RIL Invests in Newly Incorporated Subsidiary Reliance New Energy Solar Limited

Reliance IndustriesReliance Industries (RIL) has made a fresh investment in the newly incorporated wholly-owned subsidiary “Reliance New Energy Solar Limited” (RNESL).

RIL has invested ₹ 1,00,000 in cash in 10,000 equity shares of ₹ 10 each of RNESL, the company said in a regulatory filing to the stock exchanges.

RNESL, which is yet to commence business operations, will undertake activities pertaining to solar energy.

The company added that the investment in RNESL does not fall within related party transactions, and the promoter does not have any interest in RNESL.

Earlier, last month Mukesh Ambani, Chairman, Managing Director, announced that RIL would invest ₹750 billion (~$10 billion) to develop an integrated solar photovoltaic facility, advance energy storage battery manufacturing unit, green hydrogen plant, and fuel cell facility in the Jamnagar district of Gujarat.

“We will invest an additional Rs 15,000 crore in the value chain, partnerships and future technologies, including upstream and downstream industries. Thus, our overall investment in the new energy business will be Rs 75,000 crore in 3 years. The age of fossil fuels, which powered economic growth globally for nearly three centuries, cannot continue much longer,” he said.

Vijay Rupani, Chief Minister of Gujarat, also welcomed the announcement by Mukesh Ambani to set up the green energy complex in Jamnagar. He tweeted that the project would place Gujarat as an important hub of green energy on the global map. Rupani said that the project would help provide new opportunities for jobs and businesses. It would also enhance the social and economic development of the area, he added in his tweet.