Reliance India Limited (RIL) chairman and managing director Mukesh Ambani on Thursday announced the telecom company's green energy initiatives and said it will invest Rs 75,000 crore in three years towards the "Green Vision" plan.

Mukesh Ambani said Reliance will create and offer a fully integrated, end-to-end renewables energy eco-system. "Over the next three years, we will invest over Rs 60,000 crore in these initiatives," he said during the 44th Annual General Meeting (AGM) of Reliance Industries Limited.

"We will invest an additional Rs 15,000 crore in value chain, partnerships and future technologies, including upstream and downstream industries. Thus, our overall investment in new energy business will be Rs 75,000 crore in three years," Mukesh Ambani said. FOLLOW LIVE UPDATES HERE

The 44th Annual General Meeting (AGM) of Reliance Industries Limited (RIL) is the much-awaited event, being held virtually due to the Covid-19 pandemic. It is one of the most anticipated annual events of the year as Asia’s richest man Mukesh Ambani is expected to make some key announcements about his company’s upcoming ventures.

During the event, Mukesh Ambani outlined a plan to invest Rs 75,000 crore in green energy initiatives over three years.

"By implementing our Green Vision, Reliance will help transition India and the World from an Industrial Civilisation to an Ecological Civilisation. We are repaying our debt of gratitude to Mother Nature," Mukesh Ambani said during the 44th Annual General Meeting (AGM) of Reliance Industries Limited (RIL).

"In 2016, we launched Jio with the aim of bridging the Digital Divide in India. Now, in 2021, we are launching our new energy business with the aim of bridging the green energy divide in India and globally," Mukesh Ambani said.

"World-class talent will be the most critical resource for this new business. We have started attracting the best talent from across world. We have established Reliance New Energy Council with some of the finest minds globally," Mukesh Ambani said.

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Ambani said Reliance has started work on developing the Dhirubhsi Green Energy Giga Complex on 5,000 acres in Jamnagar. "It will be amongst the largest such integrated renewable energy manufacturing facilities in the world," he said.

"We plan to build four Giga factories to manufacture and integrate all critical components of new energy ecosystem solar photovoltaic module factory, energy storage battery factory, electrolyser factory, fuel cell factory," Ambani said.

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Mukesh Ambani also said that the company will transform its legacy energy business into a sustainable, circular and net-zero carbon materials business. "We will do this by repurposing our existing assets to extend their economic life and earning capacity," he said.

"We will build two additional divisions to further strengthen this ecosystem. First, a dedicated Renewable Energy Project Management and Construction Division. Second, a dedicated Renewable Energy Project Finance Division," Mukesh Ambani.

"With these new initiatives, Reliance will put Gujarat and India on world solar and hydrogen map. All our products will proudly proclaim ‘Made in India, by India, for India and for the world," Mukesh Ambani said.