Mukesh Ambani plans to focus on green energy
- ByStartupStory | January 5, 2023
According to people familiar with the matter, Mukesh Ambani, the chairman of Reliance Industries Ltd., will focus his attention on the Indian conglomerate’s pivot to green energy after putting his children in charge of other businesses.
He will oversee strategy, including the construction of gigafactories and blue hydrogen facilities, will evaluate acquisition targets, and is in talks with potential investors, according to people who asked not to be identified because the information isn’t public. Last year, Ambani announced plans to invest $75 billion in clean energy projects over the next 15 years.
According to two sources, Reliance is looking for billions of dollars in investments in India’s energy sector and has approached potential investors such as Middle Eastern funds.
Ambani’s dealmaking strategy is crucial for this project. In 2020, he raised more than $20 billion for his digital ventures from a diverse group of investors, including Silicon Valley behemoths Meta Platforms Inc. and Google.
Ambani has delegated operational control to his three children and shifted his focus to green energy, where he will compete with the region’s wealthiest individual, Gautam Adani.
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