Here's a quick peek into Reliance chief Mukesh Am
India’s green energy sector could get billions of dollars in investment, backed by billionaire Mukesh Ambani. The plan comes as his children focus on other verticals of their family-promoted behemoth Reliance Industries Ltd.
A Bloomberg report has said that the 65-year-old Ambani will oversee strategy, including the building of giga-factories and blue hydrogen facilities. He will also assess acquisition targets, and is talking to potential investors.
Ambani last year unveiled plans to spend $75 billion on clean energy projects over the next 15 years.
So, what is Reliance looking to do in the country’s green energy sector?
According to the report, Reliance is seeking billions of dollars of investments in India’s energy sector and has approached potential investors including Middle Eastern funds. His ambition is to disrupt the sector just like he did with his mobile phone company Reliance Jio Infocomm Ltd, the Bloomberg report said, citing people aware of the developments.
Ambani and his team were telling marquee investors they would own own every link of the renewables supply chain that can enhance margins, the report said.
How much money has Reliance actually spent on some of its other verticals in recent times?
Reliance spent almost $50 billion to build Reliance Jio, which became India’s No. 1 wireless carrier within three years of its 2016 debut by offering free calls and cheap data. Then, over a few months of the pandemic lockdown in 2020, Ambani raised more than $20 billion for his digital ventures from a slew of investors including tech giants Meta Platforms Inc. and Google.
What are Reliance’s targets going forward?
Reliance, with a market value of $206 billion, has a 2035 target for turning carbon net-zero. India’s transition from fossil fuels to renewables will provide an opportunity for Reliance’s continuous “hyper-growth” over many decades, Ambani told shareholders last August.
Meanwhile, Adani Group chief and billionaire Gautam Adani has committed $70 billion to become the world’s largest renewable energy player.
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