It’s alright to wonder how the richest man of India pays his bill with no constant salary flowing in every month.
Let’s leave that as a mystery for now.
More importantly, billionaire Mukesh Ambani for the 2nd year in a row drew no salary from his flagship firm, Reliance Industries, in the last fiscal.
He voluntarily relinquished his entire salary in 2020-21, which exacted a huge toll on the societal, economic, and industrial health of the nation.
He continued to forgo his salary as well as allowances, commission, and retiral benefits in 2021-22 as well.
With a salary capped at Rs.15 Cr since 2008-09, Ambani wants to set a personal example of moderation in managerial compensation levels.
A good example of that!
Speaking of setting an example, Ambani wants to set another one when it comes to doing business.
He’s ready to take on one of his biggest competitors – head-first – in green energy, and India’s richest man, Gautam Adani, should be worried since green energy is also one of his primary businesses.
How’s he going to do it?
So Reliance Industries has an added and huge advantage over Adani.
It runs its own massive facility in Jamnagar, from where it can source up to 90 kilo-tonne of polysilicon – a key raw material in the photovoltaic supply chain.
About 5 tonnes of polysilicon is needed to manufacture 1-megawatt worth of solar modules. The 20 GW target would need about 1 lakh tonnes of polysilicon.
Fun fact: RIL already has 90% of that supply secure!
Reliance has already inked partnerships with several global players (we already know its love for foreign brands by now).
The partners include Ambri in the US, Faradion in the UK, and Lithium Werks in the Netherlands, and each offers expertise in energy storage.
Commercializing hydrogen technology and setting up its supply chain is another pie that Reliance has been eyeing for a while now.
Notably, these efforts are in line with the conglomerate’s commitment of $10 billion capex towards green energy efforts last year.
Too long? Here’s a one-liner: Reliance Chairman Mukesh Ambani foregoes his annual salary of Rs.15 Cr for the 2nd time in a row to set an example; eyes green energy and hydrogen technology next.