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Reliance Industries acquires 100% stake in REC Group

Mukesh Ambani, the largest shareholder of Reliance Industries.
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Reliance New Energy Solar (RNES), an arm of Indian multinational company Reliance Industries Ltd, has signed a binding agreement to acquire 100% shareholding of PV module manufacturer REC Group. According to Livemint.com, REC Group was acquired from previous owner China National Bluestar Group for a value of US$771 million.

Having earlier this year announced plans to invest close to $10 billion in establishing a “fully integrated, end-to-end renewable energy ecosystem”, RNES is moving forward with plans up and down the solar supply chain, having also this week announced the acquisition of a 40% stake in engineering, procurement and construction supplier Sterling and Wilson.

RNES plans to integrate REC’s production technology in its plans for a vertically integrated, silicon-to-module manufacturing site in Jamnagar, India. REC Group additionally stated that its new owner’s financial strength will help it to realize plans to expand its current base of around 2 GW PV module production capacity located in Singapore to 5 GW over the next two to three years, with reported plans for new factories in both Europe and the United States.

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Reliance Industries is led by Mukesh Ambani, currently ranked by Bloomberg as the 11th richest person in the world. The group reported net profits of $7.4 billion for the year ending March 31 2021, primarily from activities in the fossil fuel segment. In June, Ambani announced plans to invest up to $10 billion in a new venture across the renewable energy industry, including plans to span the entire solar supply chain, as well as make investments in energy storage and hydrogen.

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Source: pv magazine