Ambani looks to do ‘Jio’ in green energy business

PTI

New Delhi, August 8

Reliance Industries Ltd, whose offering of rock-bottom tariffs shook up the telecom industry, is looking to repeat the feat in the green energy business, where its chairman Mukesh Ambani sees promise to outshine all existing growth engines in 5-7 years.

Rs 6 lakh cr investment planned

Rs 30K cr PUMPED IN RETAIL

• Reliance Industries invested Rs 30,000 crore in its retail business and added 2,500 stores, taking the total store count to 15,196 in FY22
• In FY22, Reliance Retail added over 1.50 lakh jobs, taking its total headcount to 3.61 lakh

Jio completes 5G Planning in 1,000 cities

• Jio has completed 5G coverage planning in top 1,000 cities and conducted field trials of its home-grown 5G telecom gears, Reliance said in its annual report
• Jio was the biggest bidder in the 5G spectrum auction and bagged 700 MHz waves in all 22 telecom circles

Having pledged Rs 6 lakh crore on green energy, Ambani says RIL will scale up investments in this business which will start going live in the next 12 months.

“Over the next 12 months our investments across the Green Energy value chain will gradually start going live, scaling up over the next couple of years,” Ambani, chairman and managing director of RIL, said in the company’s latest annual report. “This new growth engine holds great promise to outshine all our existing growth engines in just 5-7 years.” Ambani is pivoting Reliance toward clean energy in an attempt to diversify away from its traditional oil refining and petrochemical businesses.

The firm is building giga-factories for the entire green energy value chain — from solar power generation to the production of green hydrogen to its distribution and consumption. This is with a view to bringing down the current high cost to affordable limits. Reliance will develop end-to-end green energy solutions to make them available for everyone at the most affordable price, says Ambani.

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