Reliance Industries extends the timeline for battery pack production to 2024

According to information provided in the oil-to-telecom conglomerate's most recent annual report, Reliance Industries (RIL) has revised its battery pack production plan, moving it from 2023 earlier to 2024.

The start of battery pack production was noted by the corporation in the FY23 annual report, which was made public on Sunday. Mukesh Ambani, chairman and managing director of RIL, had stated at the company's annual general meeting (AGM) a year prior that "We aim to start production of battery packs by 2023 and scale up to a fully integrated 5 GWh annual cell-to-pack manufacturing facility by 2024."

According to the most recent annual report, 2024 remains the target date for scaling up to a fully integrated 5 GWh per year cell-to-pack production facility.

Battery manufacturing is part of RIL’s focus on the new energy business — a conscious shift from fossil fuels, which, according to Ambani in his latest statement, cannot continue much longer.

In December 2021, RIL announced the acquisition of a leading global sodium-ion battery technology company, Faradion, for an enterprise value of GBP 100 million with plans to use the latter’s state-of-the-art technology at its proposed fully integrated energy storage gigafactory in Jamnagar.

Source: Media Reports