RIL charts mega plan for clean energy biz
Reliance Industries Ltd (RIL) pledged to invest ₹75,000 crore in clean energy, becoming the latest oil company to announce a mega push into renewables as the environmental impact of fossil fuels comes under increasing scrutiny from investors and regulators.
Chairman Mukesh Ambani said RIL will spend ₹60,000 crore on four so-called giga factories to produce solar cells, modules, hydrogen, fuel cells and a battery grid to store electricity on 5,000 acres of land at Jamnagar, Gujarat, home to the world’s biggest refining complex.
The company will spend the remaining ₹15,000 crore in developing a value chain, partnerships, and futuristic technologies, Ambani told shareholders at the company’s annual meeting on Thursday.
