Reliance partners with Brookfield for Australia's renewable energy push

BENGALURU (Reuters) -India's Reliance Industries said on Tuesday that it has signed an agreement with Brookfield Asset Management to explore the manufacturing of renewable energy and decarbonisation equipment in Australia.

Brookfield will work with Reliance to explore avenues of direct capital investment and evaluate setting up operations in Australia to make or assemble renewable energy equipment and supply, Reliance said in the statement.

Brookfield Asset Management said in March it will invest A$20 billion and A$30 billion over the next ten years in Australia along with it partners in renewable energy projects.

The Reliance-Brookfield partnership intends to support that investment, the companies said on Tuesday.

Billionaire Mukesh Ambani-owned Reliance has been aggresively expanding into sectors outside its mainstay oil-to-chemicals business with businesses in retail, telecom, and green energy.

Reliance is building factories at Jamnagar, Gujarat to produce solar cells and modules, energy storage batteries, fuel cells and green hydrogen.

(Reporting by Varun Vyas in Bengaluru; Editing by Rashmi Aich and Nivedita Bhattacharjee)