Mukesh Ambani, Chairman of Reliance Industries Limited, announced ambitious plans to transform Jamnagar into the world’s energy capital, with a focus on the company’s burgeoning new energy business. During the 47th Annual General Meeting, Ambani revealed that Reliance aims to commence solar photovoltaic module production by the end of this year as part of its broader strategy.
“By 2025, Jamnagar will also become the cradle of our new energy business. The Dhirubhai Ambani Green Energy Giga Manufacturing Complex will be the world’s largest, most modern, modular, and integrated ecosystem at a single location,” Ambani stated.
He expressed confidence that the new energy sector would become a “big and profitable” venture within the next 5-7 years, driven by five key factors:
- Captive Renewable Energy: Meeting the large renewable energy round-the-clock (RE-RTC) needs of Reliance’s various group businesses over the next 5 to 7 years, significantly reducing energy costs.
- Strategic Investments: Investments in green fuels projects will be supported by value-accretive offtake agreements with major global partners.
- Positive Cash Flow: Ensuring these projects are cash flow positive from day one.
- Next-Gen Products: Development of next-gen products through deep-tech R&D, leading to higher efficiency, reduced costs, and increased margins.
- Innovative Business Models: Building businesses with a start-up mindset, empowered teams, and global best-in-class talent.
Reliance’s first solar giga factory will include the production of PV modules, cells, wafers, ingots, polysilicon, and glass, all at a single location. The facility is expected to begin production of its first 20GW train of solar PV modules by the end of this year.
Looking ahead, Reliance plans to industrialize sodium-ion cell production at the megawatt level by 2025 and launch a pilot for 50 MWh per year lithium battery cells in 2026.
In 2021, Reliance announced a $10 billion investment over three years to develop a new fuels business, aiming for 100 GW of renewable power capacity by 2030. This initiative includes the establishment of four giga factories in Jamnagar, Gujarat, dedicated to manufacturing renewable energy equipment, battery storage, fuel cells, and hydrogen.
