Reliance Industries, L&T, and JSW line up new energy projects for 2025

RIL, L&T, and JSW likely to either commercialise their clean energy businesses or commission new ones in the near term

Some of India’s largest conglomerates are gearing up to either commission or commercially start the first phase of their new energy projects this year, according to company executives and analysts. 

Oil-to-telecom firm Reliance Industries Ltd (RIL), Sajjan Jindal-promoted JSW group, and engineering conglomerate Larsen & Toubro (L&T) are some of the conglomerates where new energy-related businesses’ scaling up or commissioning is expected in the near term. 

“L&T has received a prestigious EPC (engineering, procurement construction) order from the Deendayal Port for its inaugural green hydrogen demonstration plant at Kandla Port. This includes the supply of L&T’s indigenously manufactured electrolyser,” said Derek M Shah, senior vice-president and head, L&T Energy, green manufacturing and development for L&T, said in a response to Business Standard.  He added: “We are progressing well on the (electrolyser) factory front and the same will be communicated suitably.” 

For others such as RIL, analysts at CLSA in a recent report noted “we expect Reliance’s solar giga-factory to start in early-2025 and for further capacity additions over the next 12-15 months”. This timeline differs from RIL’s earlier stated schedule in its FY24 annual report, which said: “The phased commencement of operations at the Solar PV giga factory is anticipated by the end of 2024.” 

An email query sent to RIL on January 1 remained unanswered. 

Executives at JSW Energy, in an analyst call in October, stated construction for its green hydrogen plant, of 3,800 tons of hydrogen, had commenced and was expected to be commissioned by March.  An email query sent to JSW Energy for an update on the timeline remained unanswered. 

Many of India’s big conglomerates are betting on energy businesses in a bid to cash in on emerging opportunities with the changing energy landscape. 

Jindal, chairman and managing director of JSW Energy, in his address to shareholders at the last annual general meeting, said: “Supported by our energy-storage projects and foray into green hydrogen and derivatives, we are today ‘an energy products and services company’ with new-age businesses.” 

Similarly, in his address to shareholders in the company’s FY22 annual report, Mukesh Ambani, chairman and managing director of RIL, said: “The green energy value holds great promise to outshine all our existing growth engines in just five-seven years.”  PLANS AFOOT: 

• L&T has received an EPC order, including electrolyser manufacturing from the Deendayal Port Authority at Kandla.
• JSW Energy earlier noted plans to commission green hydrogen plant in March 2025.
• Analysts expect early 2025 commissioning for RIL’s solar giga factory.
• Mukesh Ambani, chairman and MD of RIL, in his firm's FY22 annual report had said "The green energy value holds great promise to outshine all our existing growth engines in just 5-7 years”.