The Strategist

Reliance Industries to invest $10B in green energy over the next three years

06/25/2021 - 03:36

India's Reliance Industries, the operator of the world's largest oil refining complex, intends to invest $10 billion (Rs 750 billion) in renewable energy over the next three years.

This was announced at the annual shareholders' meeting by the company's CEO Mukesh Ambani.

The corporation aims to go green by 2035. "The fossil fuel era, which has been fuelling economic growth across the world for nearly three centuries, cannot continue for long. The huge amount of carbon emitted into the environment has endangered life on earth," Mr Ambani said.

Under the programme presented, Reliance intends to build four gigafactories. An integrated solar photovoltaic module plant will be erected to produce solar power. 

The company will also build a battery plant, an electrolysis plant and a fuel cell plant. The company will allocate about Rs 600 billion for these purposes in the coming years.