Reliance Industries Limited is in talks with investors on a global level for raising equity around $3 billion to boost their future plans for their renewable energy business.

The discussion is currently at a preliminary stage. The Reliance refining-to-retail conglomerate will now pick a few potential investors that include a large pension fund as well as sovereign wealth funds in the Middle East.

A long-time close associate and Reliance industries veteran, Manoj Modi is handling the discussions similar to the Jio platforms.

The discussions are on a formal level including the potential investments’ valuation and structure. The amount of the preliminary investment has been decided but the final decision can change to some extent.

The equity that will be sold by the renewable energy business of Reliance Industries has not been disclosed.

In 2020 the Jio platform raised equity of $10.3 billion via equity deals. The five investors were Facebook, Silver Lake, Vista Equity Partners, General Atlantic, and KKR.

Currently, Reliance generates over 50% of its revenue from refining and petrochemicals. They are establishing a Green Energy Giga Complex named after Dhirubhai Ambani on a 5,000 acre land parcel in Jamnagar, Gujarat. In the last year, the company mentioned that their factories will produce integrated solar photovoltaic modules and electrolyzers. They will further have fuel cells and energy storage. Reliance Industries is planning to make an investment of over Rs 75,000 crore in the green energy initiatives in the upcoming three years for being a net-zero company by the end of 2035.

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