Reliance to establish new energy manufacturing ecosystem says Mukesh Ambani

Mukesh Ambani began his formal address at the 45th Annual General Meeting on Monday. He said that Reliance aspires to make India a world leader in new energy manufacturing and the company will commence the transition from grey hydrogen to green hydrogen by 2025.

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“Reliance’s New Energy business offers unprecedented opportunities for multi-decade growth, as decarbonising the global economy will require annual $5 trillion investments for several decades in Green and Clean Energy globally. This underlines the sheer magnitude of responsibility and opportunity for RIL’s New Energy business, which is far more ambitious, far more transformational, and far more global in scope than anything Reliance has ever done before,” said Mukesh Ambani.

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“It will also strengthen indigenous R&D base and make India a reservoir of intellectual property. Most importantly, it aims to make India a world leader in new energy manufacturing and a credible alternative to China,” he added.

“We will commence ACN production next year and the first phase of carbon fibre in 2025. We will integrate composites business with Carbon Fibre to produce Carbon Fibre composites. Carbon Fibre promises to be a multi-decade growth engine for O2C.”

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“RIL’s captive requirement provides a large base-load demand to accelerate the Rs 75,000 crore commitment to establish a New Energy manufacturing ecosystem. Once proven at scale, we are prepared to double the investment to scale up our mfg ecosystem,” said the RIL chief.

Reliance Industries Limited (RIL) posted a 46.3% growth in consolidated net profit to Rs 17,955 crore in Q1FY23 compared to a profit of Rs 12,273 crore in the same quarter last year. Q1 PAT climbed 10.8% from Rs 16,203 crore in the preceding quarter. The bottom-line figures are attributable to the owners of the company. Consolidated revenue from operations climbed to Rs 223,113 crore up by 54.5% in the quarter under review, from Rs 144,372 crore in Q1 last year, and recorded a single-digit growth of 5.3% from revenue of Rs 211,887 crore in Q4FY22.

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Reliance Industries shares were trading 0.72% lower at Rs 2600.00 apiece on the BSE at 15:11 PM.