RIL's priority is to set up battery giga factory by 2026: Mukesh Ambani

Reliance Industries Ltd chairman Mukesh Ambani said at the conglomerate's AGM that their priority is set up its battery giga factory by 2026.

"Our concurrent priority is to set up our battery giga factory by 2026. It will manufacture battery chemicals, cells and packs, leading all way up to energy storage solutions, and will include a battery recycling facility," said Ambani. 

"We remain focused on fast-track execution of our Dhirubhai Ambani Green Energy Giga Manufacturing Complex at Jamnagar. Our first priority is to deliver a fully integrated, end-to-end solar PV manufacturing ecosystem," added Ambani. 

Jio Financial Services, the newest addition to the growing empire of Reliance Industries Ltd, has been capitalised with a net worth of Rs 1.2 lakh crore to create one of the world's highest capitalised financial services platforms at inception, Mukesh Ambani said on Monday.

''JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC,'' he said. ''JFS will enter the insurance segment to offer simple, yet smart, life, general, and health insurance products.'' Just like Jio and Retail, JFS too will prove to be an invaluable addition to the Reliance ecosystem of customer-facing businesses, he said.

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''This is a highly capital-intensive business,'' he said. ''Reliance has capitalised JFS with a net worth of Rs 1,20,000 crore to create one of the world's highest capitalised financial service platforms at inception.''