India’s First-Ever Offshore Oil Cleanup: A Big Step for Energy Safety

India has completed its first-ever offshore decommissioning project in the Tapti fields, marking a major milestone for the country's energy sector. The Panna-Mukta and Tapti (PMT) joint venture, consisting of Shell (BGEPIL), Reliance Industries, and ONGC, successfully executed the removal of offshore structures, infield pipelines, and the plugging and abandonment of 38 wells.

Offshore decommissioning is the process of safely dismantling and removing oil and gas infrastructure from the ocean once it reaches the end of its operational life. This includes plugging wells, removing platforms, pipelines, and other equipment, and restoring the seabed to minimize environmental impact.

The process is complex and requires careful planning, engineering expertise, and regulatory oversight to ensure safety and sustainability

This project in Tapti fields sets a benchmark for responsible decommissioning, aligning with India's "Make in India" vision while enhancing local capabilities.

The PMT JV, operator of the Tapti fields under a production sharing contract with the Government of India, comprises of ONGC with a 40% participating interest, and RIL and BG Exploration & Production India Ltd (BGEPIL-Shell) with 30% each.

Larsen & Toubro (L&T) handled offshore execution, while Chowgule Shipyard (CLSPL) managed onshore dismantling at its Ratnagiri facility.

The initiative also played a pioneering role in shaping India's regulatory framework for offshore decommissioning, developed in collaboration with the Ministry of Petroleum and Natural Gas (MoPNG), Directorate General of Hydrocarbons (DGH), and Oil Industry Safety Directorate (OISD).

Nipun Pradhan, Managing Director, BGEPIL and GM Shell Upstream India, said, “The safe and successful completion of the Tapti offshore project is a landmark moment for India’s offshore energy sector. This project sets a new benchmark for responsible decommissioning, made possible by global expertise, strong collaboration, and an unwavering commitment to safety and sustainability. Shell is proud to be part of this historic journey alongside our partners Reliance, ONGC, and the Government of India.”

“The safe and responsible offshore decommissioning by the PMT JV marks a significant step forward for India’s energy sector. From the outset, the JV partners worked tirelessly to strengthen local supply chains and enhance the technical and safety capabilities of Indian contractors especially for offshore dismantling activities. This project has successfully delivered on the Indian Government’s ambition of ‘Make and Break in India’,” said Sanjay Barman Roy, President, E&P, Reliance Industries Limited.

Pankaj Kumar, Director (Production), ONGC, remarked, “This first-of-its-kind large-scale offshore decommissioning underscores ONGC’s commitment to responsible energy practices. The project’s complexity, especially its proximity to ONGC’s live assets demanded strategic planning, precise execution, and utmost focus on safety. It marks a defining moment in India’s energy landscape and sets a strong foundation for the next chapter in offshore infrastructure transformation.”

Reliance Industries to Invest $17.5 Bn in New Energy, Petrochem Business

Reliance Industries Ltd (RIL) is making a massive ₹1.5 trillion (approx. US $ 17.5 Bn) investment to expand its new energy and petrochemical businesses. The company is allocating ₹75,000 crore each to these sectors, aiming to transition its renewable energy and battery operations from incubation to full-scale production.

Solar Expansion: RIL has commissioned a 1-gigawatt heterojunction (HJT) solar module facility, with plans to scale up to 10 gigawatts by 2026.

Battery Technology: The company is focusing on lithium iron phosphate (LFP) batteries, with large-format prismatic cells designed for utility-scale energy storage.

Green Hydrogen & Sustainability: RIL is developing a green hydrogen ecosystem, including electrolyzer manufacturing.

Financial Impact: The new energy vertical is expected to match profits from RIL’s traditional oil-to-chemicals (O2C) business between FY29 and FY31, eventually contributing over 50% of consolidated profit.

This move positions RIL at the forefront of India's clean energy transition.

Meanwhile, Adani Group has committed $70 billion (~₹5.8 trillion) toward renewable energy and green hydrogen aiming for 45 GW of solar and wind capacity by 2030.

Adani's investment is significantly larger, but RIL is focusing on integrated manufacturing, including solar modules, batteries, and electrolyzers.

On the other side, Govt owned BPCL & HPCL are expanding refining capacity and investing in natural gas and biofuels, but their renewable energy investments are smaller compared to RIL. Apparently, RIL is leading in solar and hydrogen, while BPCL & HPCL are focused on traditional energy diversification.

Reliance Industries Acquires Lakadia B Power Transmission for Rs 6.73 Crore

Reliance Industries Limited has acquired Lakadia B Power Transmission Limited for ₹6.73 crore. This acquisition makes Lakadia B Power Transmission a wholly-owned subsidiary of Reliance Industries. The move is part of Reliance's strategy to strengthen its presence in the power transmission sector and support its renewable energy infrastructure.

According to an exchange filing by Reliance Industries, the company acquired a 100% equity stake in LPTL at 6:03 P.M. IST. With this deal, LPTL becomes an integral part of Reliance Industries, which aims to strengthen India’s renewable energy infrastructure with this acquisition.

It's an interesting development, especially considering Reliance's ongoing efforts to diversify and expand its operations in both traditional and renewable energy sectors.

This acquisition is part of Reliance's strategy to strengthen its presence in the power transmission sector and support its renewable energy infrastructure.

The project involves the development and operation of power transmission infrastructure at the Lakadia Pooling Station in Gujarat, aiming to increase transformation capacity for the evacuation of renewable energy. The estimated cost of the project is around ₹512.58 crore, and it is expected to be completed within 24 months.

This move aligns with Reliance's broader ambitions to be a leader in both traditional and renewable energy sectors, reflecting its commitment to the global energy transition.

Reliance Industries has been actively expanding its presence in the power transmission sector. The company prequalified for the ISTS-TBCB scheme "Jamnagar Transmission Ltd." This project focuses on building a dedicated transmission line to feed 500 MW of renewable energy to its Jamnagar petroleum refinery in Gujarat.

Beside, Reliance Industries also sought ISTS connectivity from the Khambaliya Pooling Station to build a dedicated transmission line (400 kV, 120 ckm) to feed renewable energy to its Jamnagar refinery. This project is being built by Power Grid Corporation of India Limited (PGCIL) under the regulated tariff mechanism (RTM) route.

These projects highlight Reliance Industries' commitment to expanding its renewable energy infrastructure and supporting the global energy transition.

Reliance Industries to Commission Its 1st Solar Giga Factory by the End of This Year

Reliance Industries is planning to commission the first phase of its solar giga factory by the end of the fiscal year 2024-25, which means it will be operational by March 2025.

In its largest annual report, the firm said it is targeting to commission the first train of 20GW solar PV (photovoltaic) manufacturing by the end of 2024-25 fiscal (April 2024 to March 2025) and scale up to 20GW in a phased manner over 2026.

This factory, located in Jamnagar, Gujarat, will have an initial capacity of 20 GW of solar photovoltaic (PV) manufacturing, including PV modules, cells, wafers, and ingots, polysilicon, and glass at a single location.

This is part of Reliance's broader strategy to achieve net zero carbon emissions by 2035.

To recall, in 2021 Reliance Industries has announced plans to invest $10 billion over three years to develop its new fuels business, which includes the solar giga factory. This investment is part of their broader strategy to achieve 100 GW of renewable power capacity by 2030.

Reliance is investing heavily in renewable energy sources. It is building the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, which will house multiple giga factories for solar PV, energy storage, and green hydrogen production.

Reliance is developing advanced carbon capture and storage technologies to convert CO2 emissions into useful products like chemicals, fuels, and materials. The company aims to make green hydrogen a key part of their energy mix. They have set a target to produce green hydrogen at $1 per kilogram within a decade.

The company is enhancing its recycling capabilities, particularly in PET recycling, and promoting the use of recycled materials in various products. Reliance is exploring bio-pathways to convert CO2 into renewable fuels and materials, further reducing their carbon footprint.

These initiatives are part of Reliance's broader vision to transform their energy platform and contribute to a sustainable future.

India's Top 10 Most Valued Firms Lose $21.53 Billion in Market Cap

On Monday, the top 10 most valued firms in India experienced a significant loss in market valuation, shedding a total of ₹2,58,376 crore (US $21.53 Billion). Reliance Industries Ltd. (RIL) and Tata Consultancy Services Ltd. (TCS) were the primary contributors to this decline.

1. Reliance Industries Ltd. (RIL): Lost ₹69,454 crore, bringing its market cap to ₹19.59 lakh crore.

2. Tata Consultancy Services Ltd. (TCS): Lost ₹45,024 crore, resulting in a market cap of ₹15.22 lakh crore.

3. HDFC Bank Ltd.: Also experienced a decline, losing ₹32,723 crore, with a market capitalization of ₹12.26 lakh crore.

4. State Bank of India (SBI): Saw its valuation decrease by ₹33,780 crore, reaching ₹7.22 lakh crore.

5. Hindustan Unilever Ltd. (HUL): Interestingly, HUL was the only gainer during this session, with its market cap rising by ₹6,449 crore to ₹6.39 lakh crore.

Overall, Reliance Industries remained the most valued firm, followed by TCS, HDFC Bank, Bharti Airtel Ltd., ICICI Bank Ltd., State Bank of India, Infosys, Hindustan Unilever Ltd., ITC Ltd., and Larsen & Toubro Ltd. Despite the losses, the Indian benchmark indices ended at their lowest levels since June 28, reflecting the impact of these market fluctuations.

Reliance Industries Testing 'Jio TV OS', the 1st Made-in-India Smart TV OS

Reliance Industries has taken a significant step by beta testing India's first homegrown smart television operating system (OS), known as Jio TV OS.

Jio TV OS is based on Google's Android platform. It will compete with established players such as Samsung's Tizen OS, LG's webOS, Skyworth's Coolita OS, and Hisense's Vidaa OS.

Reliance aims to bundle its other apps, including JioCinema, with the smart TVs running Jio TV OS. The integration of Jio broadband connections is also part of the strategy. Licensing deals and JioCinema integration are expected to drive revenue.

Jio TV OS is an open-source platform, encouraging developers to build optimized apps not only for smart TVs but also for other connected devices like smartphones.

Reliance is not charging any licensing fees, aiming to make the OS widely popular.

While large multinational companies like Samsung and LG may not adopt this OS due to their existing platforms, Reliance plans to collaborate with homegrown and smaller brands to increase adoption.

The smart TV market in India faced a 14% year-on-year decline in shipments during the January to March period. However, the segment of 55-inch and above screen size saw a 23% year-on-year growth in the same quarter. The market is expected to decline by 10% in calendar year 2024, primarily due to reduced demand for small-screen TVs.

Overall, Reliance Industries' Jio TV OS aims to disrupt India's smart TV market by offering an open-source alternative and leveraging its ecosystem of services. Keep an eye out for its official launch around Diwali.

Jio Financial Services Launches Beta Version of the 'JioFinance' App

Jio Financial Services has launched the beta version of the 'JioFinance' app. This new app aims to provide a comprehensive suite of financial services, including digital banking, UPI transactions, bill payments, and insurance advisory. It's designed to cater to users of all levels of familiarity with financial technology, ensuring effortless money management.

Key features of the JioFinance app include:

• Instant digital account opening
• Streamlined bank management with the Jio payments bank account feature
• A consolidated view of accounts and savings in a user-friendly interface
• Plans to expand loan solutions, starting with loans on mutual funds.

The app is currently in beta mode to invite user input for refinement and aims to make financial services more transparent, affordable, and intuitive. It's a significant step towards revolutionizing daily finances and digital banking.

To ensure customer satisfaction, "JioFinance" will launch in beta, inviting user input for refinement.

"We're excited to introduce the 'JioFinance,' app to the market. A platform that shall aim to redefine the way individuals manage their finances today. Our end goal is to simplify everything related to finance in a single platform for any user across all demographics, with a comprehensive suite of offerings like lending, investment, insurance, payments & transactions and make financial services more transparent, affordable and intuitive," said a company spokesperson.

Future plans for the app include expanding loan solutions, starting with loans on mutual funds and progressing to home loans. Overall, JioFinance aims to simplify financial services, making them more transparent, affordable, and intuitive for users.

Download — Playstore | iOS

Reliance Industries Signs Tech Licensing Agreement with Nel ASA for Manufacturing Electrolysers in India

Reliance Industries Limited (RIL) has signed a technology licensing agreement with Nel Hydrogen Electrolyser AS, a fully owned subsidiary of Nel ASA, a Norwegian company specializing in hydrogen technology. With this agreement, RIL has obtained an exclusive license to manufacture Nel's alkaline electrolysers in India for production of green hydrogen.

Mukesh Ambani promoted RIL is building a multi-GW fully integrated end-to-end new energy value chain, from photon to green molecules, paving the way for abundant and affordable access to sustainable energy. The phrase "from photon to green molecules" encapsulates RIL's ambitious project to harness solar energy (photons) and convert it into green hydrogen (green molecules) through a series of processes, as explained below:

1. Photon Capture: Utilizing solar panels to capture sunlight (photons).
2. Electricity Generation: Converting the captured solar energy into electricity.
3. Electrolysis: Using the electricity to power electrolysers, like the ones from Nel ASA, to split water into hydrogen and oxygen.
4. Green Hydrogen Production: The hydrogen produced in this process is considered 'green' because it's made using renewable energy sources without emitting carbon dioxide.
5. Storage and Distribution: Storing the green hydrogen and distributing it for various uses, such as fuel for vehicles, industrial processes, or power generation.

The agreement also permits RIL to manufacture alkaline electrolysers for their own global use. Through this agreement, RIL gains access to Nel's leading technology platform for manufacturing electrolysers.

Additionally, both companies will collaborate on R&D, value engineering, and other areas to improve performance and reduce costs.

This partnership also opens up a new revenue stream for Nel ASA in a rapidly growing market. According to the agreement, Nel can procure equipment from Reliance for its own projects. Nel will continue to serve the Indian market with technology platforms that are not covered by the agreement.

This move is significant for RIL as it aligns with their ambition to build a fully integrated, end-to-end new energy value chain, contributing to the sustainable energy future with green hydrogen as a critical element. It's a strategic step towards achieving the vision set by RIL’s Chairman, Mr. Mukesh Ambani, for affordable and sustainable energy access.

Notably, Nel ASA's electrolyser technology is already in use in various parts of the world. Nel's H2Station™ technology is utilized daily in several European countries as well as in South Korea.

In California, US, Nel's technology provides hydrogen to passenger vehicles, buses, trucks, and other vehicles. Nel is involved in the commissioning of the first hydrogen- powered train in Germany as part of the H2 West Coast Consortium.

RIL aims to create a significant impact on the production of green hydrogen by building a multi-gigawatt (GW) scale operation, potentially making the company a key player in the global transition to sustainable energy sources. This initiative is part of RIL's broader strategy to become a net-zero carbon company by 2035. It's a visionary step towards a cleaner energy future and aligns with global efforts to combat climate change.

RIL To Invest $25 Mn in Israel's Startup Incubator

India's Reliance Industries Ltd (RIL) recently announced that it has decided to invest a whopping US$ 25 million in Israel-based technology incubator, Jerusalem Innovation Incubator (JII). According to the terms of the partnership, JII will be using RIL's money to invest in early stage startups in the country working in areas of big data, fintech, artificial intelligence (AI), analytics, and Internet of Things (IoT) etc.

According to an official statement issued by RIL on the development, "The Board of Directors has approved to set up and invest in a technology incubator by the name of JII, licensed by Israel Innovation Authority (IIA), Ministry of Economy, Israel, under competitive bidding process."

The Israel-based technology incubator, which has been set up as a Limited Liability Partnership, will have RIL holding a 20 per cent interest stake.

RIL also specified that the JII investment is being done in partnership with Jerusalem-based equity crowdfunding platform, OurCrowd; Global mission- critical communications and services provider,
Motorola Solutions and Hebrew University of Jerusalem's technology transfer company, Yissum.

While OurCrowd will have a majority 60 per cent stake, Motorola will have 20 per cent interest similar to RIL. Yissum, on the other hand, will be working as a non-investing partner and provide JII with all the R&D and all other support that it might require.

JII will be invest in early stage startups working in areas such as big data, analytics, AI, fintech, storage, IoT and and computer vision, over the licence period of eight years.

"The company proposes to invest US$ 25 million in JII and in frontier technology startups in tranches over a period of about eight years, subject to necessary regulatory approvals," the RIL statement read.
According to RIL, the JII investment will help pool in significant amount of capital that will be able to fund cutting-edge innovation required by early-stage startups in the country in partnership with Israel Innovation Authority.

The company is hopeful that if the money is carefully invested, India would soon have an early access to technologies, products and innovation from Israel, a country considered as one of the world's largest startup and technology innovation ecosystem.

This isn't the first time that Israeli Startup industry has caught RIL's interest. In June, we reported how OurCrowd had entered into a strategic collaboration with India’s Reliance Private Client under which the Indian wealth management firm has been offering its clients the option of investing in the Israeli company’s funds and start-up portfolio.

The main aim between the collaboration between Israel's OurCrowd and India's Reliance Private Client is to build the former's presence in the Indian subcontinent. Once this aim is substantially conquered, the equity crowdfunding firm hopes that it will be possible for its portfolio companies to export their products to the Indian market.

RIL seems to have recognised that the only way they're going to maintain their number one crown in India is by keeping a close tab on startups and innovation. In addition to the Israeli startup industry, the company is equally vested in the ever-growing Indian startup ecosystem. RIL's four-month-long immersive GenNext Hub programme is an initiative to catalyse the growing startup community in India. The programme provides Indian startups with access to funding opportunities, technical experts, and business mentors, among various other resources. GenNext Hub startups get an opportunity to learn from RIL to think through, test, validate and deploy your solutions on a big scale.

RIL To Invest $25 Mn in Israel's Startup Incubator

India's Reliance Industries Ltd (RIL) recently announced that it has decided to invest a whopping US$ 25 million in Israel-based technology incubator, Jerusalem Innovation Incubator (JII). According to the terms of the partnership, JII will be using RIL's money to invest in early stage startups in the country working in areas of big data, fintech, artificial intelligence (AI), analytics, and Internet of Things (IoT) etc.

According to an official statement issued by RIL on the development, "The Board of Directors has approved to set up and invest in a technology incubator by the name of JII, licensed by Israel Innovation Authority (IIA), Ministry of Economy, Israel, under competitive bidding process."

The Israel-based technology incubator, which has been set up as a Limited Liability Partnership, will have RIL holding a 20 per cent interest stake.

RIL also specified that the JII investment is being done in partnership with Jerusalem-based equity crowdfunding platform, OurCrowd; Global mission- critical communications and services provider,
Motorola Solutions and Hebrew University of Jerusalem's technology transfer company, Yissum.

While OurCrowd will have a majority 60 per cent stake, Motorola will have 20 per cent interest similar to RIL. Yissum, on the other hand, will be working as a non-investing partner and provide JII with all the R&D and all other support that it might require.

JII will be invest in early stage startups working in areas such as big data, analytics, AI, fintech, storage, IoT and and computer vision, over the licence period of eight years.

"The company proposes to invest US$ 25 million in JII and in frontier technology startups in tranches over a period of about eight years, subject to necessary regulatory approvals," the RIL statement read.
According to RIL, the JII investment will help pool in significant amount of capital that will be able to fund cutting-edge innovation required by early-stage startups in the country in partnership with Israel Innovation Authority.

The company is hopeful that if the money is carefully invested, India would soon have an early access to technologies, products and innovation from Israel, a country considered as one of the world's largest startup and technology innovation ecosystem.

This isn't the first time that Israeli Startup industry has caught RIL's interest. In June, we reported how OurCrowd had entered into a strategic collaboration with India’s Reliance Private Client under which the Indian wealth management firm has been offering its clients the option of investing in the Israeli company’s funds and start-up portfolio.

The main aim between the collaboration between Israel's OurCrowd and India's Reliance Private Client is to build the former's presence in the Indian subcontinent. Once this aim is substantially conquered, the equity crowdfunding firm hopes that it will be possible for its portfolio companies to export their products to the Indian market.

RIL seems to have recognised that the only way they're going to maintain their number one crown in India is by keeping a close tab on startups and innovation. In addition to the Israeli startup industry, the company is equally vested in the ever-growing Indian startup ecosystem. RIL's four-month-long immersive GenNext Hub programme is an initiative to catalyse the growing startup community in India. The programme provides Indian startups with access to funding opportunities, technical experts, and business mentors, among various other resources. GenNext Hub startups get an opportunity to learn from RIL to think through, test, validate and deploy your solutions on a big scale.

Aditya Birla Group to launch E-Commerce project in India

The Aditya Birla group is all geared to launch a project to back the e-commerce industry. This can be seen as the group’s huge step of cashing in on the rising online business. The online business is flourishing like never before due to rising disposable incomes, rapid adoption of Smartphones and an increase in the number of young consumers.

Recently, Reliance Retail had also announced about its plans of entering the e-commerce arena of India by launching multi-channel shopping from this year.

Prashant Gupta, who currently heads the chairman’s office at Aditya Birla, has been named to be the leader of the new project. Gupta is a hardworking professional and was chosen for this prestigious post due his twelve year experience at McKinsey & Co. Gupta has been able to gain deep insights into the long-term potential of various businesses due to his this experience.

Gupta is an alumnus of the prestigious Indian Institute of Management, Ahmedabad and had joined the group as a President in 2010.  Ever Since joining, his main duties had been assisting KM Birla in strategic planning and monitoring of diversified businesses.

Gupta’s current job is to do an extensive study and research of the whole e-commerce space and then evaluate the business potential and then based on his evaluation and study, the group would decide whether it should go ahead with the project or not.

In a similar move in 2007, the group had moved the then CFO Sumant Sinha to head the push into the retail business. He has played a huge role in building up the retail business and in taking over Trinethra, a Hyderabad based supermarket.

A recent study conducted by McKinsey estimated that India will have around 330 to 370 million people online by next year. This clearly shows that India is on the verge of an internet boom.

The Indian e-commerce market has been estimated at $13 billion in 2013. Online sales of retail goods amounted to $ 1.6 billion in 2013 and this figure is expected to escalate to $ 76 billion by 2021.

It seems Indian e-commerce market has found a major backer in Kumar Mangalam Birla of the Aditya Birla Group.

Aditya Birla Group to launch E-Commerce project in India

The Aditya Birla group is all geared to launch a project to back the e-commerce industry. This can be seen as the group’s huge step of cashing in on the rising online business. The online business is flourishing like never before due to rising disposable incomes, rapid adoption of Smartphones and an increase in the number of young consumers.

Recently, Reliance Retail had also announced about its plans of entering the e-commerce arena of India by launching multi-channel shopping from this year.

Prashant Gupta, who currently heads the chairman’s office at Aditya Birla, has been named to be the leader of the new project. Gupta is a hardworking professional and was chosen for this prestigious post due his twelve year experience at McKinsey & Co. Gupta has been able to gain deep insights into the long-term potential of various businesses due to his this experience.

Gupta is an alumnus of the prestigious Indian Institute of Management, Ahmedabad and had joined the group as a President in 2010.  Ever Since joining, his main duties had been assisting KM Birla in strategic planning and monitoring of diversified businesses.

Gupta’s current job is to do an extensive study and research of the whole e-commerce space and then evaluate the business potential and then based on his evaluation and study, the group would decide whether it should go ahead with the project or not.

In a similar move in 2007, the group had moved the then CFO Sumant Sinha to head the push into the retail business. He has played a huge role in building up the retail business and in taking over Trinethra, a Hyderabad based supermarket.

A recent study conducted by McKinsey estimated that India will have around 330 to 370 million people online by next year. This clearly shows that India is on the verge of an internet boom.

The Indian e-commerce market has been estimated at $13 billion in 2013. Online sales of retail goods amounted to $ 1.6 billion in 2013 and this figure is expected to escalate to $ 76 billion by 2021.

It seems Indian e-commerce market has found a major backer in Kumar Mangalam Birla of the Aditya Birla Group.