Mukesh Ambani puts 13.6 billion dollars into green energy


The Indian tycoon invested a godly amount of $13.6 billion into clean energy (this amount will be spent over a three-year margin. Reliance Industries, which makes 60% of its money from oil refining and petrochemicals, wants to invest 600 billion rupees in four “giga factories” to manufacture solar modules, hydrogen, fuel cells, and a battery infrastructure to store power.
Mukesh Ambani also announced that the company would invest 150 billion rupees in the value chain and various other partnerships. This move by the reliance group is going to have annual revenue of US$63 billion, provides a peek of the future world order that some of the world’s largest fossil-fuel producers will face.
Mr. Ambani offered few details about how he would carry out the strategy during a virtual annual meeting. Bloomberg Green rated him No. 4 among global fossil-fuel millionaires last year.
Bloomberg Intelligence’s energy expert Horace Chan stated, “Reliance is spreading out into totally new sectors.” “Given the time it takes to acquire technical know-how and find strategic partners, this raises questions about whether the investments will yield acceptable returns and payback periods.”
Mr. Ambani isn’t completely abandoning oil and petrochemicals. He stated on Thursday that a proposal to introduce Saudi Arabian Oil Co as an investor in the energy sector, which was announced two years ago, will be completed this year. He also stated that Yasir Al-Rumayyan, the chairman of Aramco, will join Reliance’s board of directors.


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