Mukesh Ambani, chairman of Reliance Industries and India’s richest man has unveiled an ambitious push into clean energy involving $10.1bn of investment over three years. Picture: REUTERS
The move towards green by the Mumbai-based giant, which reported an annual revenue of $63bn, offers a glimpse of the new order awaiting some of the world’s major fossil-fuel producers. Global giants such as ExxonMobil and TotalEnergies have been under pressure to pare their carbon footprint, as governments, investors and consumers join to fight climate change and global warming.
“Reliance is branching out into completely new businesses,” said Horace Chan, an energy analyst at Bloomberg Intelligence. “That raises concerns whether the investments could generate acceptable return and payback period, given the time to acquire technology know-how and seek strategic partners.” One of Reliance’s “giga factories” will manufacture solar modules, enabling 100GW of solar energy by 2030, including on rooftop installations in villages across the country; the second involves large-scale grid batteries to store electricity, for which Reliance will collaborate with global leaders on the technology; and the third will build and install electrolysers for separating green hydrogen from water.
The investment inflows, which Ambani called “vote of confidence” in his businesses, have helped Reliance’s stock rally more than 90% since the beginning of April 2020. Ambani’s net worth is about $82bn, according to the Bloomberg Billionaire’s Index.The Adani-led group is also raising its game in clean energy goals. Adani Green Energy agreed last month to buy SoftBank Group’s $3.
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