ecosystem will come up on its own. Reliance has undertaken to enable the entire Green Energy ecosystem throughout India starting with solar power generation, to production of green hydrogen to its distribution and consumption, Ambani said.
To cope up with evolving nature of Green Energy business the company has established the Reliance New Energy Council with some of the globally renowned thought leaders in the field, Ambani said.
The company entered into a series of partnerships, including equity investments, with local and international corporates with unique technological and execution capabilities, with a strong track record of innovation and a growing number of patents and IPRs across the Green Energy value chain.
Reliance’s partnerships include companies like Ambri in the US, Faradion in the UK and The Netherlands-based Lithium Werks in the energy storage space.
Greater affordability and competitive cost structures will ensure massive adoption of Green Energy solutions, providing a booster to India’s Green Energy transition, as well as helping our country to become ‘Atma Nirbhar’ in our energy needs, Ambani said.