Reliance Industries eyes billion-dollar REC buy from ChemChina for solar push

Reliance Industries (RIL NSE 0.65 %) is close to acquiring REC NSE -0.23 % Group, the largest solar panel manufacturer in Europe, for $1-1.2 billion from China National Chemical Corp (ChemChina), said people aware of the matter.

The purchase will help RIL access cutting-edge technology and global manufacturing capabilities as it continues with its recently-announced march into green energy, they said.