Energy conglomerate Reliance Industries is advocating for India's energy transition while maintaining its historical significance
Reliance Industries Limited (RIL) and KLP, Norway's largest pension provider, are spearheading India's renewable energy revolution.
Four years ago, RIL allocated $10bn for a 'New Energy' business, marking a significant shift towards sustainable energy. This move was cemented in April 2023 with the opening of the Dhirubhai Ambani Green Energy Giga Complex. Located in Jamnagar, the home of RIL's largest refining complex, the Giga Complex is set to produce cables enough to 'reach the moon and back'.
RIL's renewable energy initiatives include solar PV, battery storage, green hydrogen, and sustainable aviation fuel. In Kutch, Gujarat, RIL is developing one of the world's largest single-site solar projects spanning 5,50,000 acres of arid land. The Giga Complex will also manufacture products for delivering round-the-clock renewable power and producing green chemicals, including green ammonia, e-methanol, and sustainable aviation fuel.
KLP has also been actively investing in India's renewable energy sector. In December 2020, KLP invested NOK 1.1bn ($100m) in an Indian grid company, acquiring a 49% stake in an Indian solar farm. KLP sees opportunities in hybrid parks that combine solar, wind power, and battery storage in India.
Year-on-year capacity additions in India's renewable energy sector are driven by investors such as KLP backing New Delhi's renewable energy vision. As of June 2025, India's renewable energy installed capacity stood at 226.9 GW, with solar accounting for 47% of non-fossil fuel power capacity. However, India's current energy mix still relies heavily on fossil fuels, with 50.5% of the country's installed power capacity coming from fossil fuels.
Despite the investment in renewable energy, RIL's existing businesses, including the exploration business, are still doing well. RIL's exploration business earned a before tax income of $2.5bn, with production from the KG-D6 gas well up 4% and new drilling expected in 2026.
The embrace of renewable energy has not gone unnoticed. Mark Zuckerberg, Sundar Pichai, and Bob Eglar attended RIL's AGM, indicating potential interest in RIL's renewable energy initiatives.
India's renewable energy roll-out has picked up pace in recent years, with significant climate benefits and a well-functioning market for these investments. Eric Nasby, an investment analyst at KLP, stated that KLP's interest in investing in renewable energy in India is due to the sector's financial attractiveness and KLP's strategy for sustainable and responsible investment.
A steel order for the Giga Complex is large enough to build 100 Eifel Towers, reflecting the scale of RIL's commitment to renewable energy. At the 2025 AGM, it was revealed that the build area of the Giga Complex would be four times the size of Tesla's gigafactory, further underscoring RIL's ambitious plans for the future of renewable energy in India.
