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Reliance Industries has strategically spent over $1.5 billion in the past three years to acquire global technology innovation companies, contributing to its burgeoning new energy business. The conglomerate has secured incentives totalling around $750 million under the Production-Linked Incentive (PLI) scheme for various verticals within its new energy portfolio.
During the announcement of its third-quarter results, Reliance revealed plans to commission the New Energy Giga Complex in Jamnagar by the second half of 2024. Spanning 5,000 acres, the complex will host five giga factories dedicated to photovoltaic cells, fuel cell systems, green hydrogen, energy storage, and power electronics, forming an integrated value chain. Reliance has also obtained approval for nearly 75,000 hectares in Gujarat's Kutch region, where a 50 GW renewable energy and green hydrogen complex is underway.
Reliance's acquisitions in the new energy sector include nine strategic moves, focusing on solar cell, panel, and solar technology spaces, as well as engineering, procurement, and construction (EPC) contractors. The notable $771 million acquisition of Norway's REC Solar Holdings in 2021 marked a significant move to expand operations globally. Other acquisitions involve Sterling and Wilson Renewable Energy, Faradion in the UK specialising in sodium ion cell technology, Ambri Inc. in the US focusing on liquid metal battery storage, and a partnership with Denmark's Stiesdal for hydrogen electrolysers.
As Reliance accelerates its plans in the new energy segment, it is committed to investing over $10 billion to establish a comprehensive ecosystem. Valuations for the new energy business range from $8.3 billion to $29 billion, reflecting expectations of revenue in FY25, FY26 and FY27. Despite varying valuations, analysts anticipate that strong execution and a favourable domestic market will drive long-term value for Reliance's new energy ventures.
The company has secured PLIs for both green hydrogen and electrolysers, distinguishing itself as one of only two companies to achieve both. The incentives include $54 million for electrolysers with a 300 MW capacity and $61 million for green hydrogen with a 90,000-tonne capacity. Reliance also won incentives totalling $635 million for solar modules in two rounds, targeting a cumulative capacity of 10,000 MW.
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