With the rising popularity of electric cars in India, manufacturers around the world are launching products to lure buyers. Since electric vehicle space is a new and different market, both experienced manufacturers and start-ups are bringing in new products to the segment. Indian conglomerate Reliance Industries, one of the biggest brands in India is planning to enter the EV battery and other renewable energy initiatives.
The company announced that it will move from fossil fuel to new energy and new materials. Reliance Industries, in a presentation of O2C (Oil to Chemical) business of the company, claimed that it plans to turn into a net carbon zero company by 2035 as per INC42 report. The company is currently looking to build an optimal mix of reliable, clean and affordable energy and storage system. They plan to use hydrogen, solar, wind and batteries exclusively in the future. The aim is to accelerate the transition to a hydrogen-based economy and plans to develop a portfolio of advanced and speciality materials.
Reliance Industries also claims that it has built the largest and most complex single-site refinery at Jamnagar, Gujarat. It has a crude oil refining capacity of 1.4 million barrels per day (MMBPD). Reliance has also revealed that it is in talks with Aramco, a state-owned oil company from Saudi Arabia for one of the largest downstream transactions in India, alongside the plans to bring FDI for India’s fuel retail sector.
The O2C plans of the company are to develop high-value proteins, nutraceuticals, advanced materials and fuels. The company would be looking at combining its digitals, power electronics, advanced materials and electrochemistry expertise to build full-stack electrolytes and fuel cell solutions in India.
To develop EV batteries
While Reliance Industries has not explicitly announced its plans to enter the electric vehicle market, the fuel cells and development of electrolytes indicate its intentions. The company will develop batteries but has not mentioned the industry they will cater to. These batteries can be used in electric vehicles as well as to store energy from wind, solar, and other renewable sources of energy.
The new proposition comes at a time when fuel prices are rising at an alarming rate in India. In a few states, the price of petrol has reached almost Rs 100 per litre. The government of India has highlighted how India’s dependence on oil import creates economical problems and how reducing oil import will make the situation better. Even Prime Minister Narendra Modi blamed previous governments for not taking steps to reduce the oil import to India a few days ago in this report.
The government is also pushing for the use of electric vehicles in the country. Nitin Gadkari said that the EVs are very beneficial and if 10,000 EV are used in Delhi then about Rs 30 crore spent on fuel will be saved each month. Gadkari has also said that he will make the use of electric vehicles mandatory for officials in his department. The Delhi government has also announced that they will shift to electric vehicles for its officials in the coming months.