Full text of Mukesh Ambani’s speech to shareholders

Friends,

I have no doubt that world-class talent will be the most critical resource for this new venture. We have started to attract top talent from all over the world and implemented various key initiatives.

We created the Reliance New Energy Council with some of the world’s greatest minds. They will help us validate our strategies and adopt disruptive pathways to achieve our goals.

We are creating a coalition of partnerships with the world’s leading universities, top tech companies and the most promising start-ups in America, Europe, Australia and Asia. Additionally, we will leverage our existing strengths and capabilities in digitization platforms and large-scale manufacturing.

Dear shareholders,

I am happy to inform you that we have started work on the development of the Giga Dhirubhai Ambani Green Energy complex on 5,000 acres in Jamnagar. It will be one of the largest integrated renewable energy manufacturing facilities in the world. Jamnagar was the birthplace of our old energy business. Jamnagar will also be the cradle of our new energy activity.

Let me introduce you to our three-part plan. The first part of our plan is to build four giga factories. These will manufacture and fully integrate all the critical components of the new energy ecosystem. First, for solar power generation – we will build an integrated solar photovoltaic module factory. Second, for intermittent energy storage, we will build an advanced energy storage battery factory. Third, for the production of green hydrogen, we will build an electrolyzer plant. Fourth, to convert hydrogen into motive and stationary energy – we will build a fuel cell plant.

Over the next 3 years, we will invest over Rs 60,000 crore in these initiatives. Reliance will thus create and deliver a fully integrated, end-to-end renewable energy ecosystem.

Friends,

Let me explain each of these facilities in more detail. Our first Integrated Photovoltaic Solar Giga Factory will create solar energy. We will start with raw silica and convert it to polysilicon which we will then convert to ingots and wafers. These wafers would be used to fabricate high efficiency solar cells and ultimately assembled into solar modules of the highest quality and durability. We will strive to achieve the lowest costs in the world to ensure the affordability of our solar modules. We are very inspired by the target set by our Prime Minister Shri Narendra Modiji for India to reach 450 GW of renewable energy capacity by 2030. I am pleased to announce today that Reliance will establish and enable at least 100 GW of solar power by 2030.

A significant part of this sum will come from solar installations on the roofs and decentralized solar installations in the villages. These will bring enormous benefits and prosperity to rural India. Solar energy is only available during the day, while electricity is needed 24 hours a day. Therefore, storage is an important piece of the puzzle to be solved. For this, we will be launching our second initiative – a Giga Factory Advanced Energy Storage. We are exploring new and advanced electrochemical technologies that can be used for such large scale grid batteries to store the energy that we will create. We will work with global leaders in battery technology to achieve the highest reliability for 24 hour power availability through a combination of generation, storage and grid connectivity.

In addition to electricity, green hydrogen will be a unique energy vector that can allow a deep decarbonisation of many sectors such as transport, industry and electricity. One of the most common methods of generating green hydrogen is the electrolysis of pure water using electrolysers.

This brings me to our third initiative – an Electrolyser Giga Factory to manufacture modular electrolysers with the highest efficiency and lowest capital cost. These can be used for the captive production of green hydrogen for home use as well as for global sale. And, finally, our fourth initiative will be the Fuel Cell Giga Factory. A fuel cell uses oxygen from the air and hydrogen to generate electricity. The only emission from this process is non-polluting water vapor. In the new era, fuel cells will gradually replace internal combustion engines. Fuel cell engines can power automobiles, trucks and buses. They can also be used in stationary applications to power data centers, telecommunications towers, back-up generators, micro-grids and industrial equipment.

This brings me to the second part of our plan – providing infrastructure and materials to support the four Giga factories. Our Jamnagar complex will provide the infrastructure and utilities to manufacture the ancillary material and equipment needed to support these Giga factories so that all critical materials are available on time. We will also support independent manufacturers with the right capabilities to be part of this national ecosystem.

We will invest an additional Rs 15,000 crore in the value chain, partnerships and future technologies, including upstream and downstream industries. Thus, our overall initial investment from our own internal resources in the new energy sector will be Rs 75,000 (over $ 10 billion) crore in 3 years.

Now let me introduce you to the third part of our plan: Over the years, Reliance has developed significant engineering, project management and construction capabilities combining physical and digital technologies. We will reuse these capabilities, along with leading international organizations, to execute and deliver world-class renewable energy solutions.

We will build two more divisions to further strengthen this ecosystem. First of all, a division dedicated to project management and the construction of renewable energies. Second, a division dedicated to the financing of renewable energy projects. The Renewable Energy Project Management and Construction division will provide end-to-end gigawatt scale solutions for large renewable power plants around the world. It will enable and partner with thousands of green MSME entrepreneurs, who can deploy kilowatt-to-megawatt scale solutions in agriculture, industry, homes and transportation. The Renewable Energy Project Financing Department will provide financing solutions to stakeholders in our ecosystem.

We will achieve our goals by enabling a platform to seek long-term global capital for these investments on the most attractive terms. We will seek the support of our partner banks and global green funds to this end. At the same time, we will also facilitate a funding platform for the entire ecosystem of small businesses and entrepreneurs investing alongside us. Together these three parts constitute our architecture for India’s decentralized green economy. Over time, it will generate millions of new and high-value employment opportunities for our young people.

With these new initiatives, Reliance will put Gujarat and India on the global solar and hydrogen map. All of our products will proudly proclaim: Made in India, by India, for India and for the world! This will be another great contribution from Reliance to the bugle call of our Prime Minister of Atmanirbhar Bharat. I am sure that India will present to the world a model of movement for a green economy, which will be truly a grassroots movement. Solar energy is the main source of energy for our planet Earth. ‘Soorya Dev’ blessed India with almost unlimited sunshine.

I envision a future where our country changes from a major importer of fossil energy to a major exporter of clean solar energy solutions.

Dear friends,

Reliance is also developing a vision for NEW MATERIALS and GREEN CHEMICALS. We will kick off this by strategically investing in the world’s first CARBON FIBER plant in India to support our hydrogen and solar ecosystems. You will learn more about this in the coming months. Our new green vision also has huge benefits for our existing O2C business.

Let me explain this to you: First, we will use solar power on an economically attractive basis to decarbonize our existing O2C business and accelerate our journey to net zero carbon. Second, we will use green hydrogen and CO as raw materials to develop a roadmap for new green chemicals, 2 green manures and electronic fuels. Third, we will market with global partners our own proprietary Multi-Zone Catalytic Cracking (MCC) technology to optimize the transition from fossil fuels to sustainable chemical and material building blocks. Thus, we will transform our historical activity into one of sustainable, circular and zero carbon materials. The one that will offer increasing returns over several decades. And we will do this by reallocating our existing assets to extend their economic life and earning power. In doing so, we will not have any depreciation of legacy assets in the years to come.

Dear shareholders,

This dual execution plan of building an ecosystem of new energies and materials and decarbonizing and reorienting our existing O2C activity is a decades-long growth path for our company. It has the potential to create unprecedented value for India and for Reliance in the years to come.

Dear shareholders,

New energy and new materials are not just another matter for us. It is our mission to take care of the environment. It is an expression of Reliance’s commitment to caring for our beautiful and bountiful planet. By implementing our green vision, Reliance will help India and the world move from an industrial civilization to an ecological civilization. We repay our debt of gratitude to Mother Nature.

Dear shareholders,

Let me tell you, in all humility, that New Energy is the most exciting, empowering, and motivated mission I will pursue in my life. I ask for your blessings and support to succeed in this mission.


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