India’s richest man Mukesh Ambani has great expectations from the country’s green energy and technology sector.
Speaking at the Asia Economic Dialogue 2022 yesterday (Feb. 23) with scientist RA Mashelkar, the Reliance Industries (RIL) chairman said: “I foresee at least 20-30 new Indian companies in the energy and tech space which will grow as big as Reliance, if not bigger, in the next 10-20 years.”
Reliance, a fossil fuel giant, is India’s largest private company.
“It took Reliance about 15 years to become a $1 billion company, 30 years to become a $10 billion company, 35 years to become a $100 billion company and 38 years to be a $200 billion company,” he said.
Showing his faith in the next generation of Indian entrepreneurs, Ambani said that he has “no doubt” that they will replicate Reliance’s success in “half the time.”
Emphasising why clean energy will be a key area of focus, Ambani said energy transition will also determine geopolitical transition in the 21st century.
“When India becomes not only self-sufficient in green and clean energy, but also a large exporter, it will help India emerge as a global power,” the 64-year-old billionaire said.
Reliance is working on making green hydrogen its priority, Ambani said during the event. Listing out his expectations from prime minister Narendra Modi’s government, he said India needs to address a few challenges first to fuel the growth in its clean-energy industry.
“India must increase energy output at an affordable price to drive double-digit GDP growth, it must increase the share of green and clean energy, and it must achieve the goal of self-reliance,” he said.
In 2021, Reliance unveiled a Rs75,000 crore ($10 billion) renewables investment plan that includes investment in four giga factories to manufacture and fully integrate critical components for the business. The group has allocated Rs15,000 crore in building the value chain, partnerships, and future technologies.