Here are biggest announcements in Reliance’s AGM on RIL’s new energy business
From acquisitions to improving PV cell manufacturing, to bio-energy and succession plans, here are the biggest announcements for the company’s new energy business.
Reliance Industries held its 45th annual general meeting on Monday. Firstpost
The country’s biggest company, Reliance Industries Limited (RIL), held its annual general meeting today, 29 August. The yearly meeting between the company’s management and shareholders saw the company’s chairman and managing director, Mukesh Ambani make several major announcements. Ambani talked about the launch of 5G services by Diwali, the partnership with Qualcomm, the upcoming launch of an FMCG business, and the plan to launch JioMart on WhatsApp with Meta. Apart from these announcements, here are some of the big announcements made by Ambani over RIL’s new green energy business arm.
Last year, Ambani had announced the setting up of the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar along with the setting up of four Giga Factories. Today, Ambani announced an additional set-up of a Giga Factory for Power Electronics.
“One of the key components linking the entire valley of green energy is affordable and reliable power electronics. We are building significant capabilities in the design and manufacture of power electronics and software systems,” Ambani said.
Ambani also announced that RIL acquired REC Solar for its photo voltaic manufacturing process. The company added that with REC’s technology, the Jamnagar complex will begin production in 2024 with a capacity of 10 GW and then scale up to 20GW capacity by 2026.
The billionaire also laid down the succession plans with Anant Ambani, the youngest son of Mukesh Ambani, as the future head of the green energy arm.
Ambani also reiterated RIL’s commitment to net-zero emissions by 2035. “Within one year, the renewable energy consumption at Reliance jumped by 352 per cent,” he said at the meeting of shareholders. Ambani also added that the new energy business will help India transform into a net energy exporter.
The company has also started working with bio-energy. RIL recently inaugurated Phase I of its Bio-Energy Technology (BET) Centre at Jamnagar on August 15, 2022.
“The sheer magnitude of this responsibility and opportunity has made our New Energy business far more ambitious, far more transformational, and far more global in scope than anything Reliance has ever done before,” Ambani added.
(Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust that controls Network18 Media & Investments Ltd which publishes Firstpost)
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