Ambani’s next disruption in solar energy? Reliance to build 4 giga factories, to invest ₹ 75,000 crore

New Delhi: At the 44th Annual General Meeting (AGM) of Reliance Industries Limited (RIL) chairperson Mukesh Ambani announced construction of 4 giga factories, which would make many inventories of green energy.

The factory, to be built at a cost of Rs 75,000 crore, will produce solar photovoltaic modules, electrolysers and fuel cells for energy storage batteries.

“Reliance will thus create and offer a fully integrated, end-to-end renewables energy ecosystem. Over the next three years, we will invest over Rs 60,000 crore in these initiatives,” said Ambani.

“We will invest an additional ₹ 15,000 crore in the value chain, partnerships and future technologies, including upstream and downstream industries. Thus, our overall investment in the new energy business will be ₹ 75,000 crore in 3 years,” he further said.

Last year, Mr Ambani had declared 15-year commitment to become net carbon zero by 2035.

Reliance’s disruption of the telecom market is no secret to anyone. Despite launching Jio network just 1-2 years ago, it created wide-scale disruption. Today, it is India’s largest telecom network while those leading and most popular telcos have been left behind.

Solar power/energy holds much promise in times to come and is seen as big money-spinning business.  At the AGM, Ambani told shareholders that work in this regard has already begun on a 5,000 acre Dhirubhai Ambani Green Energy Complex.