Billionaire Mukesh Ambani outlines details of a $10 billion investment in renewable energy his company announced last year, suggesting India could become a ‘reliable alternative’ to China for green energy production. said there is
The chairman of Reliance Industries, India’s largest listed company, said developing this segment of the business would help India become a net exporter of green energy and a global leader in clean energy production.
Ambani made the comments at the company’s annual meeting on Monday. The second-generation mogul, known for bringing cheap mobile data to India, is India’s larger regional economic rival, China, the largest exporter of cheap renewable energy technologies such as solar power. This is the first time that his leaping green energy ambitions have been measured against. solar panel.
“China’s production capacity is huge,” said Vibhuti Garg, director of India’s Institute of Energy Economics and Financial Analysis. Ambani added, “We’re not saying we can beat China,” but we’re aiming for “the scale that no other country besides China lacked.”
Supply chain issues during the coronavirus pandemic have prompted companies that rely on China’s manufacturing capacity to explore other options in a ‘China plus one’ strategy that India hopes will benefit. I was.
Reliance’s profitability is underpinned by the world’s largest fossil fuel-intensive oil refinery operations. However, Ambani has been rapidly diversifying into a conglomerate in recent years, with the company’s telecommunications and digital subsidiary, he invested billions in Reliance Jio, making it India’s largest retailer.
Renewable energy is his latest bet, last year announcing plans to build four mega-factories in Gujarat for the production of solar panels, energy storage, green hydrogen and fuel cell systems. On Monday, Ambani announced his fifth facility. This is a power electronics factory for manufacturing equipment used to connect new energy systems.
Ambani said the company’s solar panel plant will also begin production in 2024, and the energy storage plant will produce battery packs by next year. promised to move to
Ambani and coal-to-airport tycoon Gautam Adani have emerged as the biggest players in India’s green energy race after Prime Minister Narendra Modi set ambitious energy transition targets at last year’s COP26 climate summit. .
Reliance also made many other announcements, including the rollout of Jio’s 5G service to major cities by Diwali in October, and a 5G smartphone partnership with Google. It also announced that it will launch a fast-moving consumer goods company this year, competing with giants such as Hindustan Unilever.
