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Reliance Industries AGM 2022: RIL to develop New Energy business by 'adhering to First Principles'

The RIL chairman said a team comprising hundreds of scientists, engineers and experts is working on bringing the New Energy vision to life.

August 29, 2022 / 05:52 PM IST
RIL CMD Mukesh D Ambani

RIL CMD Mukesh D Ambani

 
 
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Reliance Industries Limited (RIL) Chairman Mukesh Ambani, while addressing the oil-to-telecom conglomerate's 45th AGM on August 29, said the company aims to successfully develop its New Energy business by 'adhering to First Principles'.

Ambani has elaborated on the group's investment of Rs 75,000 crore to fully integrate the New Energy manufacturing ecosystem at Jamnagar. The green power segment is expected to emerge as a growth engine for the company, and it is also set to double its new energy investment commitments.

The RIL chairman said a team comprising hundreds of scientists, engineers and experts is working on bringing the New Energy vision to life.

"We already have over 2,500 scientists, engineers, and other experts working fervently to realise our vision for New Energy, and we plan to tenfold it over the next few years," said Ambani.

In order to work together and innovate for the future, Ambani said the company is collaborating with the top academic institutions and start-ups in the world.

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Ambani also noted that the group's large captive requirement across its businesses enables it to scale rapidly.

"In collaboration with global EPC players, we will repurpose our proven capabilities in project management and combine physical and digital technologies to deliver lowest-cost green energy," Ambani said.

"Our New Energy business model will be modular and replicable across the globe," he further added.

Speaking on the combined advantages, Ambani said it "will help India become a net exporter of energy. It will also strengthen indigenous R&D base and make India a reservoir of intellectual property".

Ambani, who is pivoting RIL towards green energy, further said, "Reliance plans to accelerate its committed Rs 75,000 crore investment in fully integrated New Energy manufacturing ecosystem at Jamnagar as it aims to establish 20 GW of solar energy generation capacity by 2025 for captive needs of round-the-clock (RTC) power and intermittent energy for Green Hydrogen."

Also Read: RIL's 45th Annual General Meeting | Key Announcements

In a live-streamed address, he said that the conglomerate’s new energy business is now “far more ambitious, transformational and global in scope that anything Reliance has done before.”

RIL’s 10GW solar PV cell and module factory at Jamnagar, based on REC technology, will commence production by 2024, to scale up to 20GW annual capacity in a phased manner by 2026, according to the chairman.

Also Read: RIL to build gigacomplex for power electronics

Reliance Industries aims to be net carbon zero by 2035. The company is developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar, comprising four giga-factories.

Reliance, which is one of the largest producers of Grey Hydrogen globally, aims to progressively transition from Grey Hydrogen to Green Hydrogen by 2025, after proving its cost and performance targets.

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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first published: Aug 29, 2022 05:52 pm
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