India’s Reliance to invest $80bn in green energy projects

MUMBAI (ICIS)–India’s petrochemical major Reliance Industries Ltd (RIL) plans to invest Indian rupees (Rs) 5.95tr ($80bn) in green energy and other projects in western Gujarat state as it aims to achieve its net zero carbon emissions target by 2035.

This investment would involve the setting up of a 100-gigawatt (GW) renewable energy power plant over the next 10-15 years at a cost of Rs5tr, RIL said in a statement on 13 January.

“RIL has started the process of scouting land for the power project in Kutch, Banaskantha and Dholera. The company has requested for land in Kutch,” it said.

The company will also set up plants to manufacture solar photovoltaic (PV) modules, energy-storage batteries and fuel cells at a cost of around Rs600bn.

RIL will invest a further Rs250bn in existing projects and new ventures over the next five years, it said.

To ensure a wider reach for its green energy initiative, the company plans to develop an ecosystem to assist small and medium enterprises (SMEs) and encourage entrepreneurs to embrace technologies and innovations in renewable energy and green hydrogen, RIL added.

In June 2021, RIL chairman Mukesh Ambani had announced that the company would aim for net zero carbon emissions by 2035.

($1 = Rs 74.18)