The 45th annual general meeting of Reliance Industries, scheduled for that day, will be interesting because, among other significant announcements, chairman Mukesh Ambani is expected to discuss new energy, according to analysts. The oil-to-consumer conglomerate might provide a roadmap for the listing or strategic sale of companies in the clean energy sector, or it might even make a dramatic announcement that could shake up the market.
The introduction of Reliance Jio, which upended the telecom market, the release of the Jio Phone with refundable deposits, and last year’s announcement of the 75,000 crore rupee investment plan over three years in green energy have all been significant Reliance AGMs in recent years.
This time, the chairman might go into more detail about the investment strategy for 75,000 crore rupees. The corporation wants to build a completely green energy ecosystem in the nation, including solar power generation and green hydrogen synthesis. His note also demonstrated Ambani’s excitement for green energy to shareholders in the company’s FY22 annual report, where he used the phrases “clean” and “green” up to 23 times.
According to Ambani, Reliance’s green energy sector would surpass all its growth drivers in just five to seven years. RIL’s green energy value chain investments would gradually begin to go live in the next year. It will further scale up over the following two years.
Reliance would also invest in building an ecosystem of thousands of small and medium-scale project consultants and installers. Like this, RIL will work independently on large-scale green energy projects for Power GenCos or significant investors.
Adani
Reliance may make announcements regarding its push for green energy a month. Their rival Adani Group announced investments totaling $70 billion in infrastructure and transition to green energy. According to the group’s chairman Gautam Adani, they are trying to make green hydrogen the “fuel for the future.”
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