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New energy investments to drive energy transition: Reliance CFO

RIL last year unveiled plans to spend $75 billion on clean energy projects over the next 15 years.

April 21, 2023 / 11:49 PM IST
Reliance

RIL aims to reduce the production cost of green hydrogen to under $1/kg by the end of this decade.

New energy investments will drive energy transition and the next wave of earnings growth for Reliance Industries Ltd, Chief Financial Officer Venkatachari Srikanth said in a press conference on April 21.

Reliance Industries on April 21 reported net profit, attributable to the owners of the company, at Rs 19,299 crore for the March quarter of the financial year 2022-23, up 19 percent from the year-ago period. The profit beat estimates driven by strong performance across businesses. Gross revenue from operations of the most-valued company came in at Rs 2.39 lakh crore, registering a year-on-year rise of 2.8 percent.

In a statement after the company announced its earnings, Reliance Industries Chairman and Managing Director Mukesh D. Ambani said the implementation of new energy giga factories at Jamnagar is making significant progress. "This puts us on track to achieve our goals of transitioning to cleaner energy and enabling sustainable growth," he stated.

"I believe Reliance’s significant investments and strategic partnerships in the renewable energy vertical will help transform the energy landscape of India and the world, in the coming years," Ambani said.

Ambani is focusing on RIL’s pivot to green energy. The RIL chairman last year unveiled plans to spend $75 billion on clean energy projects over the next 15 years.

In 2021, Ambani had announced setting up of Dhirubhai Ambani Green Energy Giga Complex at Jamnagar to establish four Giga Factories, and at Reliance Industries' 45th Annual General Meeting (AGM) in August 2022, he had announced its new Giga Factory for Power Electronics.

The clean energy business of the conglomerate will focus on building technologies, scaling capacities and creating a new energy ecosystem for India and RIL to achieve the ambition of net carbon zero. RIL aims to be net carbon zero by 2035.

On August 29, 2022, Ambani said the company aims to transition to green hydrogen production, from grey now, by 2025. The company aims to reduce the production cost of green hydrogen to under $1/kg by the end of this decade.

Sweta Goswami
first published: Apr 21, 2023 11:40 pm

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