Reliance Industries Ltd has invested Rs 1 lakh in cash in 10,000 equity shares of its newly-incorporated subsidiary Reliance New Energy Solar Ltd (RNESL).
In a regulatory filing on Monday, RIL noted that RNESL is yet to commence its business operations. RNESL has been incorporated to undertake activities relating to solar energy.
“It is hereby informed that the company has invested Rs 1,00,000 in cash in 10,000 equity shares of Rs 10 each of ‘Reliance New Energy Solar Ltd’ (RNESL), a newly incorporated wholly-owned subsidiary,” it said.
The filing added that the investment in RNESL does not fall within related party transaction and the promoter, promoter group or group companies do not have any interest in RNESL.
No governmental or regulatory approvals were required for the said investment, it added.
As part of its vision for the company’s rapid transition to a new era of green, clean and renewable energy, RIL Chairman and Managing Director Mukesh Ambani, last month, unveiled the strategy and roadmap for its New Energy and New Materials business with an investment of Rs 60,000 crore over a period of three years.
During the 44th annual general meeting of RIL, Ambani said the investment would go into the setting up of four Giga factories that will manufacture and fully integrate all the critical components of the new energy ecosystem involving production of solar energy, storage of intermittent energy, production of green hydrogen and converting hydrogen into motive and stationary power.
Ambani said the company has started work on developing the Dhirubhai Ambani Green Energy Giga Complex over an area covering 5,000 acres in Gujarat’s Jamnagar, which will be among the largest integrated renewable energy manufacturing facilities in the world.
“Jamnagar was the ‘cradle of our old energy business’. It will also be the ‘cradle of our new energy business’,” Ambani had said at the AGM.
Reliance will establish and enable at least 100 GW of solar energy by 2030 with a significant part of this coming from rooftop solar and decentralised solar installations in villages, he said.