Reliance Industries Chairman Mukesh Ambani addresses the 49th Annual General Meeting (post-IPO) of Reliance Industries Limited | Photo Credit: -

Backed by a ₹6.62 lakh crore oil-to-chemicals (O2C) business that remains its biggest earnings engine, Reliance Industries at its AGM on Friday announced that it will triple battery manufacturing ambition to 120 GWh. It commissioned solar manufacturing lines, signed a $1.3 billion green ammonia export agreement and advanced major investments in chemicals and advanced materials, signalling that its new energy programme is moving from construction to commercialisation.

The announcements, made by Mukesh Ambani, Chairman, and Anant Ambani, Executive Director, overseeing Reliance’s energy, O2C, new energy and sustainability businesses, highlighted how the conglomerate is using the cash flows from its traditional energy operations to build new growth engines spanning batteries, renewable power, hydrogen and materials.

O2C, the foundation

Even as Reliance scales up its clean-energy ambitions, the O2C business continues to anchor the group’s financial performance. The segment reported FY26 revenue of ₹6.62 lakh crore and EBITDA of ₹60,546 crore despite disruptions caused by the Strait of Hormuz conflict.

Reliance maintained near-full refinery throughput during the crisis and increased LPG supplies four-fold to help offset import disruptions. “This is the structural advantage of building the world’s most integrated, most flexible, most resilient refining and chemicals complex,” said Anant. Describing its role within the group, he added: “This business financed our past. It is financing our future. And its best chapter is still ahead.”

The biggest announcement came in the area of battery manufacturing. Anant said the first phase of Reliance’s 40 GWh battery cell gigafactory remains on track for commissioning this year, and revealed that the company had raised its long-term target threefold to 120 GWh annually.

“We have now committed to scale this up to 120 GWh of annual capacity,” he said. The move positions Reliance among the world’s largest lithium iron phosphate battery manufacturers, and strengthens its presence in electric mobility, energy storage and grid-scale applications.

Solar shines

Reliance also announced that its solar PV cell and module manufacturing lines at the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar have been commissioned and are operational. The company has already produced nearly 1 GW of heterojunction modules, and is building towards a fully integrated 20 GW annual capacity spanning polysilicon, wafers, cells, modules and glass.

Alongside manufacturing, Reliance is developing a renewable energy hub across 5.5 lakh acres in Kutch, Gujarat. Once operational, the project is expected to generate more than 40 billion units of green electricity annually, equivalent to roughly 3 per cent of India’s power demand.

The company also announced a $1.3 billion long-term green ammonia supply agreement with Samsung C&T, which Anant described as “among the largest green ammonia contracts in the world”. Reliance said it remains on track to build 3 million tonnes of green hydrogen-equivalent chemicals capacity over the next decade while progressing towards commissioning its alkaline electrolyser facility.

Energy network

Reliance is also expanding its consumer energy business through Jio-bp. Petrol and diesel volumes grew 29 per cent year-on-year, while the retail network expanded to nearly 2,200 outlets, with another 400 under construction. Its EV charging network now spans 80 cities and 45 highways, while the CBG and CNG network covers 177 sites, with volumes rising 68 per cent year-on-year.

Alongside clean energy, Reliance is accelerating its push into chemicals and advanced materials. The company is advancing a 3 million tonne PTA facility, a 1.2 million tonne PVC plant at Nagothane and a carbon fibre complex at Hazira that Anant said would be among the world’s largest and most advanced facilities of its kind. The investments form part of a broader strategy to increase the share of chemicals and materials in Reliance’s energy portfolio.

“Every barrel of crude we process will increasingly yield chemicals and high-value materials, not just fuels,” said Anant, adding that the O2C business was entering its “next-generation strategic evolution”. Reliance is also deploying AI-based optimisation tools and digital systems as it works towards operating Jamnagar as what Anant Ambani described as the world’s first end-to-end autonomous refinery.

Summing up the group’s long-term direction, Mukesh Ambani said Reliance’s ambition was to become “the world’s leading integrated Energy and Materials company for the age of sustainability and intelligence”.

Published on June 19, 2026