Ambani to challenge Musk, Adani; to enter green energy business



NEW DELHI: In a bid to make the most of emerging green energy business and make its business future-proof, Reliance Industries on Thursday said it would enter the green energy business.Mukesh Amabani, Chairman of Reliance Industries, told the annual general meeting of Reliance Industries that his company would invest Rs 60,000 crore in building four gigafactories at Jamnagar Gigacomplex. Overall investment of Rs 75,000 crore in new green energy business over the next three years. RIL said it would establish and enable at least 100 GW of solar energy by 2030.“The age of fossil fuels cannot continue much longer, our world has only one option rapid transition to green energy. It is not enough to be carbon neutral, we need to drastically cut emissions.We are launching a new energy business with the aim of bridging green energy divided between India and globally,” said Ambani.Jamnagar was the cradle of the old energy business, it will now be the cradle of new energy business, he said.With these gigafactories, Amabi seems not just going after the green energy business of Adani but also similar businesses of Tesla founder Elon Musk.“We plan to build four Giga Factories to manufacture and integrate all critical components of New Energy ecosystem – solar photovoltaic module factory, energy storage battery factory, electrolyser factory, fuel cell factory,” said Ambani.

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