mukesh Ambani green energy

Mukesh Ambani invest in green energy

Finance
mukesh Ambani green energy

Two people said Reliance had approached Middle Eastern funds about investing billions of dollars in India’s mukesh Ambani green energy sector.

Reliance Industries Ltd. chairman Mukesh Ambani, according to sources, will focus on the company’s pivot to mukesh ambani green energy.

The people said the 65-year-old would oversee strategy, including building gigafactories and blue hydrogen facilities, assess acquisition targets, and speak to potential investors, asking not to be identified since the information is private. Over the next 15 years, Ambani plans to spend $75 billion on clean energy projects.

Asian second-richest man is known for his single-minded focus on essential pursuits: in the 1990s, he lived in shipping containers for months to build the world’s largest petrochemical refinery, and two decades later, another of his startups became India’s largest telecom company. Since then, Ambani has turned his attention to green energy, which will see him compete with the region’s richest man, Gautam Adani.

Two people said Reliance is seeking billions of dollars in investments in India’s energy sector, including Middle Eastern funds. One of the people said the billionaire and his team were telling marquee investors they would own every link of the renewable energy supply chain that could enhance margins. This is like he did with his mobile phone company Reliance Jio Infocomm Ltd.

There will be a great deal of Reliance on Ambani’s deal making skills. Reliance Jio became India’s No. 1 wireless carrier within three years of its 2016 debut by offering free calls and cheap data. After the pandemic lockdown in 2020, Ambani raised more than $20 billion for his digital ventures from Silicon Valley giants Meta Platforms Inc. and Google.

Reliance, with a market value of $206 billion, aims to become carbon net-zero by 2035. During India’s transition from fossil fuels to renewables, Ambani told shareholders last August that Reliance would benefit from continuous “hyper-growth.” For his part, Adani committed $70 billion to become the world’s largest renewable energy firm.

Mukesh Ambani investment in Green Energy

His duties will include overseeing strategy, including the construction of gigafactories and blue hydrogen facilities, evaluating acquisition targets, and meeting with potential investors, according to individuals who asked not to be identified because the information is not publicly available. The Ambani Group announced last year that it would invest $75 billion in clean energy projects over the next 15 years.

He has focused on clean green energy after spending most of last year setting up his children at his empire’s other companies. In addition to Akash Ambani’s role as chairman of Reliance Jio, his twin sister Isha Ambani will oversee Reliance’s retail operations. His youngest son Anant Ambani will be responsible for the company’s energy division.

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