Reliance Industries Ltd. (RIL) has launched pilot projects for solar and battery storage in Jamnagar. This is part of their new energy business, which includes a massive 5,000-acre complex with an investment of over $10 billion. Production of 9.6 GW solar modules is expected to start later this year.
In its Q1 FY25 results, RIL briefly mentioned significant progress in its new energy giga factories but provided no additional details. The green energy sector, which includes renewable energy and hydrogen, is seen as the next growth driver for the company, complementing its established retail and digital businesses.
RIL’s green energy ecosystem includes integrated solar modules, battery storage systems, and renewable energy-powered electrolysers to produce green hydrogen. This hydrogen will be converted into electricity using fuel cells.
The company has made 10 strategic acquisitions worth about $1.5 billion to cover the entire value chain. In January, RIL secured 74,750 hectares from the Gujarat government for green hydrogen production. In April, it acquired six plots from the Deendayal Port Authority for green hydrogen and ammonia units.
RIL also participated in the rebidding for the Production-Linked Incentives (PLI) scheme for manufacturing 10 GWh Advanced Chemistry Cells and previously secured PLI for 5 GWh ACC storage and solar modules. Nuvama Research values RIL’s new energy business at $20 billion based on projected FY26 sales, making up 12% of the company’s total valuation.
