Mumbai: Reliance Chairman and Managing Director (CMD) Mukesh Dhirubhai Ambani today while addressing the 44th annual general meeting (AGM) of Reliance Industries Limited (RIL) announced Dhirubhai Ambani Green Energy Giga Complex at Jamnagar in Gujarat.

The richest man of Asia said, “We plan to build four Giga Factories to manufacture and integrate all critical components of New Energy ecosystem – solar photovoltaic module factory, energy storage battery factory, electrolyser factory, fuel cell factory.”

Jannagar was the cradle of our old energy business, Jamnagar will also be a cradle for our new energy business, said Ambani.

He said, “We have started work on developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar. It will be amongst the largest such integrated renewable energy manufacturing facilities in the world”.

Ambani said, “In 2016, we launched Jio with the aim of bridging the Digital Divide in India. Now, in 2021, we are launching our new energy business with the aim of bridging the green energy divide in India and globally.”

He said Reliance will invest Rs. 75,000 crore for its new energy investment plans in next 3 years.

Mukesh Dhirubhai Ambani announces four Giga Factories at Jamnagar, Gujarat as part of Rs. 75,000 crore new energy investment plans of RIL in next 3 years pic.twitter.com/6OXIJpWXh7

— DeshGujarat (@DeshGujarat) June 24, 2021

Full text of relevant portion of AGM speech:

I am happy to inform you that we have started work on developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar.
It will be amongst the largest such integrated renewable energy manufacturing facilities in the world.

Jamnagar was the CRADLE OF OUR OLD ENERGY BUSINESS.
Jamnagar will also be the CRADLE OF OUR NEW ENERGY BUSINESS.

Allow me to take you through our 3-part plan.
The first part of our plan is to build Four Giga Factories.
These will manufacture and fully integrate all the critical components of the New Energy ecosystem. One, for the
production of solar energy — we will build an integrated solar photovoltaic module factory.
Two, for the storage of intermittent energy — we will build an advanced energy storage battery factory.
Three, for the production of green hydrogen — we will build an electrolyser factory.
Four, for converting hydrogen into motive and stationary power – we will build a fuel cell factory.
Over the next 3 years we will invest over 60,000 crore rupees in these initiatives. Reliance will thus create and offer a
fully integrated, end-to-end renewables energy ecosystem.

Friends,

Allow me to explain each of these facilities in some more detail.
Our first Integrated Solar Photovoltaic Giga Factory will create solar energy. We will start with raw silica and convert
this to poly silicon which we will then convert to ingot and wafers. These wafers would be used to make high efficiency
solar cells and finally assembled into solar modules of highest quality and durability.

We will target to achieve costs that are lowest in the world to ensure affordability of our solar modules. We are highly
inspired by the goal set by our Prime Minister Shri Narendra Modiji for India to achieve 450GW of renewable energy
capacity by 2030.

Out of this, I am pleased to announce today, that Reliance will establish and enable at least 100GW of solar energy by
2030. A significant part of this will come from rooftop solar and decentralised solar installations in villages. These will
bring enormous benefits and prosperity to rural India.

Solar energy is available only during the day, while power is needed round the clock. Therefore, storage is an important
piece of the puzzle to solve. For this, we will launch our second initiative — an Advanced Energy Storage Giga
Factory.

We are exploring new and advanced electro chemical technologies that can be used for such large-scale grid batteries
to store the energy that we will create. We will collaborate with global leaders in battery technology to achieve the
highest reliability for round-the-clock power availability through a combination of generation, storage, and grid
connectivity.

Besides Electricity, Green Hydrogen will be a unique energy vector that can enable deep decarbonization of many
sectors such as transportation, industry and power. One of the most common methods of generating Green Hydrogen
is by electrolysis of pure water through Electrolysers.

This brings me to our third initiative — an Electrolyser Giga Factory to manufacture modular electrolysers of highest
efficiency and lowest capital cost. These can be used for captive production of green hydrogen for domestic use as well
as for global sale.

And, finally, our fourth initiative will be the Fuel Cell Giga Factory. A Fuel Cell uses Oxygen from the air and
Hydrogen, to generate electricity. The only emission of this process is non-polluting water vapour.

In the new era, Fuel Cells will progressively replace internal combustion engines. Fuel Cell engines can power
automobiles, trucks and buses.They can also be used in stationary applications for powering data centres, telecom
towers, emergency generators and micro grids and industrial equipment.

This brings me to the second part of our plan – providing infrastructure and materials to support the four Giga
factories.

Our Jamnagar complex will provide infrastructure and utilities to manufacture ancillary material and equipment needed
to support these Giga factories so that all critical materials are available in time. We will also support independent
manufacturers with right capabilities to be part of this nationwide ecosystem.

We will invest an additional `15,000 crore in value chain, partnerships and future technologies, including upstream
and downstream industries. Thus, our overall initial investment from our own internal resources in the New Energy
business will be `75,000 (over $10 billion) crore in 3 years.

Now let me take you through the third part of our plan:
Over the years, Reliance has developed significant engineering, project management and construction capabilities
combining physical and digital technologies.

We will repurpose these capabilities, along with major international organisations to execute and deliver world class,
renewable energy solutions.

We will build two additional divisions to further strengthen this ecosystem.
First, a dedicated Renewable Energy Project Management and Construction Division.
Second, a dedicated Renewable Energy Project Finance Division.

The Renewable Energy Project Management and Construction Division will provide gigawatt scale end-to-end
solutions for large renewable plants across the world. It will enable and partner with thousands of Green MSME
Entrepreneurs, who can deploy kilowatt to megawatt scale solutions in agriculture, industry, residences and
transportation.

The Renewable Energy Project Finance Division will provide finance solutions to the stakeholders in our
ecosystem. We will achieve our goals by enabling a platform to source long-term global capital for these investments at
the most attractive terms.

We will seek support from our relationship banks and global green funds for this purpose. Simultaneously, we will also
facilitate a platform to provide financing for the entire ecosystem of small businesses and entrepreneurs who invest
alongside with us.

All of these three parts together constitute our architecture for India’s decentralised Green Economy. Over a period
of time, it will generate millions of new and high-value job opportunities for our youth. With these new initiatives,
Reliance will put Gujarat and India on world solar and hydrogen map.

All our products will proudly proclaim: Made in India, by India, for India and for the world! This will be Reliance’s yet
another big contribution to our Prime Minister’s clarion call of Atmanirbhar Bharat.

I am certain that India will present to the world a template of a Green Economy Movement, which will truly be a
People’s Movement.

Solar power is the primary source of energy for our Planet Earth. ‘Soorya Dev’ has blessed India with almost limitless
sunlight.

I envision a future when our country will be transformed from a large Importer of Fossil Energy to a large Exporter
of Clean SolarEnergy solutions.

Dear Friends,
Reliance is also evolving a vision for NEW MATERIALS and GREEN CHEMICALS. We will kickstart this by
strategically investing in India’s first world-scale CARBON FIBER plant for supporting our hydrogen and solar
ecosystems. You will hear more about this in the months to come.

Our new Green Vision also has immense benefits for our existing O2C business. Allow me to take you through these:
First, we will use solar energy on an economically attractive basis to decarbonise our existing O2C business and
accelerate our journey to become net carbon zero.

Second, we will use Green Hydrogen and CO as raw materials to develop a road map for new Green Chemicals, 2
Green Fertilizer and e-fuels.

Third, we will commercialise with global partners our own world-beating proprietary Multi-zone Catalytic Cracking
(MCC) Technology to optimise the fossil fuel transition to sustainable chemical and material building blocks.

Thus, we will transform our legacy business into sustainable, circular and net zero carbon materials business. One that
will provide growing returns over several decades. And we will do this by repurposing our existing assets to extend their
economic life and earning capacity. In doing so we will have no legacy asset write-downs in the coming years.

Dear Shareholders,

This twin execution plan of building a New Energy and materials ecosystem and decarbonising and repurposing our
existing O2C business is a multi-decade growth path for our company. It has the potential to create unprecedented
value for India and for Reliance in the coming years.

Dear Shareholders,
New Energy and New Materials are not merely another business for us.It is our mission to heal the environment. It is an
expression of Reliance’s commitment that WE CARE for our beautiful and bountiful planet.
By implementing our Green Vision, Reliance will help transition India and the World from an Industrial Civilisation to
an Ecological Civilisation. We are repaying our debt of gratitude to Mother Nature.

Dear Shareholders,
Let me tell you, in all humility, that New Energy is the most exciting, most challenging and most purpose-driven mission
I will be pursuing in my life. I seek your blessings and support for success in this mission.