Skip to content
Search

Latest Stories

Reliance to invest £7.2 billion in renewable energy

INDIAN billionaire Mukesh Ambani-led Reliance Industries unveiled plans to invest $10 billion (£7.2bn) in renewable energy over the next three years.

Ambani made the announcement on Thursday (24) during a virtual address to shareholders, adding the new business aims to "bridge the green energy divide in India and globally".


India is the world's third-largest emitter of carbon dioxide, according to a study by medical journal The Lancet. The country is struggling to reduce its dependence on fossil fuels.

The conglomerate is powered by oil and petrochemicals businesses, but Reliance aggressively diversified into areas including telecoms and retail in recent years.

As part of the green energy push, the company had started developing a manufacturing facility in India's western state of Gujarat.

The project will produce solar energy and green hydrogen that "will put Gujarat and India on the world's solar and hydrogen map", Reliance chairman and managing director Mukesh Ambani said.

"I envision a future when our country will be transformed from a large importer of fossil energy to a large exporter of clean solar energy solutions," he added.

Reliance aims to produce 100 gigawatts of solar power by 2030, nearly a quarter of the 450-gigawatt target set by prime minister Narendra Modi.

Ambani also said that Saudi Aramco chairman Yasir Al-Rumayyan would join the Reliance Industries Ltd as an independent director.

The appointment will strengthen Reliance's "strategic partnership" with Saudi Aramco, Ambani said.

The two firms are working to finalise a $15bn (£10.8bn) deal that will see the energy giant buy a 20 per cent stake in the Indian company.

More For You

Deliveroo posts first annual profit after 12 years

A Deliveroo rider near Victoria station in London, England. (Photo by Dan Kitwood/Getty Images)

Deliveroo posts first annual profit after 12 years

FOOD DELIVERY app Deliveroo announced on Thursday (13) its first annual profit as orders and revenue rose, while the 12-year old company sees further growth despite exiting Hong Kong.

The milestone follows sizeable full-year losses owing to high investment costs since American Will Shu founded the company in 2013 and made Deliveroo's first delivery in London.

Keep ReadingShow less
JLR-Tata-Getty

JLR had initially planned to manufacture more than 70,000 electric vehicles at the facility. (Photo: Getty Images)

JLR halts plan to build EVs at Tata’s India plant: Report

JAGUAR LAND ROVER (JLR) has put on hold plans to manufacture electric vehicles at Tata Motors’ upcoming £775 million factory in southern India, according to a news report.

The decision was influenced by challenges in balancing price and quality for locally sourced EV components, three of the sources said. They added that slowing demand for electric vehicles was also a factor.

Keep ReadingShow less
Government to abolish payments regulator to boost growth

Keir Starmer (R) and Rachel Reeves host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street on November 21, 2024 in London, England. (Photo by Frank Augstein - WPA Pool/Getty Images)

Government to abolish payments regulator to boost growth

PAYMENTS REGULATOR will be abolished and its remit absorbed by another financial regulator, the government said on Tuesday (11), as it aims to cut red tape in favour of growth.

The Payment Systems Regulator (PSR), which oversees systems including MasterCard and bank transfers, tackles problems such as fraud, excessive fees and lack of competition among banks and payment providers.

Keep ReadingShow less
Boohoo

Boohoo’s shares, which have fallen by about 20 per cent this year, dropped 4 per cent on Tuesday. (Photo: Getty Images)

Boohoo rebrands as Debenhams after 21 per cent sales drop

BOOHOO has rebranded itself as Debenhams Group after sales from its young fashion brands, including Boohoo, MAN, and PrettyLittleThing, declined by 21 per cent to £947 million.

The move comes amid strong competition from Shein and a shift towards second-hand clothing among younger shoppers, The Guardian reported.

Keep ReadingShow less