Mint Explainer: Can Mukesh Ambani disrupt India's wind energy sector?
Reliance Industries' foray into the wind energy space could disrupt the sector in the same way his group did with refineries, petrochemicals, telecom, and retail. To his credit, Ambani has created the world's largest grassroots petroleum refinery at Jamnagar, Gujarat, doubling its capacity from 33 MTPA in 2010 to over 72 MTPA now. Ambani launched the retail business in 2010 and today Reliance Retail Ltdis the largest retailer in India.
RIL launched telecom services under the Jio brand in 2016, and it is now the largest telecom operator in India. In 2020, RIL raised a record $20 billion by selling stakes in its digital and retail businesses. Under Mukesh Ambani, RIL’s market capitalization has grown from $5.5 billion in 2002 to over $200 billion now.
With Ambani announcing his mega wind energy plans, the industry could be in for a rapid makeover. On 28 August, Mukesh Ambani addressed shareholders at his $200 billion RIL group's annual general meeting, stating that RIL's large-scale "carbon-fibre" manufacturing capabilities (used to make wind turbine blades) could place the company in a unique position to reduce the cost of wind turbines. “We will be partnering with the world’s leading technology players in wind equipment manufacturing to deliver most cost-efficient solutions," said the billionaire business tycoon.
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