Reliance Industries to Invest $76 Billion in Renewable Energy in India

Reliance Industries, the Indian oil and telecommunications conglomerate led by Asia's richest man Mukesh Ambani, said on Thursday that the group plans to invest as much as $76 billion in green energy projects in India over the next 15 years.

Reliance Industries had announced last year that it would invest more than $10 billion over three years in a new business unit that will build solar module, battery storage, electrolyzer and fuel cell plants.

Ambani said in June 2021 that as part of the Make in India energy transition solution, Reliance will create a renewable energy unit that will invest $10.1 billion (INR 750 billion) over three years.

Now, India's largest company Reliance Industries plans to invest $68 billion (5 trillion rupees) in Gujarat over the next 15 years to build a total of 100 gigawatts of renewable energy and hydrogen projects. Reliance Industries said in a statement that the group will also encourage entrepreneurs to embrace new technologies and innovations to use renewable energy and green hydrogen.

Another $8.1 billion (Rs 600 billion) will be invested in the manufacture of polysilicon, wafers, cells, solar PV modules, electrolyzers, energy storage cells and fuel cells.

The total investment will reach $81 billion (5.955 trillion rupees) and will also include 5G network upgrades and investment in Reliance Retail.

Reliance Industries is India's most valuable company with a diversified business, including oil refining. Reliance Industries owns India's largest oil refinery and Jamnagar, the world's largest refining center. The refinery has a crude processing capacity of 1.24 million barrels per day, while Reliance Industries also invests in oil exploration and production, petrochemicals, textiles, telecommunications and retail.