Reliance to build giga factories for new energy generation

Reliance Industries Ltd (RIL) plans to build four giga factories to manufacture and integrate all critical components of a new energy ecosystem, Chairman and Managing Director Mukesh Ambani said on Thursday.

The factories will make solar photovoltaic modules, electrolysers and fuel cells for energy storage batteries, he said while addressing RIL's 44th annual general meeting held virtually amid the Covid-19 pandemic.

"Reliance will thus create and offer a fully integrated, end-to-end renewables energy ecosystem," said Ambani. "Over the next three years, we will invest over Rs 60,000 crore in these initiatives."

As one of the biggest energy markets in the world, said Ambani, India will play a leading role in transforming the global energy landscape.

As a company always focused on growing businesses of the future, Reliance will provide leadership on the combined strength of our balance sheet, talent, technology and proven project execution capabilities.

"Reliance will make its new energy business a truly global business," he told shareholders.

( With inputs from ANI )