Reliance Industries Ltd (RIL) has utilized 55-60% of its ₹75,000 crore investment plan for its new energy business, with significant progress toward commissioning its first phase of a 20 GW solar factory in early FY25. The ambitious investment, announced by RIL Chairman Mukesh Ambani in 2021, aims to position the conglomerate as a leader in renewable energy.
Sources indicate that more than half of the committed funds have been deployed to establish the ecosystem. RIL has also infused equity into the business, with FY24 seeing a ₹200 crore equity investment and subscription to debentures exceeding ₹9,000 crore, according to the company’s annual report.
The new energy vertical is anchored around a 5,000-acre giga manufacturing complex in Jamnagar, Gujarat, which will house five giga factories focused on solar PV manufacturing, energy storage, electrolysers, fuel cells, and power electronics. The first train of module and cell manufacturing is set for early FY25, with the fully integrated 20 GW facility expected by FY27.
The company has also taken strategic steps to secure land in Gujarat for renewable energy development and signed its first power purchase agreement with a Maharashtra utility to supply 128 MW of energy over 25 years. Additionally, RIL has been forging partnerships and making acquisitions to enhance technology access and operational efficiency.
