Energy

Reliance Industries Ltd. is preparing for a transformational leap by investing heavily in generative artificial intelligence (AI) infrastructure and clean energy, with Morgan Stanley projecting a potential USD 50 billion boost in the conglomerate’s market valuation. With its current valuation exceeding USD 240 billion, Reliance’s future trajectory is increasingly tied to its diversification into AI and new energy verticals. The company is constructing a 1GW AI data center in Jamnagar, powered by renewable energy, while also advancing battery manufacturing and green hydrogen production.

Adani Enterprises Ltd., the flagship of billionaire Gautam Adani’s conglomerate, is making a high-stakes entry into India’s petrochemical sector by developing a Rs. 1 million tonne-per-annum (TPA) PVC manufacturing facility in Mundra, Gujarat. With domestic demand for polyvinyl chloride (PVC) rapidly outpacing supply, this project positions Adani to directly challenge market leader Reliance Industries. Slated for commissioning by FY 2028, the plant will operate within a larger petrochemical cluster and leverage acetylene and carbide-based processes.

In a significant policy pivot, OPEC+ announced a faster-than-expected rollback of its 2023 voluntary production cuts, with eight core members led by Saudi Arabia committing to increase oil output by 548,000 barrels per day (bpd) starting August 2025. This surpasses prior expectations and signals a shift from price preservation to market share expansion as global refiners ramp up processing ahead of peak summer demand. However, the alliance’s unity is showing cracks, with Kazakhstan exceeding its production quota by a wide margin.

India’s premier energy trading platform, Indian Energy Exchange (IEX), reported a robust performance in June 2025, with total electricity trade volumes reaching 10,852 million units (MU), reflecting a 6.5% year-on-year increase. The exchange also witnessed significant momentum in renewable energy trading, particularly in Renewable Energy Certificates (RECs), with 32.32 lakh RECs traded in June alone. Notably, the IEX Green Market recorded a 30% surge in volumes, underscoring rising demand for green power.

Renewable energy firm ReNew Power has received an upgraded buyout proposal from a consortium of investors, offering to acquire all outstanding shares at USD 8.00 per share in cash. This revised bid values the company at approximately USD 880 million, marking a USD 100 million increase from an earlier offer. In response, ReNew’s board has constituted a Special Committee of independent directors, guided by external legal and financial advisors, to thoroughly review the proposal.

State-owned ONGC has forged a strategic alliance with Japan’s Mitsui OSK Lines to develop, own, and operate two Very Large Ethane Carriers (VLECs) to transport imported ethane intended for its subsidiary, ONGC Petro Additions Limited (OPaL). This initiative aligns with India’s shift away from ethane-rich LNG from Qatar under upcoming contract revisions in 2028. ONGC’s investment in ethane extraction infrastructure at Dahej and OPaL’s dual-feed cracker system necessitates a reliable ethane supply chain.

A groundbreaking report by the United Nations Development Programme (UNDP), in collaboration with the University of Denver’s Pardee Institute and Octopus Energy, outlines a transformative vision for the global energy future. The study finds that if countries align renewable energy deployment with broader development policies, it could lift 193 million people out of extreme poverty by 2060 and save the global economy USD 20.4 trillion.

In a continued effort to ease the burden on the hospitality and service sectors, state-run oil marketing companies have implemented another price cut on commercial LPG cylinders. Effective July 1, the price of a 19-kg commercial LPG cylinder has been reduced by Rs. 58.50, bringing the new retail price in Delhi to Rs. 1,665. This marks the fourth consecutive monthly reduction since April, signaling a strategic attempt to support small businesses facing high input costs.

Chhattisgarh has fortified its reputation as a burgeoning investment destination with the announcement of Rs. 1.25 lakh crore worth of fresh investment proposals across key sectors, including IT, semiconductors, healthcare, green energy, and logistics. The announcement, made during the ‘Industry Dialogue 2’ event, takes the state’s total investment pipeline to over Rs. 6.75 lakh crore in just 18 months.

Prime Minister Narendra Modi is set to embark on a five-nation diplomatic tour from July 2 to 9, visiting Ghana, Trinidad & Tobago, Argentina, Brazil, and Namibia. The trip reflects India's evolving foreign policy, which seeks to deepen engagement with the Global South while reinforcing its position within multilateral groupings such as BRICS. The tour will cover critical areas of cooperation including trade, defence, energy, health, and technology.