Reliance Industries’ wholly owned subsidiary -- Reliance New Energy Solar (RNESL) has acquired 100% shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co, for an Enterprise Value of $771 million. The company will strongly support for REC's planned expansions including 2-3 GW Cells and Module capacity in Singapore, brand new 2 GW Cells and Module unit in France and another 1 GW Modules plant in the US.
Reliance's deep expertise of scale, project execution and operational excellence coupled with REC's technology will facilitate the establishment of state-of-the-art next-generation fully integrated PV manufacturing facility at Dhirubhai Ambani Green Energy Giga Complex and subsequently replicate such complexes around the world. 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.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
