Billionaire Mukesh Ambani’s Reliance Industries Ltd on Sunday announced acquisition of Norway-based solar panel manufacturer REC Solar Holdings for USD 771 million as the oil-to-retail conglomerate made its first move towards creating a multi-billion-dollar clean energy portfolio to become net carbon zero by 2035.
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,” the firm said in a statement.
