India’s largest private company to invest in solar energy

- Advertisement -

India’s largest group of privately owned businesses, Reliance Industries Limited, has announced that it will invest in solar energy, clean coal and nuclear power plants.

Reliance Industries Ltd chairman and managing director Mr. Mukesh Ambani announced the company’s future plans at its Annual General Meeting held at Mumbai. The announcement came days after he signed an agreement with his younger brother, Anil, to reduce any friction between their respective companies and increase cooperation in their future endeavors. The erstwhile Reliance Industries was split into two groups in 2005, each held by the two brothers.

Reliance Industries (RIL) already has a presence in the solar energy sector and has been implementing several major projects across the country. In April, Reliance Industries’ Solar Energy Group completed a 1 MW solar rooftop energy system at the Thyagaraj Commonwealth Stadium in New Delhi making it the largest solar rooftop in India. The company is also working on a 5 MW solar farm in the western part of India, when fully operational it will be the largest solar farm in India.

- Advertisement -

The company currently acquires solar panels from other companies for setting up power plants but with a cash surplus ranging anywhere between two and five billion dollars, the company could even venture into the manufacturing business. Given that the solar energy sector is in its nascent stage in India, an early entry into the sector would open up tremendous opportunities for a company like Reliance.

Boost for the sector

Mr. Mukesh Ambani, and the RIL group, is famous for delivering low-cost products. The company launched the Reliance Communications in 2004 offering extremely low call rates and build the foundation of the telecom pricing war which continues to impact the profit margins of every telecom company in the Indian market. The advantage in entering the solar energy sector is that the government is favorable of expanding the infrastructure, which was not the case when Mr. Ambani’s father founded the company four decades ago.

To achieve the goal of increasing solar power generation to 20,000 MW by 2022, the government is offering subsidies on import of machinery used on solar panel manufacturing. The government is also offering preferential tariff scheme and tax benefits to solar power plants ensuring that the investors get handsome returns in the shortest time possible.

Such investment opportunities and the rising demand for power in India could serve as a strong inspiration for the Reliance Industries to launch something unique and perfectly suitable for mass consumption. Additionally, the entry of such a major player in the sector would not only increase confidence among the investors, who stay away due to long payback periods and high initial costs, but also increase competition and ensure the best quality product reaches the consumer.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Buzz

Digi-Key Launches Global Capability Center in Bengaluru

0
The facility, made with its support partner SMC Squared, will be an integral part of Digi-Key Electronics’ long-term strategy Leading electronic components distributor, Digi-Key Electronics...

Navitas & KATEK Bring New GeneSiC Power Semiconductors

0
KATEK’s coolcept fleX family of Steca solar inverters aim to improve efficiency with GeneSiC power semiconductors Steca is a KATEK brand that develops...
EV

onsemi & Volkswagen Join Hands For SiC Tech in Next-Gen EVs

0
The partners are developing a traction inverter solution for the OEM’s modular car platform for electric vehicles onsemi is providing VW with IGBTs,...

Exclusive

Digi-Key Launches Global Capability Center in Bengaluru

0
The facility, made with its support partner SMC Squared, will be an integral part of Digi-Key Electronics’ long-term strategy Leading electronic components distributor, Digi-Key Electronics...

Navitas & KATEK Bring New GeneSiC Power Semiconductors

0
KATEK’s coolcept fleX family of Steca solar inverters aim to improve efficiency with GeneSiC power semiconductors Steca is a KATEK brand that develops...
EV

onsemi & Volkswagen Join Hands For SiC Tech in Next-Gen EVs

0
The partners are developing a traction inverter solution for the OEM’s modular car platform for electric vehicles onsemi is providing VW with IGBTs,...

Important Sectors

Digi-Key Launches Global Capability Center in Bengaluru

0
The facility, made with its support partner SMC Squared, will be an integral part of Digi-Key Electronics’ long-term strategy Leading electronic components distributor, Digi-Key Electronics...

Navitas & KATEK Bring New GeneSiC Power Semiconductors

0
KATEK’s coolcept fleX family of Steca solar inverters aim to improve efficiency with GeneSiC power semiconductors Steca is a KATEK brand that develops...
EV

onsemi & Volkswagen Join Hands For SiC Tech in Next-Gen EVs

0
The partners are developing a traction inverter solution for the OEM’s modular car platform for electric vehicles onsemi is providing VW with IGBTs,...
Elevator, Nissan, Hitachi, EV Batteries

Nissan, Hitachi Partner To Run Elevators Using EV Batteries

0
Nissan and Hitachi successfully tested a full-capacity elevator to run for 10 hours by drawing power from fully charged EV batteries. Japanese automaker Nissan Motor...
Bharat

Bharat Electronics Misses Profit Estimates For Q3

0
Bharat Electronics has declared an interim dividend of 60% payable to all the eligible shareholders holding shares as of the record date. Shares of Bharat...

Manufacturing

Bharat

Bharat Electronics Misses Profit Estimates For Q3

0
Bharat Electronics has declared an interim dividend of 60% payable to all the eligible shareholders holding shares as of the record date. Shares of Bharat...
Australia

Tesla To Invest $3.6B In Nevada Gigafactory

0
The latest investment by Tesla comes at a time when US automakers are heavily investing in electric vehicles and batteries. Tesla said that it would...
Piyush Goel

Apple To Raise India Production to 25%, Says Piyush Goyal

0
Apple currently manufactures iPhone 11, 12, 13 and 14 models at the Foxconn facility while iPhone SE and iPhone 12 are assembled at the...

Global Connector Maker Bel Fuse Appoints New Global Head of People

0
Bel Fuse said that the newly created position would empower the global connector maker in its cultural transformation journey.  Global connector manufacturer Bel Fuse Inc....

Gogoro, Belrise form $2.5B JV with Maharashtra for EV charging stations

0
The equal stakes partnership will form an infrastructure company that owns battery swapping and EV charging stations across the state of Maharashtra. The state government...