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Reliance Industries Ltd (RIL) had announced yet another game-changing move, a mega entry into green energy.
The company plans to get into solar power generation and manufacturing, hydrogen production, e-fuels, and energy storage under its “New Energy and New Materials” division. It will also set up a platform for renewable energy project finance to source long-term global capital for investment in these sectors.
The three-pronged plan will cumulatively involve an investment of Rs 75,000 crore over three years, Mukesh Ambani, chairman, RIL, announced during its annual general meeting (AGM) on Thursday. The AGM was also addressed by his wife, Nita Ambani and his children, Akash and Isha.
Response to the RIL stock was, however, not so enthusiastic. It was the top loser among index stocks and ended 2.35 per cent lower at Rs 2,153.35 on the BSE. Some of this decline can be attributed to the stock’s 12 per cent rise in the past month. In comparison, the S&P BSE Sensex was up 3.3 per cent during this period.
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