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Reliance Industries to invest $10.1 bn in new energy business
Photo Credit: VCCircle

Reliance Industries Ltd will invest Rs 75,000 crore ($10.10 billion) in a new energy business over the next three years, Chairman Mukesh Ambani told the company's annual general meeting on Thursday.

Reliance will build solar manufacturing units, a battery factory for energy storage, a fuel cell-making factory and an electrolyzer unit to produce green hydrogen as a part of the business, Ambani said.

As a part of the new business - called the Dhirubhai Ambani Green Energy Giga Complex - Reliance will also build solar capacities of at least 100 GW by 2030, Asia's richest man told his shareholders at the meeting which was held virtually due to COVID-19.

That would account for over a fifth of India's renewable energy target of installing 450 GW by 2030. India wants green energy sources to make up 40% of electricity generated by the end of this decade.

"A significant part of this will come from rooftop solar and decentralised solar installations in villages," Ambani said.

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