Reliance Acquires Norway-Headquartered REC Group For $771 Million In Mega Solar Energy Push

TNN Bureau. Updated: 10/10/2021 2:47:06 PM Business and Economy

Reliance Industries Limited (RIL) on Sunday acquired Norwegian-headquartered solar module maker REC Solar Holdings (REC Group) for an enterprise value of US$ 771 million (around Rs 5,800 crore) from China National Bluestar. REC Group is a leading international solar energy company for pioneering innovations. It is known for its high-efficiency, long-life solar cells and panels for clean and affordable solar power.

“Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of RIL, has acquired REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd., for an enterprise value of $771 million," RIL said in a statement.

Speaking about the acquisition, RIL chairman and managing director 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."

RIL said that REC has more than 1,300 employees globally and they will become proud members of the Reliance Family after the successful completion of the transaction and become an integral part of the team that is driving one of the world’s most ambitious mission to drive green energy transition.

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