Reliance Industries Limited has announced a landmark green energy partnership that positions India as a major exporter of clean fuels on the global stage. The company has entered into a binding long-term Supply and Purchase Agreement with Samsung C&T Corporation, South Korea, marking one of the largest green ammonia deals worldwide.

Morgan Stanley Analysis and Target Price

Following the Samsung C&T agreement announcement, Morgan Stanley has maintained its Overweight rating on Reliance Industries with a target price of ₹1,803. The brokerage firm views this deal as a significant step in monetising RIL's new energy business, which represents approximately $20 billion in business potential.

Morgan Stanley highlighted that the deal aligns perfectly with RIL's hydrogen and decarbonisation strategy, potentially boosting energy earnings significantly. The analyst noted that RIL stock currently trades at approximately 62% discount to peers, presenting an attractive investment opportunity.

Agreement Details and Financial Impact

The comprehensive partnership encompasses significant financial commitments and operational milestones that demonstrate the scale of this green energy initiative.

The agreement represents one of the largest binding long-term green ammonia offtake agreements globally, setting a new benchmark in the global energy landscape. This partnership establishes India as an emerging exporter of green fuels produced through an end-to-end indigenous value chain anchored in the country.

Integrated New Energy Platform Development

Reliance Industries is developing a comprehensive New Energy ecosystem that encompasses multiple clean energy technologies and manufacturing capabilities. The company's strategy focuses on building a fully integrated platform spanning renewable energy, energy storage, green hydrogen, and downstream green fuels and chemicals.

A central pillar of RIL's New Energy ecosystem involves the indigenisation of critical clean-energy technologies in India, including:

• Solar modules manufacturing
• Battery Energy Storage Systems (BESS)
• Electrolyser systems production

This approach aligns with the Government of India's vision for self-reliance and domestic manufacturing leadership, supporting India's National Green Hydrogen Mission. By integrating these capabilities within a single ecosystem, RIL aims to deliver green energy solutions that are competitive, scalable, and reliable for global markets while strengthening India's industrial base.

Strategic Vision and Market Positioning

Executive Director Anant Ambani emphasized the significance of this partnership in India's clean-energy journey, stating that the company is proud to partner with Samsung C&T to supply green ammonia that is cost-competitive and reliable. He highlighted that RIL's New Energy initiative aims to advance the energy transition while building a strong industrial platform for India.

The Samsung C&T agreement represents the first in a series of long-term offtake partnerships supporting the scale-up of RIL's New Energy platform. These partnerships are expected to help scale the company's green hydrogen ecosystem and gigafactories while contributing to India's ambition of becoming a global hub for green hydrogen and its derivatives.

Manufacturing Infrastructure and Capabilities

Reliance Industries is establishing comprehensive manufacturing infrastructure through its New Energy business, building one of the world's most integrated clean energy platforms. The development includes a mega-scale solar and storage project in Kutch providing round-the-clock renewable power, feeding integrated green hydrogen and ammonia production at Jamnagar.

The infrastructure is anchored by the Dhirubhai Ambani Green Energy Giga Complex, a 5,000-acre advanced manufacturing hub housing gigafactories for multiple clean energy technologies including solar modules, batteries, electrolysers, fuel cells, and power electronics. This integrated approach supports the company's commitment to achieve net carbon zero by 2035.

Reliance Industries has disclosed receiving a customs order imposing a redemption fine and penalty of Rs 17,06,958 for alleged customs duty discrepancies. The oil-to-telecom conglomerate made this disclosure under regulatory requirements following receipt of the order from customs authorities.

Customs Order Details

The Additional Commissioner of Customs, Mundra issued the order dated March 16, 2026, under applicable provisions of the Customs Act, 1962. The company received this order via email on March 17, 2026, at 09:49 a.m. (IST).

Allegations and Company Response

The customs order alleges that Reliance Industries discharged lesser custom duty by incorrect classification of imported goods in the Bill of Entry. This classification discrepancy forms the basis for the redemption fine and penalty imposed by the customs authorities.

Reliance Industries has indicated its intention to file an appeal against the order, suggesting the company disputes the allegations made by the customs department.

Financial and Operational Impact

The company has clarified the scope of impact from this customs order:

• Financial Impact: Limited to the extent of the redemption fine and penalty levied (Rs 17,06,958)
• Operational Impact: No impact on operations or other activities of the company
• Business Continuity: Normal business operations remain unaffected

Regulatory Compliance

This disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company secretary and compliance officer Savithri Parekh signed the disclosure document on March 18, 2026.

The disclosure was submitted to both BSE Limited and National Stock Exchange of India Limited, along with international exchanges including Luxembourg Stock Exchange and Singapore Exchange Limited, reflecting the company's multi-jurisdictional listing requirements.