Mukesh Ambani is now planning to manufacture batteries for the upcoming electric cars in India. The business tycoon is also planning to develop commercially viable fuel cells too.
The popularity of electric cars is rapidly rising among the buyers in India. Carmakers around the world are launching EVs to attract new buyers. As many of you may know that the electric vehicle space is quite new and different. Both experienced manufacturers and start-ups are introducing new products in this segment. In India, the Reliance industries are one of the biggest brands that are planning to enter EV battery manufacturing and a few other renewable energy initiatives. The company has recently announced that they will move from fossil fuel to new energy generation and its material-related production.
In a presentation of the O2C (Oil to Chemical) business of the company, Reliance Industries claimed that it has plans to turn into a net carbon zero company by 2035. Right now, the company is looking to produce an optimal mix of affordable, clean and reliable energy and storage system. Reliance Industries is planning to develop hydrogen fuel cells, batteries, solar and wind energy generation setups exclusively in the near future. They are aiming to push the transition to the hydrogen-based economy and are planning to make a portfolio of advanced and speciality materials. The company also claims that it will build the largest and most complex single-site refinery at Jamnagar, Gujarat. It has a crude oil refining capacity of 1.4 million barrels per day. Moreover, Reliance Industries is also in talks with Aramco, which is a state-owned oil company from Saudi Arabia for one of the largest down-stream tractions in India.
Reliance has not directly announced its plans to enter the electric vehicle market, but the fuel cells and development of electrolytes indicate their interest. They will develop batteries but has not mentioned their industry focus yet. The new batteries by the company can be used in electric cars or to store energy from wind, sun and other renewable sources of energy. Many of you may know that the Indian government is also pushing the use of electric cars. Nitin Gadkari, Minister of Road, Transport & Highways said, electric vehicles are very beneficial, and they can save crores of rupees every month, which people spend on fuel.