Bombay : Reliance Industries Ltd Chairman Mukesh Ambani says the conglomerate’s massive investments in green energy are aimed at replicating the rapid success it has achieved in the telecommunications industry and making India the destination the most affordable green power source in the world over the decade.

“This new growth engine holds great promise to eclipse all of our existing growth engines in just 5-7 years,” Ambani said in a statement to shareholders in its annual report for the fiscal year ended March 31. wireless broadband today, we will have the most affordable green power in the world in this decade.”

Last June, Reliance offered to invest 75,000 crores over three years to set up four giga-factories on 5,000 acres in Jamnagar, produce solar panels, energy storage systems, electrolyzers and fuel cells, and forge global partnerships to help the company to achieve net zero carbon status by 2035.

The company’s aggressive investments in clean energy reflect its telecommunications strategy, where it captured the industry’s leading position just three years after commencing commercial operations in September 2016 by offering users free voice calls. and discounted data plans.

In clean energy, Reliance works with companies including Ambri in the US, Faradion in the UK and Netherlands-based Lithium Werks in the energy storage space.

Similarly, Reliance has invested in NexWafe in Germany, a pioneer in next-generation technology to produce monocrystalline silicon wafers needed to manufacture solar panels.

The company has also partnered with Denmark’s Stiesdal for its next-generation electrolyser technology, which could potentially reduce the cost of producing hydrogen from pure water.

“Through these collaborations and giga-factories, Reliance is poised to achieve a unique integrated position in the green energy value chain globally,” Ambani said.

“This deep integration, along with next-age technologies and world-class execution capabilities, will ensure that Reliance’s renewable energy systems remain at the cutting edge of profitability globally.”

Ambani highlighted Reliance’s net debt-exempt status, following the largest ever fundraising of $44.4 billion in India Inc.’s history and the company’s strong balance sheet which helped it complete a $4 billion jumbo bond sale at the start of FY22.

The sale, India’s largest-ever foreign-currency bond issue, was at the lowest coupon for 30- and 40-year terms by a BBB-rated private sector firm in Asia excluding Japan.

“The year also saw Jio become the leader in fiber-based wireline broadband connectivity with more than 5 million homes connected,” Ambani said.

Jio also added 130 million new customers. Retail added nearly 8 million square feet of retail space, bringing its total retail space to over 41.6 million square feet.

To grow its new energy and materials business, the company will seek shareholder approval to add clauses in the memorandum of association for the manufacture of new energy equipment, including battery storage, solar modules (from polysilicon to modules), electrolysers and fuel cells.

“These additional objects may conveniently and advantageously be combined with the existing business of the company,” according to the company’s notice calling the annual meeting of shareholders.

Meanwhile, Ambani, for the second year in a row, has not received any salary from Reliance Industries in the last financial year, as he voluntarily forfeited his compensation in the wake of the pandemic hitting businesses and the economy. .

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