Reliance Industries (RIL) on Sunday acquired REC Photo voltaic Holdings AS (REC Group) from China Bluestar (Group) Co for an enterprise worth of $772 million or Rs 5,800 crore.
The acquisition by RIL’s wholly owned subsidiary, Reliance New Power Photo voltaic, will assist the corporate arrange its built-in metallic silicon to PV panel manufacturing giga manufacturing facility in Jamnagar, beginning with 4 GW each year capability and ultimately taking it to 10 GW. The expertise will then be used to copy such complexes globally in markets such because the US, Europe and Australia, the corporate stated in a press release.
REC, with an worker power of 1,300, has three manufacturing amenities – two in Norway for making photo voltaic grade polysilicon and one in Singapore for producing PV cells and modules. RIL could have a prepared entry to REC’s present capacities and additional assist establishing under-construction 2 GW capability of cells and modules in Singapore. It is going to additionally arrange a greenfield capability of 2GW in France and one other 1 GW capability within the US, the corporate stated.
On June 24, 2021, RIL chairman Mukesh Ambani had introduced an funding of Rs 75,000 crore to arrange 4 clear power giga factories and provide chain amenities to satisfy India’s potential demand in photo voltaic modules and cells, battery storage, electrolysers for inexperienced hydrogen and gas cell batteries.
The newest acquisition is according to RIL’s technique to spend money on new and superior applied sciences and working capabilities to realize RIL’s aim of enabling 100 GW clear and inexperienced power earlier than the top of this decade, Ambani stated. “This can represent the most important contribution by a single firm to Prime Minister Narendra Modi’s goal for India to provide 450 GW renewable power by 2030. It is going to allow India to grow to be a world chief in inexperienced power transition to beat the local weather disaster,” he stated.