Reliance industries Ltd obtains solar panel manufacturer REC Solar Holdings as in a deal providing the company an enterprise value of $771million.
Reliance Industries Ltd acquires REC Solar for ₹5,792 cr, to buy 40% of Sterling and Wilson Solar for ₹2,856 cr.
Reliance New Energy Solar Ltd, a wholly- had unit of Mukesh Ambani- led Reliance Diligence Ltd, enunciated two accessions for nearly ₹8,600 crore on Sunday as part of its ₹75,000 crore green energy transition plan.
The company has acquired 100 per cent stake in Norway- hung solar cell, panel and polysilicon maker REC Solar Goods for an enterprise value of $771 million (₹5,792crore).
It also enunciated plans to buy a 40 per cent stake in Shapoorji Pallonji- backed Sterling and Wilson Solar Ltd (SWSL) for ₹2,845crore.
In August, Reliance New Energy, along with strategic investors Paulson & Co Inc and Bill Gates, and a multiple other investors, had enunciated an investment of$ 144 million in Ambri Inc, an energy magazine company hung in Massachusetts, US.
These accessions are part of Mukesh Ambani’s plan to pivot from the traditional fogy energy- hung business to green energy.
“ Reliance is now ready to set up a global scale integrated photovoltaic Gigafactory and make India a manufacturing epicenter for minimal cost and top effectualness solar panels. We’ll continue to invest, fabricate and band with global players to achieve the top responsibility, effectualness and parsimony to deliver high- quality, secure power at affordable prices to our clients both in India and demands worldwide,” Mukesh Ambani, Chairman, Reliance Diligence, said on Sunday.
Norway-headquartered REC Solar will be a pivotal part of Reliance’s new energy vision, giving it with a global and significant operating and technology platform, the company said in a statement.
“ The obtainment is in line with our strategy of investing in new and advanced technologies and operating capabilities aimed at achieving Reliance’s mark of enabling 100 GW clean and green energy before the end of this decade,” Ambani added.
According to a press statement, REC’s range of solar modules are considered among industriousness leaders in solidity and long guaranteed life, thanks to the heterojunction (HJT) technology.
