Reliance Industries acquires two companies to push clean energy

reliance industries acquires two companies to push clean energy

Reliance aims to use the industry-leading technology in their fully integrated, metallic Silicon to PV Panel manufacturing locally in Jamnagar.

Mukesh Ambani's Reliance Industries Ltd. is on a spree of acquiring renewable energy companies to contribute towards India's big plans for reducing its carbon emissions. In a filing on Sunday, Reliance Industries Limited (RIL) announced that it had acquired 100% of solar panel manufacturer REC Solar Holdings AS in a deal of $771 million. In a separate announcement hours later, the company said that it would also be acquiring 40% of billionaire Pallonji Mistry's Sterling & Wilson Solar Ltd., valued at $372 million.

REC is a global company with a presence in North America, Europe, Australia, and Asia-Pacific, having 2-3 GW Cells and Module capacity in Singapore, 2 GW Cells and Module unit in France, and another 1 GW Modules plant in the US. This will be helpful for Reliance in its expansion plans in India, as it aims to use this industry-leading technology in their fully integrated, metallic Silicon to PV Panel manufacturing giga factory at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar.

"It is in line with our strategy of investing in new and advanced technologies and operating capabilities aimed at achieving Reliance's goal of enabling 100 GW clean and green energy before the end of this decade," said Mukesh Ambani, Chairman of Reliance Industries. Ambani's efforts align with the government's plan of reducing carbon emissions at a large scale and quadrupling renewable energy up to 450 gigawatts by the end of this decade.