Mukesh Ambani, the billionaire chairman of Reliance Industries Ltd, will focus his attention on the Indian conglomerate’s pivot to green energy after putting his children in charge of other businesses.
Including the building of gigafactories and blue hydrogen facilities, will assess acquisition targets, and is talking to potential investors. Ambani last year unveiled plans to spend $75 billion on clean energy projects over the next 15 years.
Reliance is seeking billions of dollars of investments in India’s energy sector and has approached potential investors including Middle Eastern funds, two of the people said. His ambition is to disrupt the sector just like he did with his mobile phone company Reliance Jio Infocomm Ltd., one of the people said, adding that the billionaire and his team were telling marquee investors they would own every link of the renewables supply chain that can enhance margins.
Reliance, with a market value of $206 billion, has a 2035 target for turning carbon net-zero. India’s transition from fossil fuels to renewables will provide an opportunity for Reliance’s continuous “hyper-growth” over many decades, Ambani told shareholders last August. Adani, on his part, has committed $70 billion to become the world’s largest renewables player.
Ambani’s focus on clean energy comes after he spent much of last year establishing his children at his empire’s other businesses. Eldest son Akash Ambani was named chairman of Reliance Jio, twin sister Isha Ambani will oversee Reliance’s retail operations and youngest Anant Ambani will be looking after the energy unit.
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