Indian Conglomerate Reliance Industries is gearing up for a major push into renewable energy, with ambitions to become the country’s largest developer of green projects. The oil-to-telecom giant, led by Mukesh Ambani, has announced plans to invest heavily in solar energy manufacturing and generation, as outlined in its annual report.
The company is committed to achieving its 2035 net zero carbon goal and has earmarked $10 billion for its green energy portfolio. This aggressive push positions Reliance in direct competition with another Indian conglomerate, Adani Group, which is also making significant strides in the renewable energy sector.
The company is set to commence production of solar cells and modules at its massive Jamnagar facility by December, with plans to double capacity by 2026. This move is part of Reliance’s goal to establish 100 gigawatts (GW) of renewable energy installations by 2030.
Chairman Mukesh Ambani expressed confidence in the company’s financial position, stating it is ready for the next growth phase. Reliance is actively exploring opportunities to raise capital to fuel its expansion plans.
The company’s foray into green energy comes as India intensifies its efforts to reduce carbon emissions and achieve energy independence.
As part of its strategy, Reliance plans to collaborate with global partners to acquire cutting-edge technologies and establish a robust domestic supply chain for renewable energy components.
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