Climate change is inevitable. To make India carbon neutral, Reliance Industries has jumped on the bandwagon to pump clean energy in the entire organisation. Reliance now executes strategic purchases with leading companies globally in the renewables sector. Its goal is to set up four giga factories to manufacture clean energy. According to Ambani, “The age of fossil fuels, which powered economic growth globally for nearly three centuries, cannot continue much longer. The huge quantities of carbon it has emitted into the environment have endangered life on earth.”
Ambani started a buying spree in the energy market to fuel his approach. Reliance New Energy Solar has acquired REC Solar for Rs 5,792 crore and has bought 40% of Sterling and Wilson Solar for Rs 2,845 crore. It recently acquired all Lithium Werks BV assets for $61 million. Earlier, it bought the whole of UK-based battery developer Faradion. This is just the beginning. RIL’s buying spree will go on for a long time until it fulfils its giga factories’ requirements.
Jamnagar is where all the oil reservoirs of RIL are. Ambani wants a photovoltaic module factory to produce solar panels, an advanced energy storage battery factory, an electrolyser factory for the production of green hydrogen and a fuel cell factory, all under four roofs.
Should You Be Concerned?
India is the world’s most prominent energy market, and its most significant conglomerate is landing in this space with a big chequebook for acquisitions. This will help fuel the energy needs of the company. RIL’s less dependence on fossil fuels will positively impact India’s net-zero carbon emissions target by 2070.
What Lies Ahead?
With RIL’s agility in acquisition buying spree, it only seems that RIL will be the biggest energy provider to our country in a few years.