Mukesh Ambani-led Reliance New Energy Solar acquires REC Solar for US$ 771 million

Mumbai/New Delhi : Reliance New Energy Solar, a wholly owned subsidiary of Reliance Industries Ltd (RIL) on Sunday announced acquisition of 100 per cent shareholding of REC Solar from China National Bluestar (Group) Co Ltd for an enterprise value of US$ 771 million.

The acquisition of REC will help Reliance with a ready global platform and the opportunity to expand and grow in key green energy markets globally, including in the US, Europe, Australia and elsewhere in Asia.

Norway-headquartered REC Solar is one of the world’s leading solar cells, panels and polysilicon manufacturing company. The 25-year-old company has three manufacturing facilities – two in Norway for making solar grade polysilicon and one in Singapore making PV cells and modules.

Speaking about the acquisition, RIL Chairman Mukesh Ambani said, “I am immensely pleased with our acquisition of REC because it will help Reliance tap the unlimited and year-long power of Soorya Dev, the Sun God, that India is fortunate to be blessed with. It is in line with our strategy of investing in new and advanced technologies and operating capabilities aimed at achieving Reliance’s goal of enabling 100 GW clean and green energy before the end of this decade,” Ambani said.

The RIL Chairman stated that together with other recent investments by the company Reliance is now ready to set up a global scale integrated Photovoltaic Giga factory and make India a manufacturing hub for lowest cost and highest efficiency solar panels.

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