Mumbai, 10/910Reliance Industries has made a big deal in the field of solar energy. Reliance New Energy Solar said on Sunday 10 October that it has acquired REC Solar Holdings for Rs 5792 crore ($771 million).
Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of Reliance Industries Limited (RIL), has announced the acquisition of 100 percent stake of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Company Limited. Reliance New Energy Solar has given this information in the BSE filing.
Important deal for Reliance
The acquisition is crucial for Reliance’s new energy vision to become a global photovoltaic (PV) manufacturing player. This acquisition will prove to be very helpful for Reliance Group in achieving the target of producing 100 GW of solar energy by 2030. By this year, India also aims to produce 450 gigawatts of renewable energy.
REC was established in 1996
The Norwegian headquartered REC was established in 1996. Its operational headquarters is in Singapore. It also has regional centers in North America, Europe, Australia and Asia Pacific. The company holds over 600 utility and design patents, out of which 446 have been granted. REC is a company exclusively focused on research and development.