Reliance Industries (RIL) on Sunday acquired REC Solar Holdings AS (REC Group) from China Bluestar (Group) Co for an enterprise value of $772 million or Rs 5,800 crore.
The acquisition by RIL’s wholly owned subsidiary, Reliance New Energy Solar, will help the company set up its integrated metallic silicon to PV panel manufacturing giga factory in Jamnagar, starting with 4 GW per annum capacity and eventually taking it to 10 GW. The technology will then be used to replicate such complexes globally in markets such as the US, Europe and Australia, the company said in a statement.
