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Mukesh Ambani says will invest 10 billion dollars for Energy ecosystem, RIL AGM Live Updates

Jun 24, 2021
Mukesh Ambani CMO of RIL

Reliance Industries (RIL), India’s largest company by market capitalisation, is conducting its 44th annual general meeting (AGM) virtually on June 24 (today), at 2 pm. The annual report will also be available on the company website www.ril.com. The event is closely watched by Dalal Street and this time is expected to be no different.

RIL, which has a track record of meeting its target ahead of deadlines, is expected to make announcements across its telecom, retail and O2C business. The conglomerate said it will send its FY21 annual report, along with the board’s report, auditors’ report and other documents required in electronic mode to the members of the company. 

The company released its latest annual report on June 2. Chairman and Managing Director Mukesh Ambani said that post a record fundraising round, RIL has a “strong balance sheet with high liquidity” that will support growth for its businesses.

RIL CMO Mukesh Ambani says build 4 GIGA Factories

We will also provide infrastructure and materials to support the four Giga factories. Our Jamnagar complex will provide infrastructure and utilities to manufacture ancillary material and equipment needed to support these Giga factories so that all critical materials are available in time. We will also support independent manufacturers with right capabilities to be part of this nationwide ecosystem.
We will invest an additional Rs 15,000 crore in value chain, partnerships and future technologies, including upstream and downstream industries. Thus, our overall initial investment from our own internal resources in the New Energy business will be Rs 75,000 (over $10 billion) crore in 3 years.

Allow me to take you through our 3-part plan. The first part of our plan is to build Four Giga Factories. These will manufacture and fully integrate all the critical components of the New Energy ecosystem. Rs 60,000 crore will be invested in four giga factories over three years
– One, for the production of solar energy — we will build an integrated solar photovoltaic module factory.
– Two, for the storage of intermittent energy — we will build an advanced energy storage battery factory.
– Three, for the production of green hydrogen — we will build an electrolyser factory.
– Four, for converting hydrogen into motive and stationary power – we will build a fuel cell factory.

Over the next 3 years we will invest over 60,000 crore rupees in these initiatives. Reliance will thus create and offer a fully integrated, end-to-end renewables energy ecosystem.

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