Billionaire Mukesh Ambani’s ambitious effort to pivot his conglomerate Reliance Industries Ltd. toward green energy could transform India into a clean-hydrogen juggernaut.

Ambani, Asia’s richest man, announced plans earlier this month to invest $75 billion (¥8.6 trillion) in renewables infrastructure including generation plants, solar panels and electrolyzers. There is growing speculation that the strategy entails transforming all of that clean power into hydrogen, one of the largest endorsements in the next-generation fuel.

Analysts say Reliance is likely to opt for hydrogen in a bid to avoid India’s wholesale electricity market, which is dominated by financially stressed utilities and plagued by delayed payments.