Business
From Maglev Transportation To Hydrogen ICE Engines, Fuel Cell And Battery Electric Drive System: RIL Forays Into New Businesses
Reliance Industries chairman Mukesh Ambani.
Reliance Industries Limited (RIL) is planning to foray into multiple new fields including public transportation system using magnetic levitation, hydrogen internal combustion engines (ICE), battery and fuel cell electric drive systems among others.
At the Forty-fifth Annual General Meeting (Post-IPO) of RIL held on 29 August, the members have approved the alteration to the Object Clause of the Memorandum of Association (MOA) of the company.
A Memorandum of Association (MOA) is a document containing the object for which the company is formed. It identifies the scope of company's operations.
Three new sub-clauses 8, 9 and 10 will be added after the existing sub-clause 7 in Clause III.A of RIL's MoA, the company said in a regulatory filing on Tuesday (30 August).
According to the newly added sub-clauses, the company will carry on the "business of designers, innovators, manufacturers, developers, assemblers, integrators, sellers, buyers, fabricators, recyclers, operators and dealers in new energy value chain".
The new energy value chain, according to the company, comprises of quartz and silica mining, metallic silicone, polysilicon, silicon or other photovoltaic/photosensitive substrate/wafers, photovoltaic cells, module and ancillaries, sheet glass, polyolefin elastomer, module mounting structure.
It also includes energy storage system comprising cell and battery packs, power conversion system and other electro-mechanical and electro-chemical energy storage system, electrolysers, fuel cells, semiconductor and power electronics components, sub-assemblies and full systems and parts including magnetics, ingredients, components and other ancillary items and hardware.
Further, digital platforms and software services "including but not limited to cloud services, applications and software services used in new energy and related project(s), operations, maintenance and support services and activities" have been added.
The company will also carry on the business of "hydrogen and its derivative chemicals including ammonia and methanol and other derivative chemicals".
Further, it will also foray into the business of "conventional or hydrogen internal combustion engines, battery electric drive system, battery charging and swapping, fuel cell electric drive system, entire vehicles, public/individual transportation system including magnetic levitation".
The company will work in collaboration with original equipment, technology and service provider for the same, according to the newly added clauses.
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