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Asia’s Richest Man Plans $10 Billion Push Into Green Energy

  • Reliance plans ‘giga factories’ for solar energy, fuel cells
  • Conglomerate is aiming to turn net-zero carbon by 2035
Yamaha Looks To Green Power To Cut Manufacturing Costs In India

Photographer: Prashanth Vishwanathan/Bloomberg

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Indian tycoon Mukesh Ambani unveiled an ambitious push into clean energy involving 750 billion rupees ($10.1 billion) of investment over three years, marking a new pivot for one of the world’s biggest fossil-fuel billionaires.

Reliance Industries Ltd., which gets 60% of its revenue from oil refining and petrochemicals, plans to spend 600 billion rupees on four “giga factories” to make solar modules, hydrogen, fuel cells and to build a battery grid to store electricity. An additional 150 billion rupees will be invested in value chain and other partnerships, Asia’s richest man told shareholders on Thursday.