Indian conglomerate Reliance Industries is poised for its next growth phase and aspires to become the largest developer of renewable energy projects in the country, according to its annual report released on Wednesday.

The report noted that Reliance has strengthened its balance sheet following the previous round of capital expenditure and is prepared for the next stage of growth. Chairman Mukesh Ambani commented in the report that the company is well-positioned for further advancement.

Reliance Industries is actively monitoring financial markets to identify suitable opportunities for raising capital to support its growth strategies.

The conglomerate, which operates the world's largest refining complex in Jamnagar, Gujarat, announced in 2021 a $10 billion investment to develop its green energy portfolio and achieve its net zero carbon goal by 2035.

Similarly, Adani Group, another Indian conglomerate, is investing billions to expand its green energy initiatives and aims to increase its non-fossil fuel capacity, including solar and wind energy, to 500 gigawatts (GW) by 2030.

Reliance, which targets establishing 100 GW of renewable energy installations by 2030, plans to commence production of ingots and wafers?essential components for low-cost solar cells and modules?at its 10 GW solar photovoltaic (PV) giga factory in Jamnagar by December. The company also intends to double the capacity of this PV factory by 2026.