Billionaires Mukesh Ambani And Gautam Adani In A New Face-off
NDTV
The country's two richest men are vying to be at the forefront of PM Narendra Modi's ambition to ramp up green energy capacity in India
Industrialist Mukesh Ambani's $10 billion entry into renewable energy could drive solar tariffs further to the ground and ignite bidding wars with fellow billionaire Gautam Adani, industry analysts say. The country's two richest men are vying to be at the forefront of Prime Minister Narendra Modi's ambition to ramp up green energy capacity in India more than four-fold to 450 gigawatts by 2030.They have mostly avoided operating in each other's space and the renewable energy push by Mr Ambani's flagship Reliance Industries and the Adani group of companies will be the highest profile faceoff between them. Mr Ambani, 64, built up his family-owned petrochemicals and textiles business into a sprawling empire including telecoms and retail. Mr Adani, 59, is a self-made billionaire who has focused on electricity generation, transmission and distribution and the operation of ports and airports. Mr Ambani announced last month that he will build 100 GW in solar energy capacity over the next nine years. He said his group would spend $10 billion over the next three years in building solar manufacturing units, a battery factory for energy storage, a fuel cell factory, and a unit to produce green hydrogen.More Related News