(Bloomberg) — Reliance Industries Ltd. will consider doubling its investment in clean energy hardware manufacturing once current plans are achieved, Chairman Mukesh Ambani said at the company’s annual general meeting.
Reliance last year unveiled a 750 billion-rupee ($9.4 billion) plan to build four factories at Jamnagar, home to its petroleum refining complex, to make solar panels, electrolyzers, fuel cells and batteries. “Once proven at scale, we are prepared to double the investment to scale up our manufacturing ecosystem,” Ambani told shareholders.
India, the world’s third-biggest emitter of greenhouse gases, is seeking to decarbonize its economy and reduce imports of fossil fuels, spurring investments in clean energy. The country, which plans to turn carbon neutral by 2070, has rolled out a raft of incentives to draw investments and the plans have won support from local billionaires such as Ambani and his rival Gautam Adani as well as global energy giants like TotalEnergies SE.
Ambani said Reliance’s own large energy requirements will help accelerate the company’s clean energy projects, adding the facilities will help India become a net exporter of energy and emerge as a credible alternative to China, which until a few months back was India’s largest supplier of solar modules.
Here’s a snapshot of clean energy announcements Ambani made today:
Reliance’s 10-gigawatts/year solar cell and module making capacity to start production in 2024; to double annual capacity to 20 gigawatts by 2026
Reliance to build a power-electronics factory
The company, a large user of grey hydrogen, plans to start transitioning to green hydrogen by 2025
The company is in “advanced” talks with global electrolyzer technology companies for manufacturing
Plans to set up 20 gigawatts of solar generation capacity by 2025, which will all be used for its internal needs, including for making green hydrogen
Aims to start production of battery packs by 2023 and aims to have 5 gigawatt hour/year cells-to pack facility by 2024 and 50 gigawatt hour plant by 2027
While both Ambani and Adani have made aggressive bets on clean energy, they continue to invest in their fossil fuel businesses and profit from hem.
While discussing progress on his clean energy projects, Ambani said Reliance’s natural gas production from a domestic field is set to rise and announced more than $9 billion of investment over five years in the oil-to-chemicals value chain.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
