The first of our New Energy Giga-factories is on-track to commence production of solar PV modules by the end of this year with a comprehensive range of renewable solutions including solar, energy storage systems, green hydrogen, bio-energy and wind, says Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited during Q2 FY25 results.  The New Energy business is poised to become a significant contributor to global clean energy transition. 

Commenting on the results, Ambani said, “I am happy to note that during this quarter Reliance once again demonstrated the resilience of its diversified business portfolio. Our performance reflects robust growth in Digital Services and Upstream business. This helped partially offset weak contribution from O2C business which was impacted by unfavorable global demand-supply dynamics.

During 2Q FY25 polymer domestic demand declined by 5% Y-o-Y. PE demand was down 12% mainly due to high base effect as 2Q FY24 witnessed higher imports due to multiyear low prices. PVC demand was up 3% led by continuing focus on Govt. schemes for agriculture and infrastructure. PP demand remained stable. 

On a Y-o-Y basis, domestic polyester demand decreased by 7%. PET demand was down 10% due to low demand from the beverages sector led by extended monsoon. PSF and PFY were down by 9% and 5% respectively due to low activity in the fabrics market. 

Under Clean N Green, Reliance BP Mobility Limited (RBML) has expanded CBG network to 28 sites retailing Bio-CNG manufactured at RIL’s 7 digesters. RBML is also ramping up its network of CNG outlets.