Mukesh Ambani, the second-richest person in India, is preparing to upend the green energy sector. Additionally, make it more affordable as he did with telecom originally. According to Mukesh Ambani, chairman of Reliance Industries, India would have the most affordable green energy within these ten years, just as they currently have the most affordable wireless broadband in the world.
Mukesh Ambani wants to pull a Jio with green energy, and Gautam Adani, the richest man in India, should be concerned because green energy is also one of his main industries.
Mukesh Ambani and Green Future
The oil-to-digital conglomerate’s flagship, Reliance Industries’ crude oil refining division, is being modernized by Ambani for a more environmentally friendly future. In the supply chain for photovoltaics—or, to put it another way, solar panels—polysilicon is a crucial raw element.
Unlike Adani, Mukesh Ambani has the added benefit of being able to source up to 90 kilo-tonnes of polysilicon from Reliance Industries’ enormous facility in Jamnagar, which is a crucial raw material in the photovoltaic supply chain.
An estimated 5 tonnes of polysilicon are required to produce solar panels with a 1-megawatt capacity. About 1 lakh tonnes of polysilicon would be required to reach the 20 GW target, and RIL already has 90 percent of that supply in place.
Reliance has already signed collaborations with several major international players, including Ambri in the US, Faradion in the UK, and Lithium Werks in the Netherlands, each of which offers expertise in energy storage, to advance its green energy aspirations.
Reliance is collaborating with Chart Industries, a US-based company, to commercialize hydrogen technologies and establish a supply chain, to take a piece of the green hydrogen market. To lower the price of making hydrogen from water, it has also joined with the Danish company Stiesdal A/S.
Green energy and UBS
Last year, Reliance invested $10 billion in its green energy initiatives. UBS analysts predict that by the end of this decade, capex will have increased by $26 billion. This pales in comparison to the enormous $20 trillion potential that the new energy sector offers.
According to UBS, Reliance’s efforts in green energy could increase the company’s worth by $35 billion. This equals 234 per share when discounted to the present. According to the research, RIL’s future growth engine will be green energy.
While the Indian market for renewable energy is a sizable possibility for several multinational companies, the chairman of RIL has ambitions beyond the country. Within this decade, according to Mukesh Ambani, the world will have the cheapest green energy.