Lagatar24 Desk
Mumbai, Oct 10: Reliance New Energy Solar, a subsidiary of Reliance Industries, has acquired REC Solar Holdings for Rs 5,792 crore ($771 million). Reliance New Energy Solar Limited (RNESL) has announced the acquisition of 100% stake of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Company Limited.
The acquisition is crucial for Reliance’s new energy vision to become a global photovoltaic (PV) manufacturing player. This acquisition will go a long way in helping Reliance Group achieve its target of producing 100 GW of solar energy by 2030. By this year, India also aims to generate 450 GW of renewable energy.
REC is a multinational solar energy company. It was started in 1996 from its headquarters in Norway. Its operational headquarter 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, of which 446 have been granted. REC is exclusively research and development focus company. With over 25 years of experience, it is one of the world’s leading solar cell, panel and polysilicon manufacturing companies.
Mukesh Ambani said that “we will continue to invest, manufacture and collaborate with global companies to provide quality and reliable products at affordable prices to our customers in the markets of India and around the world. Employment opportunities will be created in rural and urban areas, I am very happy about these opportunities”.
