Billionaire Mukesh Ambani’s Reliance Industries Ltd on Sunday announced two back-to-back acquisitions – a USD 771 million buyout of Norway-based solar panel manufacturer REC Solar Holdings and purchase of 40% stake in Shapoorji Pallonji Group’s Sterling & Wilson Solar – as the oil-to-retail conglomerate moved to create a multi-billion-dollar clean energy portfolio.
Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of RIL, acquired “100% shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd for an Enterprise Value of USD 771 million (about Rs 5,800 crore),” the firm said in a statement.
