Unveiling a blueprint to make Reliance Industries future-ready with a big shift towards green energy, and cutting edge communication technologies, Mukesh Ambani on Thursday said he will be pursuing the most exciting, challenging and purpose-driven mission in his life.

His plan includes a ₹75,000-crore investment over the next three years in building a new energy business, setting up India’s first carbon fibre plant, and a foray into the 5G mobile network solutions market.

At the centre of Ambani’s new energy strategy is a plan to pivot from the traditional fossil fuel-based business. “The world is entering a new energy era, which is going to be highly disruptive. The age of fossil fuels, which powered economic growth globally for nearly three centuries, cannot continue much longer. Our world has only one option: rapid transition to a new era of green, clean and renewable energy,” Ambani said, addressing shareholders at the 44th Annual General Meeting of Reliance Industries Limited.

Giga factories

As part of this vision, RIL is setting up a Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar. The first part of the plan is to build four giga factories.

“One, for the production of solar energy — we will build an integrated solar photovoltaic module factory. Two, for the storage of intermittent energy — we will build an advanced energy storage battery factory. Three, for the production of green hydrogen — we will build an electrolyser factory. Four, for converting hydrogen into motive and stationary power — we will build a fuel cell factory,” Ambani said, adding that Reliance will establish at least 100GW of solar energy by 2030.

But this does not mean that RIL is giving up on the oil-to-chemical business. Ambani said talks with Saudi Aramco for a stake sale have made “substantial progress” and a deal is expected this year.

Indeed, Yasir Al-Rumayyan, Chairman of Saudi Aramco and the Governor of the Public Investment Fund, will join the RIL board as an Independent Director. “His joining our board is also the beginning of internationalisation of Reliance,” Ambani said. The other big focus area will be the telecom and communication business under Jio where, according to Ambani, the company is ready to take a “quantum leap to the next frontier of wireless broadband.”

5G focus

Armed with trial spectrum and regulatory approvals, Jio is aiming to be the first to rollout full-fledged 5G services across the country, ahead of rival Airtel. Further, Jio is looking to export indigenously-developed 5G network solutions to telecom operators across the world.

“To develop the end-to-end 5G ecosystem, we are working with leading global partners to develop a full range of 5G-capable devices. The Jio 5G technology is well positioned to create compelling applications for consumers and enterprises spanning healthcare, education, entertainment, retail and other key verticals,” Ambani said.

 

RIL-Saudi Aramco deal

Reliance Industries expects to formalise its deal with Saudi Aramco this year, Chairman and Managing Director Mukesh Ambani told shareholders.

RIL had earlier announced a 20 per cent sale in its oil-to-chemicals business for $15 billion to Saudi Aramco, the world’s top oil exporting firm, in 2019.

On June 19, BusinessLine had reported that RIL is likely to announce the appointment of Saudi Aramco and Governor of the kingdom's wealth fund Public Investment Fund, Yasir Al-Rumayyan, on its board.

Also read At RIL AGM, from 5G, affordable phone to laptop...

Ambani said the company’s ‘New Value Creation Engine’ would be its our new energy and new materials business.

“I had also announced our 15-year commitment to become net carbon zero by 2035. The world is entering a new energy era, which is going to be highly disruptive,” he added.

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