Now Mukesh Ambani's focus on 'Green Energy', bought this Chinese company for 5792.64 crores


Industrialist Mukesh Ambani's company Reliance Industries Limited has announced the purchase of China National Bluestar (Group) to REC Solar Holdings AS (REC Group).


Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary of RIL, has announced to buy a 100 percent stake in REC Group from China National Bluestar (Group). The deal has been settled at an enterprise value of US$ 771 million i.e. around Rs 5792.64 crore.


Headquartered in Norway, REC Solar Holdings holds 446 utility and design patents. It has an operational base in Singapore and regional hubs in the US, Europe, Australia, and the Asia Pacific. In June, RIL chairman Mukesh Ambani had informed about investing Rs 75,000 crore in clean energy over the next three years.


RIL's future plan

Reliance Company will use REC's best technologies in the Dhirubhai Ambani Green Energy Giga Complex to be built in Jamnagar, which plans to increase the capacity from 4 GW per annum to 10 GW per annum. Where REC has the best solar technology.

   

On this acquisition, RIL Chairman Mukesh Ambani said, "I am extremely pleased with the acquisition of REC, as it will help harness the unlimited and year-round solar power of solar power." This acquisition is in line with our strategy to invest in new and advanced technologies and operational capabilities to achieve Reliance's goal of creating 100 GW of clean and green energy before the end of the decade.

  

REC is a multinational company

The acquisition of REC will give Reliance access to solar energy markets across the world, including the US, Europe, Australia, and Asia. Because Reliance has decades of experience in setting up large-scale projects and running them with excellence. REC is a globally trusted brand known for its innovation. Worldwide, REC employs more than 1,300 employees.

  

Significantly, Reliance is also included in the 19 companies that have bid for setting up solar manufacturing units under the ambitious Rs 4,500 crore Production Linked Incentive (PLI) scheme of the central government. Prime Minister Narendra Modi aims to generate 450 GW of renewable energy in India by 2030 and this will be the biggest contribution of any single company to achieve this.

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