- Wednesday, March 05, 2025
By: Shubham Ghosh
Mukesh Ambani, Asia’s second richest businessman and chairman of Reliance Industries Limited (RIL) who recently put his children in charge of various businesses of his empire, has a new focus and it is the Indian conglomerate’s pivot to green energy, Bloomberg reported citing informed sources.
It reported that the 65-year-old Ambani will oversee strategy, including setting up of gigafactories and blue hydrogen facilities; assess acquisition targets; and is also talking to potential investors, the sources added on the condition of anonymity.
In 2022, Ambani unveiled plans to spend $75 billion (£62.3 billion) on clean energy projects over the next decade and half.
Ambani is known for his iron focus and dogged pursuit of goals.
In the 1990s, he lived in shipping containers for months to set up what is the world’s biggest petrochemical refinery today while two decades later, he showed the way again as one of his upstart firms went to become India’s largest telecom operator.
The veteran industrialist has handed over the operational reins to his three children — Akash, Isha, and Anant, and has himself focused on green energy, something that the Indian economy is getting ready for.
Also, his new pursuit will see Ambani going head-to-head with Gautam Adani, Asia’s richest man who has also taken a big interest in the green energy sector. He has committed $70 billion (£58.2 billion) to become the world’s largest renewables player.
The Bloomberg report added that Reliance is seeking investments worth billions of dollars in India’s energy sector and has approached potential investors, including Middle Eastern funds, a couple of sources said.
His ambition is to disrupt the sector just like he did with his mobile-phone firm Reliance Jio Infocomm Ltd., one of them said, adding that Ambani and his team were informing marquee investors they would own every link of the renewables supply chain that can better margins.
Reliance, which has a market value of $206 billion (£171.3 billion), has a 2035 target for turning carbon net-zero. Ambani told shareholders last August that India’s transition from fossil fuels to renewables will create an opportunity for Reliance’s “hyper-growth” that has continued over many decades.
