TN GIM 2024: Reliance Industries to invest in renewable energy, green hydrogen in Tamil Nadu, says Mukesh Ambani

RIL has committed to $10 billion of investment over three years in the new energy business, and becoming net carbon zero by 2035.

Reliance Industries Ltd (RIL) would be making new investments in renewable energy and green hydrogen areas in Tamil Nadu, chairman and managing director Mukesh Ambani said in a video message on January 7 at the Tamil Nadu Global Investor Meet (GIM) in Chennai.

The announcement comes at time when the conglomerate is doubling down on its green energy push.

"We shall work closely with the state government to promote sustainable development, which is necessary to save Mother Earth from the climate crisis. I am confident that the state government will support our forthcoming initiatives with viable policies" he said.

RIL has committed to $10 billion of investment over three years in the new energy business, and becoming net carbon zero by 2035. The oil-to-retail giant aims to provide affordable green hydrogen as a viable alternative to traditional fuels.

In the video message, Reliance Industries chief also highlighted the conglomerate's various investments in the southern state.

Reliance Jio, the telecom arm of RIL, has invested Rs 35,000 crore in Tamil Nadu, bringing its digital offerings to 35 million subscribers in every town and village in the state. Jio also completed the 5G rollout in December 2023, making it the fastest 5G rollout anywhere in the world, Ambani said.

"This will enable Tamil Nadu to reap the benefits of artificial intelligence and other breakthrough fourth industrial revolution technologies, which will further accelerate its economy," Ambani said in his video message.

Reliance has also partnered with Canada’s Brookfield asset management and US-based Digital Realty to set up a state-of-the-art data centre that is expected to open next week, he added.

In July 2023, Reliance had announced its partnership with Brookfield Infrastructure and Digital Realty to collectively invest in special purpose vehicles (SPVs) for the development of data centres in India.

As per the joint statement, Reliance will hold a 33.33 percent stake in each of the SPVs, making it an equal partner in the venture. The JV will operate under the brand name 'Digital Connexion: A Brookfield, Jio and Digital Realty Company'

In his video message, Ambani said that Tamil Nadu has become one of the most business friendly states in the country under the leadership of Thiru Stalin. The state has always been a land of rich cultural and intellectual heritage and in modern times, the state has witnessed "shining progress in industry, agriculture and services" and is contributing to all around progress and prosperity of India, he said.

"Therefore, I have every reason to believe it will soon become a trillion dollar economy, which is the apt slogan of this summit...Reliance has proudly partnered in Tamil Nadu's growth over the years" Ambani said.

He also said that the oil-to-retail conglomerate has opened nearly 1,300 retail stores across the state, investing over Rs 25,000 crore.

Tata Electronics, JSW Energy, and TVS Group are among other companies that have unveiled big ticket investments at GIM, as the state seeks to regain its leadership as an investment destination amid stiff competition from other Indian states, including Karnataka, Maharashtra, Gujarat, and Telangana.

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