Page 149 - CW E-Magazine (20-8-2024)

Top Stories

FUTURE READY

‘RIL ready for next level of renewables-focused

growth’

Reliance Industries Ltd. (RIL) is
ready for the next level of growth led
by its new energy business, having con-
solidated its balance sheet after the pre-
vious round of capex, the company’s
Chairman and Managing Director
Mr. Mukesh Ambani said in the FY24
annual report.

The strategic objective in the next
phase of growth is to scale up the new certifi cation. “Work on RE develop- expected to rise 6-8% in FY25, driven
energy and new materials business. ment has commenced and Reliance by construction, automotive, packaging
“Over the next 12 months, our focus has been allotted land in Gujarat. We and consumer goods sectors. Polyester
is to bring new energy manufacturing aim to become the largest RE deve- growth was strong, supported by do-
facilities on-stream, operate them effi - loper in India,” RIL said in the report. mestic demand resilience. The company
ciently and start developing renewable continues to monitor fi nancial markets to
energy (RE) generation projects. Simul- RIL has also set up 50-MWh per seize suitable opportunities for capital-
taneously, we would develop supply capacity pilot line for manufactur- raising to support its growth plans, it
chain locally for self-suffi ciency and ing of lithium battery cells. It can be said. The conglomerate, which operate
reduce the reliance on imports,” the scaled up for commercial-scale pro- the world’s biggest refi ning complex at
company said in the report. duction. Jamnagar, in 2021 announced $10-bn of
investments to develop its green energy
Reliance, which seeks to establish O2C portfolio and achieve its 2035 net zero
100-GW of RE installations by 2030, The O2C segment contributes carbon goal.
will start production of ingots and almost 60% of RIL’s revenues and
wafers – used to make low-cost solar cells here the company plans to use new Reliance said it would partner with
and modules – at its 10=GW solar photo- technologies and “existing assets global players to obtain technologies in
voltaic (PV) giga factory in Jamnagar and streams to maximise conversion the new energy space for building end-
by December. The company aims to of crude to chemicals and materials, to-end integrated RE manufacturing
double the capacity of the PV factory with an aim to create a sustainable, facilities, including projects for green
by 2026. Solar panels manufactured at holistic, circular materials business.” hydrogen, green chemicals and energy
its Jamnagar facility have obtained BIS It said polymer demand in India is storage.

NOCIL reports Q1 net profi t of Rs. 27-crore

NOCIL Ltd., an Arvind Mafatlal revenue from operations stood at both in the domestic and international
Group (AMG) company and a lead- Rs. 372.17-crore (Rs. 356.50-crore). markets. We are also making progress
ing manufacturer of rubber chemicals, with our Rs. 250-crore capacity expan-
has posted a lower standalone net Commenting on the results, sion project in Dahej. This expansion is
profi t from continuing operations of Mr. Anand VS, Managing Director, critical to our long-term growth strategy,
Rs. 27.23-crore for the quarter ended NOCIL, said, “Our company continues ensuring that we are well positioned to
June 30, 2024, as compared to Rs. to demonstrate resilience and adapt- capitalise on emerging opportunities and
41.13-crore in the immediate previous ability, in spite of macro-environment cater to the growing demand from our
quarter (Jan-March 2024). Standalone headwinds we stay on our growth path customers.”

Chemical Weekly August 20, 2024 149

Contents Index to Advertisers Index to Products Advertised