Skip to main content

India's richest man is pouring more than $80 billion into green energy

 Mukesh Ambani is going big on green energy.


His conglomerate, Reliance Industries, announced Thursday that it would allocate a whopping 6 trillion rupees (approximately $80.6 billion) to renewable power projects in the western Indian state of Gujarat, where it hopes to help generate a million new jobs.

The bulk of that money — about $67.7 billion — will go toward a new power plant and hydrogen system, the company said in a stock exchange filing. Reliance plans to make the massive investment over a 10-to-15-year period and has already begun scouting for land for the 100-gigawatt capacity site.

The company also plans to create a new manufacturing hub that will be dedicated to the production of solar panels, fuel cell technology, and other renewable energy sources.

Reliance said the new initiatives stem "from the vision" of Indian Prime Minister Narendra Modi. The company's 1 million jobs projection includes both direct and indirect new opportunities in Modi's home state.


Renewable energy is starting to take off in India. Last year, new installations of such projects were projected to double across the country, compared with those from 2015 to 2020.

The trend comes at a critical time. As of late last year, coal still accounted for almost 70% of the country's electricity generation.
That placed the world's second-most populous country in a vulnerable spot recently as it faced risks of a coal crunch last October, with stocks of the commodity at most Indian power plants dropping to critically low levels.
Reliance is one of India's most valuable and recognizable companies. The powerhouse conglomerate — which spans petrochemicals, telecommunications, and retail — has long been trying to reduce its reliance on oil.
It has also been undergoing a shift in focus recently as Ambani, its chairman, seeks to transform it into a global tech giant.
In its statement Thursday, Reliance said it would use the remaining funds to invest "in existing projects and new ventures over next three to five years."
Over that period, the company wants to direct $1 billion to upgrade its mobile network to 5G and spend about $406 million on its retail arm.

Source:
https://edition.cnn.com/2022/01/14/business/india-reliance-gujarat-green-energy-investment-intl-hnk/index.html

Comments

Popular posts from this blog

IRFC quarterly results latest net profit rises 52.27% in the December 2021.

  IRFC latest news: Sales rise 29.59% to Rs 5095.96 crore Net profit of Indian Railway Finance Corporation rose 52.27% to Rs 1593.91 crore in the quarter ended December 2021 as against Rs 1046.74 crore during the previous quarter ended December 2020. Sales rose 29.59% to Rs 5095.96 crore in the quarter ended December 2021 as against Rs 3932.39 crore during the previous quarter ended December 2020. Particulars Quarter EndedDec. 2021Dec. 2020% Var.Sales5095.963932.39 30 OPM �.8399.81 -PBDT1597.011046.86 53 PBT1593.911046.74 52 NP1593.911046.74 52 No dividend and no bonus mentioned.  Powered by Capital Market - Live News

China's Artificial Sun Has Just Hit a New Nuclear Fusion Milestone

China's "artificial sun", a nuclear fusion tokamak reactor that could provide almost limitless amounts of emission-free energy, set a new record on Thursday by running for 1,056 seconds at high plasma temperature, according to a report from Xinhua. The particular tokamak reactor is called EAST, which stands for Experimental Advanced Superconducting Tokamak. It is located in Hefei, China, and it also broke a record in May when it ran for 101 seconds at a temperature of 216 million°F (120 million°C).  Artificial suns on Earth EAST is one of several nuclear fusion experiments around the globe designed to mimic the reaction of the sun and stars using tokamak reactors. Nuclear fusion occurs when two atoms smash together to form a heavier nucleus, releasing massive amounts of energy. By harnessing this power, several high-profile experiments hope to provide enough energy to end the world's reliance on fossil fuels. Other nuclear fusion experiments include MIT's Bill Gat

Information about all the vaccines

  About allthevaccines.org https://allthevaccines.org/ This website is an attempt to centralise information on all human vaccines. Data is sourced from websites linked on each vaccine page. We aim to track all vaccines in the Western world, or at least those which are actively manufactured. Much effort has been made to verify all info presented but zero guarantees are made. Similar vaccine list data can be found at: Wikipedia: List of human vaccines WHO: Prequalified vaccines FDA: Vaccines Licensed for Use in the United States NHS: Vaccinations Ontario's Routine Immunization Schedule This website contains no medical advice. No warranties of any kind, express or implied, are made. The operators of this website shall not be liable to any claim, damages or other liability arising from, out of or in connection with it. allthevaccines.org is open source software. Source code licensed under the  MIT License  and available on  sr.ht  and  GitHub .