Renewable energy is starting to take off in India. Last year, new installations of such projects were projected to double
across the country, compared with those from 2015 to 2020.
The trend comes at a critical time. As of late last year
, coal still accounted for almost 70% of the country's electricity generation.
That placed the world's second-most populous country in a vulnerable spot recently as it faced risks of a coal crunch last October, with stocks of the commodity at most Indian power plants dropping to critically low levels.
Reliance is one of India's most valuable and recognizable companies. The powerhouse conglomerate — which spans petrochemicals, telecommunications and retail — has long been trying to reduce its reliance on oil.
It has also been undergoing a shift in focus recently as Ambani, its chairman, seeks to transform it into a global tech giant.
In its statement Thursday, Reliance said it would use the remaining funds to invest "in existing projects and new ventures over next three to five years."
Over that period, the company wants to direct $1 billion to upgrade its mobile network to 5G, and spend about $406 million on its retail arm.SOURCE: Yahoo Finance
IMAGE SOURCE: India Today