Billionaire Mukesh Ambani on Thursday announced a Rs 75,000 crore investment in setting up four "Giga" factories to make solar photovoltaic cells, green hydrogen, batteries and fuel cells over the next three years.
Addressing the company's annual shareholder meeting, he said Reliance will set up 100 GW of solar power generating capacity.
"We plan to build four Giga Factories to manufacture and integrate all critical components of new energy ecosystem - solar photovoltaic module factory, energy storage battery factory, electrolyser factory, fuel cell factory," Ambani said.
These four factories will involve an investment of Rs 60,000 crore.
"We will invest an additional Rs 15,000 crore in the value chain, partnerships and future technologies, including upstream and downstream industries. Thus, our overall investment in the new energy business will be Rs 75,000 crore in 3 years," he said.
Last year, he had announced a 15-year commitment to become net carbon zero by 2035.
"The age of fossil fuels, which powered economic growth globally for nearly three centuries, cannot continue much longer," he said.
"In 2016, we launched Jio with the aim of bridging the Digital Divide in India. Now, in 2021, we are launching our new energy business with the aim of bridging the green energy divide in India and globally.