RIL to invest Rs 75,000 crore in new energy biz over next 3 yrs

Diversified business conglomerate Reliance Industries Ltd (RIL) on Thursday announced the company would invest Rs 75,000 crore in new energy business over the next three years.

“Our overall initial investment from our own internal resources in the new energy business will be Rs 75,000 (over $10 billion) crore in 3 years. We will invest Rs 15,000 crore in value chain, partnerships and future technologies, including upstream and downstream industries,” RIL chairman & managing director Mukesh Ambani said while addressing the annual general meeting.

Ambani said Yasir Al-Rumayyan, chairman of Saudi Aramco and the governor of the Public Investment Fund, will join the board of RIL as an independent director. “I expect our partnership to be formalised in an expeditious manner during this year, after obtaining required regulatory clearances,” he said on formalising the much-awaited tie-up with Aramco.