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Business News/ Companies / News/  RIL AGM 2023: RIL aims to set up battery giga factory by 2026, says Mukesh Ambani

RIL AGM 2023: RIL aims to set up battery giga factory by 2026, says Mukesh Ambani

RIL AGM: Mukesh Ambani prioritizes setting up a giga factory for batteries by 2026, along with other green energy initiatives.

Reliance Industries shares closed 1.11% down on BSE at ₹2,442.55 apiece on Monday. Premium
Reliance Industries shares closed 1.11% down on BSE at 2,442.55 apiece on Monday.

RIL AGM News: Mukesh Ambani, the chairman of Reliance Industries Ltd (RIL), stated in the 46th Annual General Meeting (AGM) 2023 that the establishment of a giga factory for batteries by 2026 is a concurrent priority for them.

In order to create a fully integrated ecosystem, the giga battery will produce battery chemicals, cells, and packs, all the way up to containerised energy storage systems.

"Our concurrent priority is to set up our Battery giga factory by 2026. It will manufacture battery chemicals, cells and packs, leading all the way up to containerised energy storage solutions, and will include a Battery Recycling facility to deliver a truly integrated ecosystem.

Also Read: Reliance AGM 2023 LIVE Updates: Shall perform duties as CMD of Reliance Industries for 5 more years: Mukesh Ambani

We will start with LFP chemistry which has been proven at scale for its safety, stability, and life, targeting to produce LFP based solutions at world beating lifecycle costs.

Simultaneously, we are focused on fast-track commercialisation of our sodium ion battery technology. We will build on our technology leadership position by industrialising sodium ion cell production at megawatt level by 2025, and rapidly scale up to giga scale thereafter," said Mukesh Ambani at the 46th RIL AGM Meeting.

According to Mukesh Ambani, they are still committed to completing the Dhirubhai Ambani Green Energy Giga Manufacturing Complex at Jamnagar soon.

Also Read: Reliance AGM 2023: Key highlights from RIL Chairman Mukesh Ambani's speech to shareholders

"Our first priority is to deliver a fully-integrated, end-to-end Solar PV manufacturing ecosystem. This will be one of the largest, most technologically advanced, flexible, and most cost-competitive Solar giga factory globally, and will be converting sand into Solar PV modules.

Our Solar giga factory will include manufacturing of PV Modules, Cells, Wafers and Ingots, Polysilicon, and Glass at a single location in Jamnagar. We will target to bring the factory on-stream in a phased manner by the end 2025, added Mukesh Ambani at the RIL AGM Meeting.

Additionally, Mukesh Ambani stated that they were also interested in for the generation of wind energy. To this end, they have made significant progress in creating a manufacturing environment that is essential for delivering gigawatt-scale, cost-effective Wind Power generation.

Also Read: Nita Ambani to step down from Reliance Board, Isha, Akash, Anant appointed as directors

"One of the significant cost drivers in the manufacturing of wind blades is carbon fibre. Our foray into manufacturing carbon fibre at large scale provides us with a unique advantage to further integrate and reduce cost of wind turbines. In addition, we will be partnering with the world’s leading technology players in wind equipment manufacturing to deliver most cost-efficient solutions.

We will further leverage our engineering and construction capabilities, along with our giga-scale manufacturing ecosystem, to accelerate and enable installation of at least 100 GW of renewable energy generation by 2030," said Mukesh Ambani at the RIL AGM Meeting.

Furthermore, Ambani stated that in our country's pursuit of clean and sustainable energy, petrol is a crucial transition fuel. They have restored gas production in the KG-D6 Block with the help of their cherished partner bp, taking it from almost zero a few years ago to roughly 20 million standard cubic metres per day (MMSCMD) in FY23.

"This is led by successful commissioning and safe delivery of gas from R-Cluster and Satellite-Cluster projects in FY21 and FY22 respectively.

Continuing with our effort, this year, we commissioned one of the most complex and cost-efficient deep-water projects of this scale – the MJ Field, in KG-D6 Block. This includes a state-of-the-art FPSO which is among the largest and the most complex in the world with a gas production capacity of 14 MMSCMD.

My congratulations to the entire Oil and Gas team for successfully commissioning the MJ Field in less than three years – among the fastest in the industry. We are well on our way to enhance production to 30 MMSCMD, which will be 30% of India’s gas production and 15% of its current gas demand," said Mukesh Ambani at the RIL AGM Meeting.

Reliance Industries shares closed 1.11% down on BSE at 2,442.55 apiece on Monday. 

Also Read: Reliance AGM 2023: Jio AirFiber to be launched on the occasion of Ganesh Chaturthi on 19 September


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Published: 28 Aug 2023, 05:05 PM IST
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