Indian conglomerates -- including prominent names such as Reliance Industries, and the Adani, Tata, and JSW groups -- are gearing up for an investment of $800 billion over the next decade, nearly trebling their spending compared to the previous 10 years, according to a report from S&P Global Ratings. Roughly 40 per cent of this projected outlay is expected to go towards emerging industries, including green hydrogen, clean energy, semiconductors, and electric vehicles (EVs). While the potential for transformation is substantial, these investments come with significant risks, cautions the ratings agency, noting that these companies face both execution risks and the possibility of accumulating debt on technologies yet to prove their commercial viability. Green hydrogen, a key focus area, exemplifies the challenge, as it requires considerable upfront capital with uncertain returns.