A unit of Reliance Industries acquired solar panel manufacturer REC Solar Holdings AS in a deal giving the company an enterprise value of US$771 million as the Indian oil-to-retail conglomerate seeks to extend its dominance into alternative energy.
The purchase of Norway-based REC Solar from China National Bluestar Group Co will help Reliance New Energy Solar expand in green energy markets globally, including the US, Europe, Australia and elsewhere in Asia, according to a statement from the parent company on Sunday.
Reliance Industries Chairman Mukesh Ambani pledged in June to spend US$10 billion on green energy over three years, putting him squarely in competition with Gautam Adani’s Adani Group, which is planning to invest US$20 billion over 10 years for renewable energy businesses.
