Reliance Industries Limited (RIL) on Sunday acquired Norwegian-headquartered solar module maker REC Solar Holdings (REC Group) from China National Bluestar for an enterprise value of US$771 million (about Rs 5,800 crore). REC Group is a leading international solar power company for pioneering innovations. It is known for its high efficiency, long life solar cells and panels for clean and affordable solar energy.
RIL said, “Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of RIL, has acquired REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Company Limited at an enterprise value of $771 million. acquired.” a statement.
Speaking about the acquisition, Mukesh Ambani, Chairman and Managing Director, RIL said, “I am extremely happy with our acquisition of REC as it will help Reliance harness the unlimited and year-round power of Surya Dev, Surya Dev. For which India is lucky. Blessed be it.”
RIL said that REC has over 1,300 employees globally and upon successful completion of the transaction, they will become a proud member of the Reliance family and an integral part of the team that is leading the world’s most ambitious mission to drive the green energy transition. driving one of the .
At the company’s annual general meeting earlier this year, the Reliance Industries chairman had announced the company’s mega plan to invest Rs 75,000 crore over the next three years to set up four renewable energy gigafactories in Gujarat’s Jamnagar. As a part of the plan, the oil-to-telecom-to-retail conglomerate has started developing the 5,000-acre Dhirubhai Ambani Green Energy Giga Complex in Jamnagar. Unveiling RIL’s green energy plan, Ambani said, “It will be one of the largest integrated renewable energy manufacturing facilities in the world.”
The complex will cover the entire spectrum of renewable energy with four gigafactories—an integrated solar photovoltaic module factory, an advanced energy storage battery factory, an electrolyser factory for the production of green hydrogen, and a fuel-cell factory.
Talking about why green hydrogen is important for the planet, Mukesh Ambani at the International Climate Summit 2021 said, “Green hydrogen is zero-carbon energy. It is the best and cleanest source of energy, which can play a fundamental role in the world’s decarbonization plans.”
Norway’s REC Group has an annual solar panel production capacity of 1.8 gigawatts (GW). Incorporated in 1996, REC Group is one of the largest players in the market. It has so far installed around 10GW of capacity globally. The Norway company has regional centers in North America, Europe and Asia-Pacific.
Mukesh Ambani had earlier said that by 2030, Reliance Industries plans to develop the capacity to generate at least 100 gigawatts of electricity from renewable sources, which can be converted into carbon-free green hydrogen.
Disclaimer:Network18 and TV18 – the companies that operate news18.com – are controlled by the Independent Media Trust, of which Reliance Industries is the sole beneficiary.
read all breaking news, breaking news And coronavirus news Here. follow us on Facebook, Twitter And Wire.
.