Reliance AGM 2022: Mukesh Ambani Announced New Giga-Factory For Power Electronics

Reliance Industries Ltd. (RIL), the largest business in India in terms of market capitalization, has started its 45th annual general meeting (AGM). The event is being keenly tracked by investors and analysts, who are expecting major announcements similar to the previous years.

Mukesh Ambani, chairman and managing director of RIL has announced a new Giga factory for power electronics.

At the AGM, Mukesh Ambani announced a new giga-factory for power electronics, he said, "Last year, I had announced setting up of Dhirubhai Ambani Green Energy Giga Complex in Jamnagar to establish four Giga Factories. Today, I would like to announce our new Giga Factory for Power Electronics."

Ten gigawatt solar PV cell factory with REC Technology to commence operations in 2024. The company also plans to expand capacity to 20 GW by 2026 in phases. The factory will help to create end-to-end battery ecosystem. The design and manufacturing capabilities in power electronics and associated software systems will integrate with RIL's capabilities of telecommunications, cloud computing and IoT platform.

In order to support the solar energy capabilities, Reliance will also make investments in the production of glass and POE film, both of which naturally complement its chemical and materials sector. have established strategic partnerships with Ambri, Faradion, and Lithium Werks. By 2023, the company hopes to begin producing battery packs, and it plans to increase that output to five GWh by 2024 and 50 GWh by 2027. Additionally, the business is in cooperation discussions with major international firms to provide green hydrogen for the gigafactory's green hydrogen electrolyser at a cheaper cost.