Reliance Industries Limited (RIL) recentlyunveiled its plans for the New Energy and Materials businesses by announcingthe development of Dhirubhai Ambani Green Energy Giga Complex at Jamnagar. Itwill be amongst the largest integrated renewable energy manufacturingfacilities in the world.
The four Giga Factories which will be part ofthe complex will include:
1. An integrated solar photovoltaic module factoryfor production of solar energy,
2. An advanced energy storage battery factoryfor storage of intermittent energy,
3. An electrolyser factory for production ofgreen hydrogen, and
4. A fuel cell factory for converting hydrogeninto motive and stationary power.
Due to evolving nature of Reliance’s businessportfolio, Reliance and Saudi Aramco have mutually determined that it would bebeneficial for both parties to re-evaluate the proposed investment in O2Cbusiness in light of the changed context (RIL, Saudi Aramco had signed anon-binding LoI in 2019 for a potential 20 per cent stake acquisition by SaudAramco in the O2C Business of Reliance). Consequently, the current applicationwith NCLT for segregating the O2C business from RIL is being withdrawn.