Reliance Industries, owned by Indian billionaire Mukesh Ambani, To Invest $80 Billion In Renewable Energy Push
According to a company announcement to the National Stock Exchange of India, Reliance Industries, a conglomerate controlled by Asia's wealthiest businessman, Mukesh Ambani, has signed an MoU with the Gujarat state government to invest 5.9 trillion rupees ($80 billion) in green projects. If you want to install solar plant in India, you can also contact Bigwit Energy on our details mentioned below.
If implemented, the investments would result in the western state reaching net-zero carbon emissions by 2035. The announcement indicates that Ambani's ambition to invest in green projects has increased. In June, it announced a $10 billion investment in renewable energy.
To assist Gujarat in becoming carbon neutral, Reliance proposes to invest five trillion rupees ($67.4 billion) in the state over the next ten to fifteen years to establish a 100 gigawatt renewable energy power plant and a green hydrogen eco-system. The company will create an eco-system to assist small and medium-sized businesses (SMEs) and to encourage entrepreneurs to adopt new technologies and innovations that will result in captive renewable energy and green hydrogen use.
The company said it will invest an additional 600 billion rupees ($8.1 billion) in setting up integrated renewable energy manufacturing facilities to produce solar panels, electrolyzers, and fuel cells. Additionally, 250 billion rupees ($3.37 billion) in investments in existing projects and new ventures are planned over the next three to five years. Additionally, the company stated that it will invest in upgrading its cellular operator, Jio, to 5G and expanding its retail business.
The conglomerate's initiatives toward decarbonization and the establishment of a green ecosystem are intended to complement Prime Minister Narendra Modi's plans. India's installed renewable energy capacity reached 150 GW in November, accounting for nearly 40% of the country's total installed electricity capacity of 392 GW. By 2030, the country aims to have 500 GW of installed renewable energy capacity and to be carbon neutral by 2070.
With revenue of $73.8 billion in the fiscal year ended March 2021, Reliance Industries is India's largest private sector company. The company is ranked 55th in Forbes Global 2000's "World's Largest Public Companies" rankings for 2021 - the highest ranking among Indian companies.
Reliance Industries' subsidiaries manufacture plastics and petrochemicals in Gujarat's world's largest refinery complex. Additionally, the company owns Jio, India's largest mobile telecom operator, and Reliance Retail, the country's largest retailer.
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