Mukesh Ambani announces Reliance Industries will set up 4 giga factories; infuse Rs 60,000 Cr in 3 years

Reliance Industries Ltd Chairman Mukesh Ambani announced a detailed plan to set up four giga factories at Reliance Industries' 44th Annual General Meeting (AGM) held virtually on Thursday, June 24. Ambani also said that the business will infuse Rs 60,000 crore over the next three years in the new energy and materials business.

The billionaire highlighted that the four factories would include an integrated solar photovoltaic module factory which will take care of the production of solar energy. This is aimed at achieving the lowest cost of solar modules in the world. He said,

"We are highly inspired by the goal set by our Prime Minister, Shri Narendra Modi ji for India to achieve 450GW of renewable energy capacity by 2030."

According to Ambani, Reliance Industries will aim towards enabling and producing 100GW and contribute to the target set by the PM. He also added that a significant part of the energy prduction will come from rooftop solar and decentralised solar installations in rural areas.

The second factory would be an advanced energy storage battery unit which will be used for the storage of intermittent energy.

He emphasised, "We are exploring new and advanced electrochemical technologies that can be used for such large-scale grid batteries to store the energy that we will create."

Furthermore, the business conglomerate will collaborate with global leaders in the battery technology space to achieve the highest reliability for around the clock, power availability through a combination of generation, storage, and grid connectivity, said Ambani.

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The third initiative is an electrolyser factory. This unit will manufacture modular electrolysers of the highest efficiency and the lowest capital cost. This can be used for producing green hydrogen for domestic use and sale as well as exports.

And last, he announced a plan to set up a fuel cell factory for converting hydrogen into mobile and stationary power.

"In the new era, fuel cells will progressively replace internal combustion engines," he said adding, "Fuel cell engines can power, automobiles, trucks and buses."

Ambani, who is also India's richest man, said the manufacturing giant's Jamnagar complex will provide support in terms of infrastructure and other utilities to meet the needs of the four giga factories.

He also plans to invest an additional Rs 15,000 crore in the value chain, partnerships and future technologies, including upstream and downstream industries taking the overall initial investment from internal resources to Rs 75,000 crore.

Ambani also announced two additional divisions to build and strengthen the renewable energy ecosystem — a dedicated renewable energy project management and construction division and a dedicated renewable energy project finance division.

Towards this initiative, it plans to partner with multiple green MSME entrepreneurs who can deploy kilowatt, megawatt scale solutions in agriculture, industry, residences, and transportation.