Adani Outpaces Reliance in India's Renewable Energy Boom

In the rapidly evolving Indian energy landscape, two of the country's largest conglomerates, Adani and Reliance, are engaged in a high-stakes race to dominate the renewable energy sector.

As of August 2025, Adani has firmly established itself as the nation's largest green power producer. Through its subsidiary Adani Green Energy, the group has operationalized close to 16 GW of renewable energy capacity, primarily in solar and wind projects. Additionally, Adani New Industries Ltd (ANIL) has emerged as a top producer of solar cells, modules, and wind turbine generators, contributing significantly to the group's ₹25,000 crore in new energy earnings last fiscal year.

In contrast, Reliance Industries Ltd's (RIL) progress in the renewable energy space has been slower. While the conglomerate had ambitious plans to become a world leader in new energy and new materials within 15 years, as announced at its 2020 annual general meeting, the execution has faced several challenges. Of RIL's 330-odd subsidiaries, only about four dozen are engaged in new energy, and the revenues from these businesses remain minuscule compared to the group's ₹10-trillion annual income.

Reliance's battery project, in particular, has encountered delays. The company's plans to start battery pack production by 2024 and scale up to a 5 GWh per annum capacity by 2025 have been pushed back, with the plant now expected to become operational only in the latter half of 2025. Additionally, Reliance's recent acquisitions of UK-based Faradion and Chinese battery maker Lithium Werks have yet to bear fruit, with Faradion's operations struggling due to commercialization challenges.

At both Adani and Reliance, the new energy businesses are being led by the promoter families' next generation. Sagar Adani, the nephew of Gautam Adani, is an executive director at Adani Green Energy, while Mukesh Ambani's youngest son, Anant Ambani, is an executive director on the RIL board, focusing on new energy and materials.

As the two conglomerates continue to chart their paths in the renewable energy space, the race to capture the entire value chain, from solar cell and module manufacturing to wind turbine production and green hydrogen generation, remains a key strategic focus for both groups.