(PTI)
Billionaire Mukesh Ambani announced a Rs 75,000 crore investment in clean energy over three years, pinned hope on concluding a USD 15 billion deal with Saudi Aramco this year and unveiled the much-awaited low-priced JioPhone Next co-developed with Google as he unveiled the growth agenda for Reliance Industries.
Reliance will build four ‘Giga factories’ to make solar cells, batteries for energy storage, making fuel cells and producing green hydrogen in Gujarat, Reliance chairman and managing director Mukesh Ambani said at the company’s annual general meeting with shareholders.
The oil-to-telecom conglomerate, which owns the world’s biggest oil refining complex, will also set up 100 gigawatts (GW) of solar power generation capacity by 2030 and invest in setting up a carbon fibre plant.
Ambani said Saudi Aramco chairman and head of the Kingdom’s cash-rich wealth fund PIF Yasir Othman Al-Rumayyan, 51, will join the board of Reliance as an independent director. This is a precursor to a deal to sell a 20 per cent stake in the company’s oil-to-chemical unit, which houses the group’s oil refineries, petrochemical plants and fuel retailing business, to Saudi Aramco.
