Reliance Industries Limited (RIL) organised its 44th Annual General Meeting (AGM) of the shareholders on June 24, 2021. The AGM was held virtually due to the Covid-19 pandemic. Speaking at the AGM, Mukesh Ambani, Chairman and Managing Director, RIL announced plans to invest Rs 750 billion in green energy initiatives over the next three years. To this end, the company will set up four giga factories focusing on solar photovoltaics, energy storage, electrolysers, and fuel cells. Of the total investment planned, Rs 600 billion will be invested to create and offer a fully integrated, end-to-end renewable energy ecosystem while the remaining Rs 150 billion will be invested in the value chain, partnerships, and future technologies, including upstream and downstream industries.
Ambani also announced that RIL has commenced work on setting up the Dhirubhai Green Energy Giga Complex in Jamnagar spread across 5,000 acres of land. This complex is expected to be one of the largest integrated renewable energy manufacturing facilities in the world.
In addition, RIL plans to build two new divisions: Renewable Energy Project Management and Construction Division and Renewable Energy Project Finance Division. The former will not only provide GW-scale end-to-end solutions for large renewable energy plants but will also partner with micro, small and medium enterprises for the setting up of kW to MW-scale solutions across agriculture, industry, residential, and transportation sectors. The latter will provide a platform to source long-term global capital for green investments at attractive terms.