Reliance Industries, India’s most valuable company by market capitalization, is set to begin construction on its first giga-factory, a solar facility, in the current fiscal year 2024-2025. This move marks a significant step towards the company’s ambitious goal of achieving net-zero carbon emissions from its operations by 2035, as outlined by Mukesh Ambani, India’s richest man and the company’s chairman.
According to Reliance’s annual report, the company plans to initiate construction on the first phase of a solar photovoltaic (PV) manufacturing plant by the end of FY 2024-2025. This facility is projected to gradually expand to a capacity of 20 GW by 2026. This solar gigafactory will be a comprehensive manufacturing hub, producing an entire range of solar panel components, including polysilicon, glass, wafers, ingots, cells, and PV modules, all under one roof.
Beyond solar energy, Reliance Industries has set ambitious targets in other renewable energy technologies. The company plans to begin producing 50 megawatt hours (MWh) of lithium battery cells annually for the first time in 2026. Additionally, Reliance aims to industrialize sodium-ion cell production at the megawatt level in 2025.
In 2021, Reliance Industries announced its intention to invest $10 billion over three years to establish a new fuel business centered around 100 gigawatts of renewable energy capacity by 2030. This plan involves the construction of four giga factories in Jamnagar, Gujarat, to produce hydrogen, fuel cells, battery storage, and renewable energy devices.
In its annual report, Reliance Industries stated, “We have made significant progress in setting up factories that will be part of our integrated solar PV manufacturing.” This statement underscores the company’s commitment to building a robust and integrated renewable energy ecosystem, positioning itself as a leader in India’s transition to a sustainable future.
