Mukesh Ambani’s Rs 75000 crore investment to see big return soon, giga factory to kick off in March

Mukesh Ambani is the richest person in India and he leads the country’s most valuable company, Reliance Industries, which has a market cap of more than Rs 17 trillion. Mukesh Ambani has from time to time talked about his vision for green energy sources and how he aims the country to benefit from it. Reliance Industries announced Rs 75,000 crore investment in new energy business in 2021 with a promise to double it over years. Reliance is also developing the Dhirubhai Ambani Green Energy Giga Complex, which spans 5,000 acres in Jamnagar. The upcoming complex will consist of a solar photovoltaic giga factory that will produce solar energy for a wider audience. Reliance Industries has announced setting up of 20 giga watt (GW) solar photovoltaic giga factory, and a report by The Economic Times claims that the first phase of the project will be commissioned by March 2024.

According to the report, Mukesh Ambani’s solar photovoltaic giga factory will be commissioned in four phases of 5 GW each. After the first phase of 5 GW, it will be scaled to 10 GW and then to 20 GW by 2026. The Reliance Industries Jamnagar solar factory will be based on REC technology. To get most of the REC tech, Mukesh Ambani purchased a 100% stake in Norway-headquartered REC Solar in 2021 for Rs 5800 crore.

"RIL is preparing to commission its 5GW module manufacturing capacity by March 2024 and then scale it up to 10GW and then double it," industry sources revealed to The Economic Times. Reliance Industries aims to establish and enable 100GW of solar energy by 2030. To make this true, the company has also partnered with China-based Suzhou Maxwell Technologies to buy a high efficiency production line for HJT cells.