The massive investment from Reliance Industries, parent company of India’s largest mobile operator, Reliance Jio, will focus on the state of Gujarat as part of a wider strategy to achieve group-wide carbon neutrality by 2035
Facing pressure from investors, Reliance Industries, owned by India’s richest man Mukesh Ambani, has today announced that it will invest over $80 billion in green energy in Gujarat.
The lion’s share of this investment – around $67 billion – will be used to over the course of the next 10 to 15 years to develop a renewable energy power plant capable of generating 100 gigawatts of clean energy.
The location of this multi-billion-dollar plant within Gujarat has yet to be decided upon, with Reliance reportedly considering multiple locations.
The remainder of the funds will be spent on solar modules, fuel cells, and energy storage batteries, as well as bolstering existing projects and funding new ventures. These funds will be spent in the much shorter timespan of 3 to 5 years.
Reliance’s focus on Gujarat should come as no real surprise; the company currently operates the world’s biggest refining complex in the city of Jamnagar, making it a prime location for fulfilling their green ambitions.
This move builds on Reliance’s announcement last year that the company would invest $10 billion in clean energy over the next three years, ultimately targeting net-zero carbon emissions by 2035.
In related news, investment firm CLSA predicted earlier this week that Reliance Jio could go public this year, suggesting that the business would be valued at around $99 billion.
“2022 will see big events led by the 5G spectrum auction and a likely mega initial public offer (IPO)/separate listing of Reliance Jio from RIL, following the 33 per cent pre-IPO stake sales to 13 investors including, 10 per cent to Facebook and 8 per cent to Google in 2020,” said the firm.