Chairman of Reliance Industries Ltd, the owner of world’s largest single-location oil refining complex, Mukesh Ambani said on Monday that the company will set up 100 compressed biogas plants to convert agri-waste into gas. He further stated that this would result in reduction of about 7 million tonnes per annum of imported LNG.
Speaking at the company’s annual general shareholder meeting, he said after setting up two demo units for compressed biogas (CBG) at Jamnagar, Reliance has commissioned the first commercial scale CBG plant at Barabanki in Uttar Pradesh in a record time of just ~3 quarters.
“We will rapidly scale this up to 25 CBG plants across India. Our target is to establish 100 CBG plants in the next 5 years, consuming 5.5 million tonnes of agro-residue and organic waste, thereby mitigating nearly 2 million tonnes of carbon emissions, and producing 2.5 million tonnes of organic manure annually,” he said.
Reliance Industries Limited (“RIL”) engages in hydrocarbon exploration and production, oil and chemicals, textile, retail, digital, material and composites, renewables, and financial services businesses worldwide. RIL stock closed 1% down on Monday at Rs. 2,443.75. It shows bearish signals mainly the death cross about to form, after which historically the stock has fallen from the same support level.
