Asia’s Richest Man – Billionaire Mukesh Ambani invests $80 billion into green energy. Reliance Industry announced a 600,000 crore (6 trillion rupees) investment on renewable power projects. The conglomerate will invest in building a plant in the western state of Gujarat.
The investment will be for a 10-15 year period. It is hoping to generate about a million jobs. The new power plant and hydrogen system is sustainable source of energy. Among the plans is to build a manufacturing plant for solar panels, fuel cell technology, and other renewable sources of energy for households.
The renewable source is becoming a trend in the Indian market. It has doubled its installations in the last year alone. This has always been a critical topic around the world. Governments are trying to switch to greener sources of energy. They are looking to shift from oil and coal to solar-powered or fuel cell technology.
Reliance Industries has been India’s biggest company. It has investments in numerous projects. Among them are petrochemicals, retail, and telecommunications. The conglomerate is looking to reduce its reliance on oil.
This comes days after the conglomerate announced the purchase of Mandarin Oriental in New York. Asia’s Richest Man has been on a spending spree.
Ambani is poised to be the next tech giant as he continues to invest in upgrades in his mobile network and his retail arm. His move to invest in green technology looks positive for his portfolio. This shows that he wants to expand but also wants to do it with sustainability in mind.
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