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Reliance Industries Ltd, an industrial company owned by Mukesh Ambani, has announced the acquisition of China National Bluestar (Group) from REC Solar Holdings AS (REC Group).
Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary of RIL, has announced that it is acquiring a 100 percent stake in REC Group from China National Bluestar (Group). The US $ 771 million or about Rs. The deal ended with a business value of 5,792.64 million.
REC Solar Holdings, based in Norway, holds 446 service and design patents. It has operations in Singapore and regional centers in the US, Europe, Australia, and the Asia Pacific. In June, RIL President Mukesh Ambani reported that it would invest Rs 75 billion in clean energy over the next three years.
Future planning of RIL
Reliance will use state-of-the-art REC technologies at the Dhirubhai Ambani Green Energy Giga Complex to be built in Jamnagar, which plans to increase capacity from 4 GW per year to 10 GW per year. REC has the best solar technology.
Commenting on the acquisition, RIL President Mukesh Ambani said: "I am very pleased with the acquisition of REC, as it will enable us to use unlimited, year-round solar energy." The acquisition comes in line with our strategy to invest in new and advanced technologies and operational capabilities to achieve Reliance’s goal of creating 100 GW of clean.
REC is a multinational company
REC acquisition gives Reliance access to solar energy markets worldwide, including the US, Europe, Australia, and Asia. Because Reliance has decades of experience in designing large-scale projects and implementing them brilliantly. REC is a world-renowned brand known for its innovations. REC employs more than 1,300 people worldwide.
The central government's ambitious Rs. Reliance was among the 19 companies that submitted bids for setting up solar fabrication units under the 4.5 billion production Linked Incentive (PLI) scheme. Prime Minister Narendra Modi has set a target of generating 450 GW of renewable energy in India by 2030 and this is the largest contribution made by any company to achieve this.
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