Disclaimer: We may earn a commission if you make any purchase by clicking our links. Please see our detailed guide here.

Follow us on:

Google News
Whatsapp

RIL May Venture Into New Energy Business Amid Climate Concerns

IANS
IANS
Meet the voice behind Indo-Asian News Service (IANS), a storyteller navigating the currents of global events with precision and depth. Crafting narratives that bridge cultures, IANS brings you the pulse of the world in every word

As environmental concerns regain momentum globally and companies set carbon neutral targets, oil-to-telecom major Reliance Industries (RIL) plans to give a major push to its new energy and materials business.

In his statement to the shareholders of the company in its annual report for FY20-21, Reliance Industries Chairman & Managing Director (CMD) Mukesh Ambani noted Reliance has set itself a target to become net carbon zero by 2035.

“The world is now closing ranks for strong global action on Climate Change. This gives Reliance the right opportunity to accelerate our own ambitious New Energy and New Materials business wedded to the vision of clean and green development. To combat climate change, Reliance has set itself a target to become Net Carbon Zero by 2035,” he said.

Ambani said that it is part of a wider ambition to achieve best-in-class standards across environmental, social, and governance parameters under the oversight of the company’s board.

He also told the shareholders that the strong balance sheet and high liquidity available with RIL would support its growth plans for Jio, Reliance Retail, and its oil-to-chemical (O2C) business.

His statement noted that strong operating cash flow and the largest ever capital raise have further strengthened its balance sheet, enabling the company to deleverage and meet its net-debt zero commitment ahead of stated timeline.

“We now have a strong balance-sheet with high liquidity that will support growth plans for our three hyper-growth engines – Jio, Retail and O2C,” Ambani said.

The Latest

Partner With Us

Digital advertising offers a way for your business to reach out and make much-needed connections with your audience in a meaningful way. Advertising on Techgenyz will help you build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Recommended