NEW DELHI : Mukesh Ambani-controlled Reliance Industries Ltd (RIL) subsidiary Reliance New Energy Solar Ltd (RNESL) on Sunday announced the acquisition of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd, for an enterprise value of $771 million. Mint reported on 8 July about RIL looking to buy REC Group. RIL has been firming up its green energy push and, as part of this green energy pivot, also plans to help set up 100 gigawatts (GW) of solar energy by 2030. The scheme is expected to add 10 GW capacity of integrated solar PV manufacturing plants and bring direct investment of around ₹17,200 crore. Along with leveraging its growing green energy market to boost manufacturing, India is also looking to play a larger role in global supply chains.

Source: Mint October 10, 2021 08:26 UTC