Reliance Industries Limited (RIL) has strategically invested over $1.5 billion in acquiring global technology innovation companies, positioning them as key contributors to its emerging new energy business. The company has successfully secured incentives totalling approximately $750 million through the production linked incentive (PLI) scheme for various facets of its new energy verticals.
In the recent announcement of its Q3 results, RIL outlined its plans to inaugurate the new giga energy complex in Jamnagar during the latter half of 2024. Spanning 5,000 acres, the expansive complex will house five giga factories dedicated to the production of photovoltaic cells, fuel cell systems, green hydrogen, energy storage, and power electronics, thereby integrating the entire value chain.
Reliance has already obtained approval for nearly 75,000 hectares in the Kutch region of Gujarat, where it is actively establishing a 50GW renewable energy and green hydrogen complex. The company’s strategic acquisitions, comprising full or partial stakes in specialized firms within the new energy sector, emphasize expertise in niche areas such as solar cell technology, panel manufacturing, and EPC contracting.
Among the acquisitions, the most significant is the $771 million investment in Norway’s REC Solar Holdings in 2021, aimed at expanding operations across the US, Europe, Australia, and various Asian countries. REC Solar Holdings, a global solar panel manufacturer, boasts a production record of over 46 million panels worldwide.
Another notable acquisition occurred in 2022 within India, where Reliance Industries acquired a substantial stake in Sterling and Wilson Renewable Energy for $285 million from the Shapoorji Pallonji group. This company specializes in solar EPC contracting and is set to execute projects for Reliance Industries.
As reported by businessline, additional strategic acquisitions include UK based Faradion, a known name in sodium-ion cell technology, and US-based Ambri Inc, renowned for its expertise in liquid metal battery storage technology. Valuations for Reliance Industries’ new energy business vary, ranging from $8.3 billion to as high as $29 billion.
