Ambani bets on energy 'supercycle' as Reliance expands renewables, chemicals push

Mumbai: Reliance Industries is positioning itself for what Chairman Mukesh Ambani described as an impending energy "supercycle" in India, ramping up investments across renewable energy, chemicals, advanced materials and alternative fuels as the conglomerate seeks to reduce the country's dependence on imported energy.

Speaking at company's annual shareholder meeting, Ambani said Reliance is pursuing an integrated energy strategy spanning solar power, batteries, wind energy, hydrogen, compressed biogas (CBG), bioenergy and underground coal gasification, aimed at strengthening India's energy security while supporting its transition to cleaner fuels.

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The push comes as India remains heavily dependent on imported energy, with Ambani warning that reliance on overseas supplies leaves the country exposed to geopolitical disruptions and price volatility.

"India remains dependent on external energy sources for over 70 per cent of our needs. This is not only costly, but it also makes India vulnerable to geopolitical instability. Clearly, it is unsustainable in the long run," he said.

"Reliance is working on the most comprehensive, integrated, and future-focused plan by any Indian corporate to boost India's energy sources in every way possible -- from solar, battery, wind power, hydrogen to underground coal gasification (UCG), and to compressed biogas (CBG) and bioenergy."

The singular aim, he said, is that India must produce almost all the energy it needs in abundance, in the most affordable and in most eco-friendly manner.

With its joint venture with BP currently producing about 30 per cent of India's domestic gas output and a small quantity of oil, Reliance will continue investing in exploration and production opportunities as part of its strategy to strengthen India's energy security, he said.

Reliance's Jamnagar refinery in Gujarat -- the world's largest single location oil refining complex -- maintained near-full utilisation despite supply chain disruptions and volatility in global crude markets following tensions in the Middle East earlier this year. The company also increased domestic LPG supplies during the period to offset import disruptions.

The group is simultaneously expanding higher-value chemicals manufacturing. Projects under development include a 3-million-tonne purified terephthalic acid (PTA) facility at Dahej, a carbon fibre plant at Hazira, and a 1.2-million-tonne PVC facility at Nagothane.

Reliance is also investing heavily in automation and artificial intelligence across its refining operations, with Anant Ambani, Executive Director and son of Mukesh Ambani, saying the company aims to transform Jamnagar into what he described as the world's first fully autonomous refinery.

The largest share of future investment, however, is directed towards clean energy.

He said Reliance's solar photovoltaic manufacturing lines at the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar have begun operations, producing nearly 1 gigawatt of heterojunction technology solar modules. The company is targeting 20 GW of fully integrated annual manufacturing capacity spanning polysilicon, wafers, cells, and modules.

Its battery manufacturing business is also progressing, with the first phase of a 40 GWh battery cell factory expected to be commissioned this year. Reliance plans to expand capacity to 120 GWh annually, potentially making it one of the world's largest lithium iron phosphate battery manufacturers, the junior Ambani said.

The company is developing a renewable energy hub across 5,50,000 acres in Gujarat's Kutch region, combining solar generation and battery storage. Once fully operational, the project is expected to generate more than 40 billion units of renewable electricity annually, equivalent to about 3 per cent of India's current power consumption.

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Reliance is also advancing green hydrogen and green chemicals projects. Anant said the company had signed a long-term USD 3 billion supply agreement with Samsung C&T for green ammonia, one of the largest such agreements globally, and was in discussions with buyers in Japan, South Korea, and Europe.

Commercial revenue from the solar business is expected to begin this year, while battery manufacturing is scheduled to commence operations in FY27. Anant said the New Energy division would begin making a meaningful contribution to Reliance's financial performance from next year onward.

The company expects its clean-energy investments, including renewable power, battery manufacturing, green fuels and compressed biogas, to generate around 200,000 jobs over time.