The conglomerate led by Mukesh Ambani, Asia’s richest man, announced plans to invest US$76 billion ($102.2 billion) toward clean energy projects, dwarfing an earlier commitment of US$10 billion by the world’s biggest fossil-fuel billionaire.
Reliance Industries, controlled by Ambani, has signed pacts with the state government of Gujarat for a total investment of 5.96 trillion rupees (US$81 billion), according to an exchange filing Thursday. Of this, about 5 trillion rupees would be used over the next 15 years to build 100 gigawatts of renewable power projects and a green hydrogen network while 600 billion rupees will be for factories making solar modules, hydrogen electrolyzers, fuel cells and storage batteries, the filing said.
The remaining sum is to be spent in the retail-to-refining group’s new and existing projects, including the upgrade of its telecom network for 5G services and expansion of its consumer retail businesses. Reliance has already “started the process of scouting land” for its renewable energy power projects and has requested the Gujarat administration for 450,000 acres (182,110 hectares) in the arid Kutch region.