Anant Ambani announced a slew of measures the conglomerate is set to take this fiscal year onwards, focusing on building the world’s first fully sovereign clean energy ecosystem.
New Energy Manufacturing Ecosystem
RIL has commissioned an integrated new energy manufacturing ecosystem.
Anant Ambani said RIL’s solar PV cell and module manufacturing lines have been commissioned and are now operational. He said nearly 1 gigawatt (GW) of heterojunction technology (HJT) modules have been produced with around 2% higher energy yield, 15% better temperature performance and 25% lower degradation than conventional modules.
The company has also achieved an approved list of models and manufacturers (ALMM) listing for HJT technology, the first in India for this advanced cell type, he said, adding that RIL is building towards 20 GW per annum of fully integrated capacity from polysilicon to ingots, wafers, cells, modules and glass.
RIL’s Battery Giga Factory
Anant Ambani also said RIL’s battery giga-factory will be commissioned this year. He said the first phase of its 40 GWh annual battery energy storage system (BESS) and cell giga factory is on track to be commissioned this year. The company is committed to scaling this up to 120 GWh of annual capacity, he said.
The RIL executive director said the company is developing a renewable energy hub across 5.5 lakh acres in the arid Kutch region. This hub will deliver round-the-clock power at a gigawatt scale, combine solar and battery storage systems in a single unique integrated architecture, he said.
Once it is fully operationalised, it will generate over 40 billion units of green electricity every year, which is approximately 3% of India’s annual electricity requirement, he said.
Anant Ambani added that Reliance Industries is building the world’s first fully sovereign clean energy ecosystem. “Sunlight converted directly into electricity and green molecules. No imported fuel. No foreign technology. No exposure to the disruptions that have shaken the world this past year,” he added.
Green hydrogen and green chemicals
Reliance Industries has signed a landmark $3 billion green ammonia agreement with Samsung C&T. Anant Ambani said this is among the largest green ammonia offtake contracts in the world, adding that this validates the commercial competitiveness of its green energy platform.
RIL is also in advanced discussions for more such exports to Japan, Korea, and Europe, with long-term off-take commitments, he added.
Anant Ambani said RIL’s target of 3 million metric tonnes of green hydrogen equivalent green chemicals capacity in the next 10 years remains firmly in the conglomerate’s sights.
Green jobs and national impact
Anant Ambani said RIL is estimated to create 2 lakh green jobs via its Giga Complex and the Kutch Solar Farm together. “Two hundred thousand Indians — engineers, technicians, operators, construction workers, farmers and entrepreneurs — whose livelihoods will be built on clean energy,” he said.
He said the new energy transition will drive inclusive prosperity. It will create jobs, reduce import dependence, boost exports, lower energy costs for every Indian home and every Indian factory, and fulfil its obligation to save the planet from the climate crisis, Anant Ambani said.
“The world built its old energy on Middle Eastern oil. The world will now build its new energy on Indian sunshine,” Anant Ambani added.
Analysts see scale-up from FY27, monetisation as next trigger
Reacting to Reliance’s new energy announcements, Deven Choksey, Managing Director of DRChoksey FinServ, said the company is creating a fully integrated renewable energy ecosystem spanning polysilicon, ingots, wafers, modules, glass and battery energy storage systems.
According to Choksey, the initial output from the ecosystem is likely to be consumed internally by Reliance’s own businesses, including its refining and data centre operations, before being supplied to external customers.
“The first phase is largely captive consumption. In the second phase, Reliance can begin supplying to external customers, supported by agreements such as the green ammonia contract,” he said.
Choksey estimates that the renewable energy business could generate revenue of around ₹50,000 crore at the current stage, with contributions beginning to reflect from FY27 and scaling up further thereafter.
Gurmeet Chadha, Managing Partner and CIO at Complete Circle, believes the market is yet to fully reflect the value of Reliance’s energy business.
According to Chadha, the combined valuation of Jio and Reliance Retail already accounts for a significant portion of Reliance Industries’ market capitalisation, leaving the energy business valued at relatively modest levels.
“I would assign a valuation of another $70-80 billion to the energy business,” Chadha said.
He added that some form of monetisation remains a key trigger for investors, while execution and financial performance will be closely monitored.
“Execution remains key. The benefits need to start reflecting in the numbers. With capital expenditure intensity moderating, improvements in earnings growth and return ratios should begin to show up over time,” Chadha said.
