India’s renewable energy agency, Solar Energy Corp, has proposed a joint venture with Reliance Industries, offering the oil-to-telecoms conglomerate a 51% stake, Reuters reports. The aim of this joint venture is to supply renewable power to Reliance’s refineries and other manufacturing plants.
Reliance Industries Limited (RIL) has been making significant strides in the clean energy sector in recent years. The company has set a target to achieve net-zero carbon by 2035 and is investing over $10 billion (₹82,300 crore) in building an extensive ecosystem for New Energy and New Materials in India.
RIL’s major projects in the clean energy space include the Dhirubhai Ambani Green Energy Giga Complex, a fully integrated solar photovoltaic manufacturing complex, advanced energy storage systems, an electrolyser manufacturing facility, and mobility solutions for electric vehicles (EV) and fuel cell electric vehicles.
The details of the proposed joint venture between Solar Energy Corp and RIL, including the financial terms and timeline, are yet to be disclosed.
Price Action: Reliance’s share price was up 0.4% at ₹2,538.50 in afternoon trade on Monday.
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