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

UK economy contracts unexpectedly in January

Chancellor Rachel Reeves speaks while holding roundtable discussion during a visit to RAF Waddington in eastern England. (Photo by YUI MOK/POOL/AFP via Getty Images)

UK economy contracts unexpectedly in January

BRITAIN's economy unexpectedly shrank in January, official data showed on Friday (14), piling more pressure on the Labour government ahead of its Spring Statement on the economy.

Gross domestic product contracted 0.1 per cent in the month after GDP rose 0.4 per cent in December, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Pakistan’s government is the largest shareholder or owner of most power companies

Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Eastern Eye

PAKISTAN government is negotiating a 1.25 trillion Pakistani rupee (£3.4 billion) loan with commercial banks to reduce its bulging energy sector debt, the power minister and banking association said.

Plugging unresolved debt across the sector is a top priority under an ongoing $7bn (£5.4bn) International Monetary Fund (IMF) bailout, which has helped Pakistan dig its way out of an economic crisis.

Keep ReadingShow less
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
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