Mukesh Ambani-led Reliance Industries has invested Rs 1,00,000 in cash in 10,000 equity shares in the newly formed Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary, the company said in a statement today.
“RNESL is incorporated to undertake activities relating to solar energy. RNESL is yet to commence its business operations,” the company said in a regulatory filing, adding that the investment in RNESL does not fall within related party transactions and the promoter/promoter group companies do not have any interest in RNESL.
Note that Mukesh Ambani on 24 June said the company is planning to set up Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar, Gujarat, investing over Rs 75,000 crore to create and fully integrated, end-to-end renewables energy eco-system. The investment would be done over the next three years.
“We will transform our legacy business into sustainable, circular, and net-zero carbon materials business. One that will provide growing returns over several decades,” Ambani said adding, “And we will do this by re-purposing our existing assets to extend their economic life and earning capacity,” Ambani had said.
According to the investment plan, RIL will build an Integrated Solar Photovoltaic Module factory to establish and enable at least 100GW of solar energy by 2030. A significant part of this will come from rooftop solar and decentralized solar installations in villages. This would be supplemented by an advanced Energy Storage Giga factory.
An Electrolyser Giga factory would also be set up to manufacture modular electrolyzers used for captive production of green hydrogen for domestic use as well as for global sale. Additionally, a Fuel Cell Giga Factory will also be set up. The company will also build two additional divisions–Renewable Energy Project Management and Construction Division and Renewable Energy Project Finance Division.
