Mumbai: Chairman of Reliance Industries Limited, Mukesh Ambani has earlier revealed that the group will invest 10 billion US dollar in the renewable energy sector. As per business analysts, the entry of Reliance in the sector will lead to direct face off with another Indian billionaire, Gautam Adani.
Ambani announced last month that the group will build 100 GW of solar energy capacity over the next nine years. Reliance Industries would spend US dollar 10 billion over the next three years on building solar manufacturing units, a battery factory for energy storage, a fuel cell factory and a unit to produce green hydrogen. The announcement by India’s largest industrial group came as Prime Minister Narendra Modi has set a target of 450 gigawatts (GW) of clean energy production in the country by 2030.
This will be Ambani’s investment in a sector which is mostly controlled by Adani. Gautam Adani, the second richest person in Asia after Ambani has invested mainly on electricity generation, transmission and distribution, and the operation of ports and airports. After the announcement by Ambani, Adani announced that his green energy venture would add 5 GW every year this decade, from a current level of about 3.5 GW. At present, Adani Green Energy, dominates India’s renewables energy sector. Its shares have soared over 156% in the past year.