After placing his children in charge of other businesses, Mukesh Ambani, the billionaire chairman of Reliance Industries Ltd., will focus on the company’s transition to green energy, according to people familiar with the subject.
The 65-year-old will oversee strategy, including the construction of Giga factories and blue hydrogen plants, evaluate acquisition prospects, and talk with potential investors, according to unnamed sources. Over the next fifteen years, Ambani intends to invest $75 billion in clean energy initiatives.
The second-wealthiest individual in Asia is renowned for his unwavering commitment to key endeavours: In the 1990s, he lived for months in shipping containers to construct what is now the world’s largest petrochemical refinery, and almost two decades later, one of his startup companies became India’s largest telecom provider. Ambani has since delegated operational control to his three children and shifted his focus to green energy, where he will compete with the region’s wealthiest individual, Gautam Adani.
Reliance’s spokesperson did not respond to an email requesting comment.
According to two sources, Reliance is seeking billions of dollars in energy sector investments in India and has contacted possible investors, including Middle Eastern institutions. According to one source, his goal is to disrupt the industry as he did with his mobile phone business, Reliance Jio Infocomm Ltd., who added that the tycoon and his team had informed marquee investors that they would hold every link of the renewables supply chain that may increase profits.
Ambani’s negotiation skills will be important. Reliance invested over $50 billion to create Reliance Jio, which became India’s leading wireless network within three years of its 2016 launch by offering free calls and inexpensive data. Then, within a few months after the pandemic lockdown in 2020, Ambani raised more than $20 billion for his digital companies from many investors, including Meta Platforms Inc. and Google.
Reliance, a company with a market capitalization of $206 billion, aims to achieve carbon neutrality by 2035. Ambani told shareholders in August last year that India’s transition from fossil fuels to renewables will present an opportunity for Reliance’s “hyper-growth” spanning many decades. Adani has committed $70 billion to become the largest renewables player in the world.
