billionaire industrialist mukesh ambani
Billionaire industrialist Mukesh Ambani’s newly formed energy company Reliance New Energy Solar Ltd. (RNESL) has announced its first acquisition. RNESL, a wholly owned subsidiary of Reliance Industries, has bought REC Solar for $ 771 million (Rs 5,792 crore). The company gave this information on Sunday. A statement said that RNESL has acquired China National Bluestar (Group) Ltd. It has acquired 100% shareholding of REC Solar Holdings AS (REC Group) at an enterprise value of $771 million from
REC is headquartered in Norway. It has operational headquarters in Singapore and regional centers in North America, Europe, Australia and Asia-Pacific. REC GROUP is an international solar energy company. It leads the industry through its technology innovations. This 25 year old company has three manufacturing plants. Two of these are in Norway where solar grade polysilicon is made. There is a plant in Singapore where PV cells and modules are manufactured.
Reliance will strongly support the expansion plan of REC, the statement said. This includes 2-3 GW of sales and module capacity in Singapore, a new 2 GW of sales and module unit in France and another 1 GW of module plant in the US.
Technology will be used in Dhirubhai Ambani Green Energy Giga Complex
In India, Reliance plans to use this industry-leading technology at its Dhirubhai Ambani Green Energy Giga Complex in Jamnagar.
The acquisition of REC will provide Reliance with a globally ready platform and enable it to expand into key green energy markets across the globe. These markets include the Americas, Europe, Australia and other locations in Asia.
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